Flowmeters also are called flow sensors, are electronic devices that primarily measure or manage the rate of liquids and gasses inside the pipes and tubes. The sensors square measure unremarkably connected to the gauges to render their measurements; nonetheless, they'll even be connected to computers and digital interfaces. additionally, they're additionally employed in HVAC systems, medical devices, chemical factories, and septic systems. These meters will particularly live leaks, blockages, pipe bursts, and shift within the liquid concentration, because of any abomination or pollution. They live the rate of a fluid, liquid, or gas once it passes through a confined gear mechanism. There square measure numerous principles of flow meters, like passageway meters, venturi meters, rotameters, flow nozzles, and others.
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The Global Flow Meters Market report offers associate calculated market growth of the business. A comprehensive analysis of the globe market report includes market dynamics like market drivers, restraints, and potentialities before the business. in addition, the analysis report contains opportunities among the Flow Meters market at worldwide and national rates. the businesses operate across the globe regions identification can also be incorporated inside the study report. little business ways in which and key developments adopted by world businesses additionally are going to be elucidated throughout this analysis report.
The Major Players covered in the Flow Meters Market report are:
ABB Ltd,Siemens AG,Bronkhorst High-Tech BV,Honeywell International Inc.,Emerson Electric Co.,SICK AG,Omega Engineering Inc. (Spectris PLC),Christian Bürkert GmbH & Co. KG,TSI Incorporated,Keyence Corporation,Sensirion AG,Azbil Corporation,Endress+Hauser AG,KROHNE Messtechnik GmbH,and others.
Flow meter is associate degree integral tool that measures the linear, non-linear, volumetric, or mass rate of a liquid or a gas, or mixture of each. Fluid characteristics, flow profile, flow range, and also the want for correct measurements square measure the key factors for crucial the proper flow meter for a specific application. There square measure numerous styles of flow meters on the market within the market relying upon the accuracy needed and their application in numerous end-use industries. styles of flow meters embody differential pressure, positive displacement, ultrasonic, turbine, magnetic, Coriolis, vortex, and others.
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Market Dynamics And Factors:
Drivers:
Growing Industrial Demand Regarding Safety And Efficiency Concerns
The industries, such as oil and gas, chemical and petrochemical, and other industries, require a high level of safety. Flow meters operate at different temperature and pressure ranges in line with industry standards, helping ensure safety. The flow meters are developed on standards that include SIL certification, IEC 61058/61511, and others that help in ensuring functional safety in different conditions. Also, such flow meters reduce industrial accidents.
According to Industrially, a global union of workers, as long as May 2020, there have been 30 industrial incidents in India that have died at least 75 workers. Most of the mishaps occurred while operating machinery, followed by general industry accidents.
Flow meters assist in preventing damage or downtime caused by wear and tear of mechanical moving parts and offer a longer lifespan than traditional sensors with critical failure points. Various end-user industries have used flow meters to improve plant efficiency. For instance, a sugar mill production team was asked to transfer the excess steam from the production system to a bio-ethanol plant operated by the same parent company nearby.
Restraints:
The Economic Slowdown And Decreasing Oil Prices
Many North American and European economies, primarily the US, Italy, Spain, the UK, France, and Germany, are adversely impacted by the COVID-19 outbreak. The interruptions of operations in various producing sectors have resulted in a dropped in the GDP of these countries. Due to the COVID-19 outbreak, the demand from the industrial sector had diminished severely in Q1 and Q2 2020. This impact was further strengthened with the falling oil & gas prices and the huge gap between supply and demand. Flow meters are produced from metal, polymers, and alloys, among other components. Changing prices of these materials make it challenging for OEMs to purchase high-quality raw materials and manage delivery schedules imposed by providers, which further grow the cost of flow meters.
Opportunities:
Rising Capacity Extension In High Growth Markets
In the past few years, the industrial sector has observed high growth in emerging regions and steady growth in developed markets. The industry participants are keen on addressing the demand in increasing economies. The key market players are incorporating strategies, like extension and joint venture, to improve their competitiveness, raise their production capacities, and for better penetration in high-growth regions, for example, Asia Pacific. Significant industrialization, growing living standards, a massive population base, and a low-cost workforce in the Asia Pacific have encouraged companies to establish their units in this region and offer to the demand.
Challenges
With the rise in demand for flow meters in different end-users, the manufacturers are focusing on introducing new products for expanding applications. The growth in the innovation practices is increasing the initial costs of flow meters, which is the only significant challenge to the market's growth.
Some of the flow technologies, such as positive displacement, turbine, differential pressure, and others, have been around for about a hundred years and have been proven reliable. However, these technologies also have mechanical parts subject to wear and tear that can increase maintenance and the overall cost of ownership.
Flow Meters Market Segmentation:
In market segmentation by Technology, Flow Meters Market report covers:
Coriolis,Electromagnetic,Differential Pressure,Ultrasonic,And Other Technologies
In market segmentation by End-User Industry, Flow Meters Market report covers:
Oil And Gas,Water And Wastewater,Chemical And Petrochemical,Food & Beverage,Power Generation,Pulp And Paper,Other End-User Industries
Following regions are highlighted in this Flow Meters Market report:
· North America
· Asia Pacific
· Europe
· Middle East & Africa
· Latin America
Regional Insights:
The North American region accounted for a share of 32.78% of the market studied in 2020. The Asia-Pacific region is expected to witness the fastest growth, recording the highest CAGR over the forecast period. The United States is one of the prominent regulated nations after European countries. The oil and gas, water and wastewater, and renewable energy industries are the key consumers for the flowmeter market.
The Asia-Pacific region is expected to continue to occupy a significant share in the flowmeter market. Asia-Pacific is the fastest-growing market for digital technologies adoption, globally. Asia-Pacific region has a high demand from the downstream oil and gas sector. The demand for flow meters in China has been increasing, with a call for much more complex requirements, including specific high-accuracy-level flow meters, communication protocols, and sizes (including mini flow meters and large-size flow meters). Also, various protocols based on the networking situations are being supplied in the market.
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Key Industry Developments:
In August 2020, AW-Lake launched the latest series of Clamp-On Ultrasonic Flow Meters that can be secured on the outside of vertical or horizontal pipes ranging in size from ½" through 48". Housed in a water- and dust-tight NEMA 4X polycarbonate inclusion, these Clamp-On Ultrasonic Flow Meters are well suited with an extensive range of metal and plastic pipe materials and difficult liquids like chemicals, viscous liquids, and abrasives that would damage the standard flow meters.
In July 2020, KROHNE, a producer and solutions provider in the industrial process instrumentation, declared its DK32 variable area flowmeter which was made accessible with an electrical signal output. This latest version of the DK32/ESK3x with 4-20mA/HART 7 communication can be utilized for various applications such as continuous monitoring, logging, or control of low flow applications with liquids and gases.
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