Flow Meter Market Size [2022-2029] | Industry Trends, Growth, Share, And Global Forecast Report
Rise in Upgradation and Modernization of Flow Management Worldwide to Boost Global Flow Meter Market
Pune, India, May 23, 2022 (GLOBE NEWSWIRE) -- The global flow meter market is prognosticated to witness exponential growth, attributable to various company collaborations, contracts, mergers and acquisitions, and other such strategies adopted by market vendors. Fortune Business Insights in their report titled, “Flow Meter Market Size, Share and Global Trend By Type (Positive Displacement, Thermal, Coriolis, Electromagnetic, Ultrasonic, Turbine, Vortex Shedding, Differential Pressure), By End-user Industry (Water & Waste Water, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Metals & Mining, Refinery & Petrochemicals, Food and Beverage, Pharmaceuticals) and Geography Forecast till 2026,” predicts such initiatives to prove beneficial for the market in the coming years.
As per the current flow meter market trends, different classifications of the market include type, end-user, and geography. Further segmentation of the current flow market type includes differential pressure, turbine, electromagnetic, thermal, vortex shedding, ultrasonic, coriolis, positive displacement, and others. In terms of end-user industry, the market is categorized into pharmaceuticals, refinery & petrochemicals, pulp & paper, chemicals, water, and wastewater, food & beverage, metals & mining, power generation, oil & gas, and others.
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Highly Efficient Measurement Infrastructure to Promote Market Growth
The surge in the number of industries such as water and wastewater industry, and oil and gas industries are considered prime factors boosting the flowmeter market growth. Besides this, flow meters help to measure both non-linear and linear mass or the flow rate of a gas or a liquid as per volume. This property is also anticipated to help increase the flow meter market size in the coming years.
The rising demand for maintenance-free and highly efficient measurement infrastructure is also anticipated to help the market attract more revenue between 2019 and 2026. Besides this, the demand for intelligent flow meters in high-end applications will help drive the market in the long run.
However, factors such as high initial costs of magnetic flow meters and coriolis may hamper the market revenue. This, coupled with the lack of skilled technicians may also cause hindrance to the overall market growth. Nevertheless, the surge in demand for process automation from regions such as Asia Pacific is likely to create lucrative growth opportunities for the market in the future.