What Factors Propelled The Growth Of The Flowmeter Market In The Past?
The flowmeter market has seen considerable growth due to a variety of factors.
• The size of the flowmeter market has seen significant expansion in recent years, rapidly increasing from $9.95 billion in 2024, then expected to reach $11.05 billion by 2025. This signifies a compound annual growth rate (CAGR) of 11.0%.
The surge observed during the historic period is a result of a heightened focus on efficiency and process optimization in various industries, as well as an amplified need for measurement and monitoring of fluids. Continuous expansion in process industries such as petrochemical, oil & gas, and chemical, adoption of automation and instrumentation in industrial processes and a growing emphasis on water resource management and conservation also contribute to this growth.
What Is The Projected Growth And Market Size For The Flowmeter Sector?
The flowmeter market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of flowmeters is set to significantly expand in the coming years, with expectations of reaching $15.62 billion in value by 2029 - an impressive CAGR of 9.0%.
This anticipated increase is attributed to various factors such as the need for non-invasive and clamp-on flow measurement solutions, the incorporation of flowmeters into IoT and Industry 4.0 systems, their use in the biopharmaceutical and life sciences industries, the rise in renewable energy and biofuels production, and investments towards the research and development of future-generation flow measurement technologies. Key trends during this forecast period will include the use of ultrasonic flowmeters for non-intrusive measurements, integration with the Industrial Internet of Things (IIoT), the rise of advanced sensor technologies for heightened precision, the advent of wireless and battery-operated flowmeters, and an increased emphasis on intelligent diagnostics and predictive maintenance.
What Are The Core Factors Supporting Growth In The Flowmeter Market?
The flowmeter market's expansion is projected to be driven by a surge in pharmaceutical manufacturing. Flowmeters, which assess the linear, nonlinear, mass, or volumetric flow rate of a gas or liquid, are crucial in managing highly delicate conditions like pressure and temperature in the production of pharmaceuticals. For example, BioProcess International, a US online platform, reported in February 2023 that AbbVie logged total sales of $58 billion in 2022, with Humira (adalimumab) accounting for $21.2 billion, marking an increase of 2.6% over the last year. Consequently, the growing pharmaceutical production is fueling the upswing in the flowmeter market.
What Are The Major Segments Within The Global Flowmeter Market?
The 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, Other Flow Meters
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
Subsegments:
1) By Differential Pressure Flow Meter: Orifice Plate Flow Meters, Venturi Meters, Flow Nozzles
2) By Positive Displacement Flow Meter: Gear Flow Meters, Diaphragm Flow Meters, Piston Flow Meters
3) By Ultrasonic Flow Meter: Transit-Time Ultrasonic Meters, Doppler Ultrasonic Meters
4) By Turbine Flow Meter: Inline Turbine Flow Meters, Insertion Turbine Flow Meters
5) By Magnetic Flow Meter: Electromagnetic Flow Meters, Insertion Magnetic Flow Meters
6) By Coriolis Flow Meter: Mass Coriolis Flow Meters, Density Coriolis Flow Meters
7) By Vortex Flow Meter: Karman Vortex Flow Meters, Multi-Parameter Vortex Flow Meters
8) By Others Flow Meter: Thermal Flow Meters, Variable Area Flow Meters (Rotameters)
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Which Trends Are Expected To Transform The Flowmeter Market?
One significant trend emerging in the flowmeter market is the evolution of product innovations. Enhanced technical inventions represent the advancement of knowledge that further generates efficiency in the application or creation of a device. For example, ABB, a Swiss industrial equipment firm, announced the release of its CoriolisMaster and ProcessMaster flowmeters in September 2023. The inclusion of ProfiNet and Power Over Ethernet abilities in these flowmeters heightens their effectiveness, reliability, and data transfer potential for processing industries, solidifying their critical role in precise flow measurement.
Who Are the Key Players in the Flowmeter Market?
Major companies operating in the flowmeter market include:
• 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
• 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
What Is The Most Dominant Region In The Flowmeter Market?
Asia-Pacific was the largest region in the flowmeter market in 2024. Europe is 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.
