Unlocking Potential: Intelligent Flow Meter Market on a Growth Trajectory
The global intelligent flow meter market is poised for a promising growth trajectory, particularly in the short term, according to a comprehensive market analysis report. The report sheds light on the key insights into how market growth is expected to unfold in the coming years.
Increasing IoT Integration to Propel Intelligent Flow Meter Market
One of the primary drivers of the intelligent flow meter market’s expansion is the growing demand for accurate measurement and monitoring of industrial fluids for maximum efficiency. The market is expected to witness steady growth due to the rising demand for flow rate measurement in oil and gas management applications worldwide. In 2020, the market shipped approximately 53.78 million units. Over the forecast period, additional industries such as water and wastewater management, power generation, and pulp and paper are also expected to embrace measurement technology and instruments. With the introduction of smart measurement solutions enabled by IoT integration, the demand for intelligent systems is projected to increase significantly in the near future. Technological advancements in areas like wireless monitoring and control, sophisticated sensors, and digital readouts are anticipated to drive market growth.
Impact of COVID-19 on the Intelligent Flow Meter Market
The recent COVID-19 pandemic had a significant impact on various sectors, including the intelligent flow meter market. The unexpected downturn in the oil and gas sector, a key application area, has been one of the major hindrances to the market’s global expansion. The adoption of smart flow meters in the oil and gas sector for measuring liquid flow in pipes faced challenges during the pandemic, resulting in reduced shipments and negatively affecting market revenues. While the market experienced issues in the first half of the pandemic year, a sharp decline in market size was observed.
Demand Surge from Chemical and Water & Wastewater Industries
The chemical industry, with its various flow meter types including magnetic, differential pressure, and ultrasonic flow meters, is one of the primary application areas driving the growth of intelligent flow meters. These flow meters are crucial for ensuring the safety of workers dealing with hazardous and explosive substances in the chemical industry. Intelligent flow meters accurately measure the quantity and flow of chemicals used in industrial processes, enhancing efficiency. Consequently, there is a growing trend towards the installation of flow meters in chemical facilities, significantly boosting market growth.
Increasing Awareness to Accelerate Market Expansion
As automation technology advances, it becomes crucial to educate customers about the benefits of new products. In the case of intelligent flow meters, there is a growing awareness of their financial and environmental advantages. These devices are an improvement over conventional flow meters as they analyze flow measurement data in real-time and provide feedback control according to process needs. Manufacturers and operators are increasingly focusing on real-time data analysis and improved visibility, enabling them to work more efficiently and meet their objectives. With a high level of global market adaptability, the intelligent flow meter market has significant growth potential.
Challenges in Market Growth Due to High Initial Investment
One of the key challenges inhibiting the growth of the intelligent flow meter industry is the high initial investment required for coriolis and magnetic flow meters. While these flow meters offer precise measurement capabilities suitable for various applications, their initial costs, including meter price and wiring expenses, are substantial. Additionally, the cost of ownership for these flow meters is often more affordable than the initial investment, which poses a hurdle to market expansion.
Magnetic Flow Meters to Dominate Market
In the forecast period, magnetic intelligent flow meters are expected to dominate the market, thanks to their ability to accurately detect both forward and reverse flow with minimal pressure drop. These flow meters also require minimal maintenance due to the absence of moving parts. As a result, the magnetic flow meter segment is anticipated to gain a significant market share through 2028.
Wide Application in Food and Beverages Industry
The food and beverages industry will emerge as the largest application segment of the intelligent flow meter market. Precise measurement and control of raw materials are critical in food and beverage manufacturing. Flow meters tailored for the food industry enhance productivity while reducing costs. Hygienic environments are essential for specific processes in the food industry, such as the production of dairy products, alcohol, beverages, syrup, chocolate, and edible oil. Flow meters designed for food-grade quality equipment ensure cleanliness and safety, making them indispensable in the industry.
Asia Pacific to Lead Market Growth
With the discovery of shale gas deposits in North America, Europe, and the Asia Pacific, the adoption of intelligent flow meters is expected to be particularly significant in the oil and gas, chemical, and petroleum refinery industries. The Asia Pacific region is projected to maintain a significant share of the intelligent flow meter market, with countries like China, India, Japan, South Korea, Indonesia, Australia, and Singapore playing a pivotal role. Investments in water and wastewater, energy and power, refining, chemicals, and industrial infrastructure are on the rise in developing nations like China and India, driving the need for IoT-integrated intelligent flow measurement solutions.
Prominent Players in the Global Intelligent Flow Meter Market
Key players in the global intelligent flow meter market include ABB, Emerson Electric Co., Siemens, Honeywell International Inc., Yokogawa Electric Corporation, Azbil Corporation, BrooksInstrument, Sierra Instruments, Inc., KROHNE Messtechnik GmbH, General Electric, Riels® Instruments S.r.l., KOBOLD Messring GmbH, DISTRIBUIDORA INTERNACIONAL CARMEN, S.A.U, Baker Hughes, and Fuji Electric Co., Ltd.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/intelligent-flow-meter-market
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This press release first seen on Brilad