CHICAGO, June 1, 2021 /PRNewswire/ -- According to the new 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", published by MarketsandMarkets™, the Flow Meters Market is projected to reach USD 10.3 billion by 2026, at a CAGR of 6.2% from USD 7.7 billion in 2021.
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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.
Ultrasonic flow meter is projected to be the fastest-growing type for Flow Meters Market between 2021 and 2026
Magnetic flow meters are also called mag meters. These flow meters follow the principle of electromagnetic induction to determine the flow of liquid in a pipe. In this type of flow meter, the magnetic field is created and directed into the liquid flowing through the pipe. Thus, the liquid flowing through the magnetic field leads to a voltage signal that is sensed by the electrodes placed at the tube walls. With the increase in speed of the flowing liquid, the voltage also increases. Thus, the speed of the flowing liquid is directly proportional to the voltage generated.
"Oil & gas is projected to be the fastest-growing end-use industry in flow meter market between 2021 and 2026."
The oil & gas industry involves the production, treatment, distribution, and processing of a wide variety of fluids, gases, and contaminants that need an accurate measurement. Therefore, for these purposes, flow meters are widely used. The different applications in which flow meters are used include custody transfer measurement, mass flow measurement of crude oil, fluid loss & leak detection, and process gas flow and hydraulic fluid flow sensing in a blow out prevention. The oil & gas industry uses various types of flow meters. These include positive displacement flow meters to measure fuel and crude oils, coriolis flow meters to measure the amount of water in crude, mass flow meters to measure process fuels and liquid additives, and electromagnetic flow meters for liquid injection. Ultrasonic flow meters are used for non-intrusive measurement throughout the production systems.
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"Asia Pacific is projected to be the fastest-growing region for the Flow Meters Market during the forecast period"
Asia-Pacific has dominated the global Flow Meters Market. 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. Most key players operating in the Flow Meters Market have their production capacities in Asia Pacific since the region's production cost is lower than that in other regions. Some major players in Asia Pacific are Yokogawa Electric Corporation and Azbil Corporation. The demand for flow meters is growing, especially in Asia-Pacific and the Middle East & Africa. Thus, the markets in these regions are expected to register higher growth in comparison to other regions.
The key market players profiled in the report include 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).
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