The report, now available on ASDReports, "Flow Meters Market by Type (DP, PD, Magnetic, Ultrasonic, Coriolis, Turbine, Vortex), and by Application (Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverages) - Global Forecast to 2021", The market size of flow meter is projected to reach USD 8.72 Billion, by 2021, registering a CAGR of 6.4%, in terms of value, during the forecast period. The increased demand for higher accuracy, reliability, durability, and higher performance for measurement tools are some of the major factors that are driving the flow meter market in the end-use industries.
“Water & wastewater is the largest application segment for Flow Meter”
The water & wastewater segment accounts for the largest share of the flow meter market. Flow meter is used in water flow monitoring, detection of leakage, water consumption, among other applications. Water is used in industrial, communal, and household applications. Without flow meter, the measurements and monitoring is not possible, which has resulted in increased use of flow meters. Moreover, water is an important constituent of various industrial operations such as in chemical, oil & gas, food & beverages, automotive, manufacturing industries including iron & steel. These industries need to monitor the flow rate and water use in their respective processes, which involves the use of flow meters. This has led to an increased use of flow meters in various segments of the market.
“Coriolis flow meters are expected to witness the highest growth”
Coriolis flow meters are expected to witness the fastest-growth in the flow meter market during the forecast period. Coriolis is highly preferred as it is highly accurate, reliable, easy to install, and the cost of maintenance is also low. The increased demand is due to the use in measuring the flow of sanitary, cryogenic, relatively clean, and corrosive liquids, and gases/vapors in pipes. The lower sensitivity to density makes it suitable for various industrial applications, where the physical properties of the fluid are not known. The application industries of these type of flow meters include water & wastewater, pulp & paper, petroleum & petrochemical, power, chemical, mining, and mineral processing industries.
“Asia-Pacific is the biggest market for flow meter”
Asia-Pacific dominated the global flow meter market in 2015. The demand for flow meter in the Asia-Pacific region is mainly driven by the rising demand for high quality and reliable measurement tools from end-use industries, which is increasing the demand for flow meters. Asia-Pacific is estimated to be the fastest-growing market for flow meter, in terms of value. This high growth is because of the increased demand from the oil & gas and water treatment applications in the region. Moreover, the growing industrial development, water recycling facilities, growing concern in industries with regard to maintaining accuracy in flow rate, volume, and quantity of chemicals, liquids, gases, and various fluids in their operations and processes is increasing the demand for flow meters in the region.
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Source: ASDReports - Market Research
Date: Aug 29, 2016