Market Overview:
Flow meters are devices used to measure the linear, non-linear, mass or volumetric flow rates of liquids, gases or vapors. The main applications of flow meters include usage in oil and gas, water and wastewater treatment and chemical and petrochemical industries to measure flows for process control and custody transfer applications. Flow meters are also used in other industries such as power generation, pulp and paper, food and beverages and pharmaceuticals.
Market Dynamics:
Two key drivers for growth of flow meter market are increasing applications in oil & gas sector and growing need for monitoring of water distribution systems. The oil & gas industry extensively uses flow meters to measure hydrocarbon flows during production, transportation and distribution. Various types of flow meters such as magnetic, corioptic and ultrasonic flow meters have gained popularity for usage in oil & gas applications. Further, there is increasing focus on monitoring water distribution systems to optimize resource usage and reduce wastage. This has augmented demand for flow meters as vital measuring devices in water treatment and distribution networks. Additionally, stringent regulations regarding industrial waste management and environmental protection are also boosting market growth.
Key Takeaways
The global Flow Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing industrialization and expansion of oil and gas pipeline infrastructure. Rising adoption of smart flow meters to optimize industrial processes propels the market growth.
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