May 22, 2024
Flow Meter Market
Ict

Flow Meter Market is Set for Rapid Growth Driven by Advent of Smart Technologies

The flow meter market plays a vital role in measuring the flow and volume of liquids and gases across various industries. Flow meters find wide applications in oil & gas, water & wastewater, food & beverages, chemicals, power generation, pulp & paper, metals & mining, and pharmaceuticals industry owing to their ability to measure flow in pipes or tubes with high accuracy. Advancements in sensor technologies have led to the development of smart flow meters that can transmit real-time data wirelessly. This has increased their demand in process automation applications.

The Global Flow Meter Market is estimated to be valued at US$ 9.36 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the flow meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd.

The growing demand for flow meters from industries such as oil & gas, chemicals, power generation is expected to drive the market during the forecast period. Flow meters help optimize operations and improve productivity in these industries.

Flow meter manufacturers are expanding their presence globally to tap the potential growth opportunities. Strategic partnerships and mergers & acquisitions are allowing companies to strengthen their product portfolio and distribution networks across different geographies.

Market key trends

Integration of smart technologies such as IoT and Industry 4.0 is one of the key trends gaining traction in the Flow Meter Market Demand . Smart flow meters equipped with wireless communication capabilities are enabling remote monitoring of flow and diagnostic of any issues. This has significantly improved process efficiency while reducing downtime. The data collected from smart meters is also helping operators in predictive maintenance of equipment.

Porter’s Analysis

Threat of new entrants: Flow meter market requires high initial capital investments and R&D which acts as a entry barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however switching costs limits bargaining power. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component supplying companies and differentiated offerings. Threat of new substitutes: Threat of substitution is low as flow meters have no close substitute and are essential for process industries. Competitive rivalry: Competition is high among established players due to their differentiated product offerings, technological capabilities and global presence.

Geographical Regions

Asia Pacific region holds the major share of the global flow meter market in terms of value. Countries like China, Japan and India are focus of major companies due to increasing industrialization.

Middle East and Africa region is expected to witness the fastest growth during the forecast period. Increasing investments in oil & gas industry coupled with government initiatives for developing industrial infrastructure will drive the flow meter market in this region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it