Flow Meter Industry

The global flow meter market size was valued at USD 10.02 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030. The market shipment size was valued at 53,78,749 units in 2020. The increasing demand for flow rate measurement in O&G management applications across the globe is expected to drive the growth of the market over the forecast period. The adoption of measurement technologies and instruments would also gain traction in other sectors, such as water and wastewater, power generation, and pulp and paper over the forecast period. The adoption of products would be particularly significant in the O&G, and chemical and petroleum refinery sectors owing to the recent detection of shale gas reserves in North America, Europe, and the Asia Pacific.

The demand for intelligent systems is expected to increase over the foreseeable period as the integration of IoT has led to the introduction of smart measurement solutions. The demand for the Coriolis flowmeter is estimated to increase on account of its enhanced smart capabilities to measure the rate more accurately. The players in the market are mainly targeting the O&G sector and investing aggressively to offer innovative products and solutions to measure the flow rate of liquids, gases, and vapors. Additionally, custody transfer in the oil and gas sector is one of the key applications creating lucrative opportunities for ultrasonic and Coriolis flowmeters.

Gather more insights about the market drivers, restrains and growth of the Global Flow Meter market

Flow Meter Market Segments:

Market Concentration & Characteristics

The market growth stage in the flow meter market is high, and the pace of the market growth is accelerating. These key players typically include established companies with extensive product portfolios, strong brand recognition, and wide geographic presence. While numerous manufacturers and suppliers are operating in the flow meter market, a handful of major players tend to command a larger share of the market due to their competitive advantages, such as technological expertise, diversified product offerings, and established customer relationships.

Product Insights

The magnetic flowmeters segment held the largest revenue share of approximately 26.17% of the total market share in 2023. The product has further been classified into wired and wireless magnetic flowmeters. Ultrasonic segments are anticipated to witness a high growth rate exceeding 7.3% from 2024 to 2030. These flowmeters feature the integration of IoT, leading to smart flow rate measurement solutions.

Differential pressure (DP) and positive displacement (PD) flowmeters are conventional products for measuring rates. On the other hand, a magnetic flowmeter is ideal for measurement applications in sectors such as pulp and paper, petrochemicals, food and beverage, and chemicals and petroleum refinement owing to the reliability, accuracy, and cost-effectiveness of these meters.

Power Type Insights

The battery-powered segment held the largest revenue share of approximately 45.6% of the total market share in 2023. The solar power type segment is anticipated to witness a high growth rate exceeding 7.4% from 2024 to 2030. Solar power systems are very effective in remote locations where regular power supply is unavailable; similarly, they are a clean source with fewer expenses. A solar power system primarily comprises the solar panel, battery, enclosure, and charge regulator.

Application Insights

The oil and gas segment is expected to emerge as the fastest-growing segment, registering a CAGR of 6.4% from 2024 to 2030 owing to the rapid growth of the industry. The development of shale gas reserves is also expected to boost the demand for the product in the oil and gas (O&G) and chemical and petroleum refinement sectors. Flow meters are an effective solution to measure the rate of upstream and downstream processes, custody transfer, and liquid hydrocarbons within the O&G and chemical industries.

Pipe Size Insights

The 2-inch pipe size segment held the largest revenue share of approximately 44.73% of the total market share in 2023 and is anticipated to witness a high CAGR exceeding 5.9% from 2024 to 2030. The precise pipe size is most important for any product because a distorted fluid velocity profile (swirl) is one of the common reasons for product inaccuracy. Swirls or other distortions in the flow are caused by various connecting instruments such as elbows, tees, and valves.

Regional Insights

Some of the prominent market players in North America include General Electric; Emerson Electric Corporation; and Honeywell International Inc.; therefore, the region holds a significant market share in terms of revenue.

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1. The global power generation market is anticipated to grow significantly over the forecast period. Power generation is carried out by the means of conventional/non-renewable and renewable sources of energy.

2. The global shale gas market size was valued at USD 68.3 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 8.5% from 2020 to 2027.

Key Flow Meter Company Insights

The key market players engage in strategies such as partnerships, business expansions, new product developments, and contracts to expand their market share. Companies are focusing on strategic geographic expansions through partnerships & collaborations and mergers and acquisitions. Additionally, industry players are continually investing in R&D to develop differentiated products and stay ahead of the competition. The report also includes a competitive landscape for a holistic understanding of the rivalry among the industry players.

Some prominent players in the market include ABB Ltd., Emerson Electric Corporation, General Electric, Krohne Messtechnik Gmbh, HÖNTZSCH GMBH & CO. KG, Hitachi High-Tech Corporation, and Siemens.

1. ABB Ltd, is a global technology company specializing in robotics, automation, electrification, and digitalization solutions for industries such as utilities, transportation, infrastructure, and manufacturing.

2. KROHNE Messtechnik GmbH is a leading global manufacturer and supplier of industrial process instrumentation and measurement solutions. The company specializes in the development and production of flow meters, level meters, temperature meters, pressure meters, and analytical instruments for various industries such as oil and gas, water and wastewater, chemicals, food and beverage, pharmaceuticals, and more.

FloRight Solutions and FlowGenix. are some of the emerging market participants in the target market.

1. FloRight specializes in the design and production of cutting-edge flow meters for various industrial applications, including oil and gas, chemical processing, and water management.

2. FlowGenix is a U.S.-based company that specializes in the development and production of innovative flow measurement solutions for a wide range of industries, including oil and gas, water and wastewater management, and pharmaceuticals.

Key Flow Meter Companies:

The following are the leading companies in the flow meter market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these flow meter companies are analyzed to map the supply network.

1. ABB Ltd.

2. Emerson Electric Corporation

3. em-tec GmbH

4. Endress+Hausar AG

5. General Electric

6. Hitachi High-Tech Corporation

7. Honeywell International Inc.

8. HÖNTZSCH GMBH & CO. KG

9. Krohne Messtechnik Gmbh

10. Siemens

11. Yokogawa Electric Corporation

Segments Covered in the Report

Grand View Research has segmented the global flow meter market based on product, application, power type, pipe size, and region:

Flow Meter Product Outlook (Revenue, USD Billion, 2017 - 2030)

1. Differential Pressure (DP)

2. Positive Displacement (PD)

3. Magnetic

   1. Wired

   2. Wireless

4. Ultrasonic

5. Coriolis

6. Turbine

7. Vortex

8. Others

Flow Meter Power Type Outlook (Revenue, USD Billion, 2017 - 2030)

1. Electric

2. Solar

3. Battery Powered

Flow Meter Application Outlook (Revenue, USD Billion, 2017 - 2030)

1. Water & Wastewater

2. Oil & Gas

3. Chemicals

4. Power Generation

5. Pulp & Paper

6. Food & Beverage

7. Others

Flow Meter Pipe Size Outlook (Revenue, USD Billion, 2017 - 2030)

1. 2 inches

2. 4 inches

3. 6 inches

4. More than 6 inches

Flow Meter Regional Outlook (Revenue, USD Billion, 2017 - 2030)

1. North America

   1. US

   2. Canada

   3. Mexico

2. Europe

   1. Germany

   2. UK

   3. France

3. Asia Pacific

   1. China

   2. Japan

   3. India

4. South America

   1. Brazil

5. Middle East and Africa (MEA)

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