According to market research report "Flow Meters Market by Type [Differential Pressure, Positive Displacement, Magnetic (In-line, Insertion, Low Flow), Ultrasonic (Spool piece, Clamp-on, Insertion), Coriolis, Turbine, Vortex)], End-use Industry, and Region - Global Forecast to 2026", is projected to reach USD 10.3 billion by 2026, growing at a CAGR of 6.2%. Flow meter is an instrument used to measure linear, nonlinear, volumetric or mass flow rate of a liquid or a gas. Increasing use of flow meters in the oil & gas and water & wastewater industries has led to demand of flow meters. Flow meters are used for the quantification of liquid and gas flowing through a pipe or system. Magnetic flow meter is the largest type segment of the flow meters market. Asia Pacific was the largest market for flow meters in 2020, in terms of value. Factors such as increasing demand from oil & gas and water & wastewater industries will drive the flow meters market.
On the basis of region, Asia Pacific is projected to be the largest market for flow meters during the forecast period. Asia-Pacific has dominated the global flow meters market due to the growing investments in developing countries and manufacturing capacity additions across end-use industries, especially water treatment and chemical processing. Investment in the water & wastewater, energy and power, refining, chemicals, pulp & paper and industrial infrastructure activities is increasing in developing economies such as China and India. This drives demand for measuring instruments, which has contributed significantly to growth of the flow meters market in Asia Pacific. China is the key market for flow meters in the Asia Pacific due to its increasing industrialization and low-cost manufacturing technology.
Key Players:
- Honeywell International Inc. (US)
- Siemens Group (Germany)
- Emerson Electric Co. (US)
- ABB Ltd. (Switzerland)
- Yokogawa Electric Corporation (Japan)
- Azbil Corporation (Japan)
- Badger Meter, Inc. (US)
- Endress+Hauser Management AG (Switzerland)
- KrohneMesstechnik GmbH (Germany), and
- Schneider Electric (France).
