The Global flow meters market is projected for a quantum shift over the next six years owing to several technological improvements leading to the adoption of advanced technology. The performance of flow meters depends on the viscosity, pressure and temperature of the fluid measured by linearity, accuracy and range-ability of the instrument.
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Rising demand in end-use industries such as refining, petrochemicals, pharmaceuticals, chemicals and mining is a key factor which is expected to drive the flow meters market High rate of response combined with high accuracy is projected to accentuate the flow meters market. Additionally, prominent features such as up to-date communication and self diagnostics along with resistance to temperature shocks and high temperature is projected to proliferate flow meters market growth over the next six years.
Rise in capital projects along with new process plants is estimated to offer lucrative opportunities for flow meters market growth. Further, the replacement of differential pressure meters by ultrasonic and coriolis flow meters are expected to drive the market over the next six years. However, high power requirement, lack of specialized equipment along with skilled technician is expected to hinder market growth over the forecast period.
The flow meters market can be classified on the basis of product type into coriolis, turbine, magnetic, vortex, ultrasonic and differential pressure. Magnetic meters are easy to install, require low maintenance, cost efficient and are widely used in the wastewater and water industry. The application segment consists of petrochemicals, water and wastewater, energy, food and beverages, refining and others.
North America is expected to be the dominant region for the flow meters market owing to substantial demand by hygiene conscious population for water and waste water flow meters. Asia Pacific is projected to be an emerging region with factors such as increasing population and rapid industrialization driving demand for flow meters. Increasing demand by the mushrooming population of this region for high wastewater and water management is creating substantial opportunities for the market players. Traditional gas and oil projects in the Europe, African and Middle East region is further expected to offer key opportunities for modern day flow meters.
Key players in the flow meters market include Yokogawa Electric Co, Endress+Hauser AG, Krohne Messtechnik GmbH, Badger Meter. Inc., Emerson Electric Co. Ltd, Azbil Corporation, Siemens AG, Hitachi Ltd, ABB Ltd and Invensys PLC.
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