Global Flowmeter market growth 2024, Forecast To 2033
31 Jan, 2024
The flowmeter market has experienced rapid growth, progressing from $9.02 billion in 2023 to $10.03 billion in 2024, showcasing a compound annual growth rate (CAGR) of 11.2%. The historic period attributes this growth to an increased emphasis on process optimization and efficiency in industries, a rise in the demand for measurement and monitoring of fluids, the expansion of process industries such as oil & gas, chemical, and petrochemical, the adoption of automation and instrumentation in industrial processes, and a focus on water resource management and conservation. Expectations for continued strong growth are set at $14.44 billion in 2028, with a CAGR of 9.5%. This growth is associated with the demand for non-invasive and clamp-on flow measurement technologies, the integration of flowmeters in IoT and Industry 4.0 applications, the adoption of flowmeters in biopharmaceutical and life sciences industries, the growth in renewable energy sources and biofuels production, and increased investment in research and development for next-generation flow measurement. Key trends in the forecast period include the use of ultrasonic flowmeters for non-invasive measurement, integration with industrial Internet of Things (IIoT), the incorporation of advanced sensor technologies for improved accuracy, wireless and battery-powered flowmeters, and a focus on smart diagnostics and predictive maintenance.
Global Flowmeter Market Key Driver
The increase in pharmaceutical production is set to drive the growth of the flowmeter market. Flowmeters, essential for controlling sensitive conditions in pharmaceutical manufacturing, witness increased demand. According to IBEF, the Indian pharmaceutical market grew 17.7% annually in August 2021. Additionally, the Indian pharmaceutical market revenue is expected to grow over 12% Y-o-Y in FY22, according to India Ratings & Research. The rise in pharmaceutical production drives the growth of the flowmeter market.
Get A Free Sample Of The Global Flowmeter Market ReportGlobal Flowmeter Market Segments
The global flowmeter market covered in this report is segmented –
1) By Type: Differential Pressure Flow Meter, Positive displacement Flow Meter, Ultrasonic Flow Meter, Turbine Flow Meter, Magnetic Flow Meter, Coriolis Flow Meter, Vortex Flow Meter, Others Flow Meter
2) By Application: Residential, Industrial, Commercial
3) By End User: Water and Wastewater, Oil and gas, Chemicals, Power Generation, Pulp and Paper, Food and Beverage, Other End Users
By Geography: The regions covered in the Flowmeter market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the flowmeter market in 2023. Europeis expected to be the second largest region in the forecast period. The regions covered in the flowmeter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Flowmeter Industry Players
ABB Group, Emerson Electric Co., Em-Tec GmbH, Endress+Hauser Management AG, General Electric Company (GE), Hitachi Ltd., Honeywell International Inc., Höntzsch GmbH, KROHNE Messtechnik GmbH, Siemens AG, Yokogawa Electric Corporation, VSE Volumentechnik GmbH, Keyence Corporation, Schneider Electric SE, Saison Information Systems Co. Ltd., Azbil Corporation, Badger Meter, Max Machinery Inc., Omega Engineering EMEA, Scharf Automation Pvt. Ltd., Forbes Marshall, Kral AG, Electronet Equipments Pvt Ltd., SIKA Dr. Siebert & Kühn GmbH & Co., Sierra Instruments, Fluid Components International LLC, McCrometer Inc., KOBOLD Messring GmbH, ONICON Incorporated, Seametrics Inc., Vogtlin Instruments GmbH, Alicat Scientific
Get The Full Global Flowmeter Market ReportFlowmeter Market Overview
The flowmeter refers to a tool utilized to measure the linear, nonlinear, mass, or volumetric flow rate of a liquid or a gas. Flowmeter is also called a flow sensor. Open channels, such as rivers or streams, can be measured with flowmeters. Improving the accuracy, precision, and resolution of fluid measurement are some of the benefits of flowmeters.
Flowmeter Global Market Report 2023 provides data on the global flowmeter market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The flowmeter market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.