The global flowmeter market size is expected to grow from $6.78 billion in 2021 to $7.36 billion in 2022 at a compound annual growth rate (CAGR) of 8.68%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The flowmeter market is expected to reach $10.74 billion in 2026 at a CAGR of 9.88%.
What is the Global Flowmeter Market?
The flowmeter market consists of sales of flowmeters by entities (organizations, sole traders, and partnerships) that refer 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.
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What drives the Global Flowmeter Market?
An increase in pharmaceutical production is expected to propel the growth of the flowmeter market. A flowmeter is a device that measures a liquid or gas's linear, nonlinear, mass, or volumetric flow rate. For the manufacturing of pharmaceuticals, flowmeters are used to control extremely sensitive conditions such as pressure and temperature. According to IBEF, the Indian pharmaceutical market grew 17.7% annually in August 2021, which is an increase from 13.7% in July 2020. Furthermore, according to India Ratings & Research, the Indian pharmaceutical market revenue is expected to be over 12% Y-o-Y in FY22. Also, in the USA, according to Pharmaceutical Commerce, it is projected that by the year 2023, Americans would spend between $635 and $655 billion on medicine. Therefore, the rise in pharmaceutical production is driving the growth of the flowmeter market.
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Global Flowmeter Market Segments
The global flowmeter market is segmented:
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
By Application: Residential, Industrial, Commercial
By End-User: Water and Wastewater, Oil and Gas, Chemicals, Power Generation, Pulp and Paper, Food and Beverage, Others
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.
Flowmeter Global Market Report 2022 provides market size and growth forecasts for the global flowmeter market, global flowmeter market share, flowmeter market segments and geographies, flowmeter market competitive landscape including leading competitors’ revenues, profiles and market shares. The flowmeter market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches
Global Flowmeter Industry Players include ABB Ltd, Emerson Electric Co., Em-Tec GmbH, Endress+Hauser Management AG, General Electric Company, Hitachi Ltd., Honeywell International Inc., Höntzsch GmbH, KROHNE Messtechnik GmbH, Siemens AG, Yokogawa Electric Corporation, VSE Volumentechnik GmbH, Keyence Corporation, Schneider Electric SE, and Saison Information Systems Co. Ltd. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
