Global Industry Analysts Predicts the World Intelligent Flow Meters Market to Reach $2.6 Billion by 2026
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Intelligent Flow Meters - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global Intelligent Flow Meters Market to Reach US$2.6 Billion by the Year 2026
Flow metering is required to attain the maximum efficiency in an autonomous production process. Additionally, the method is also extensively utilized in the scientific investigations. The existing flowmeter devices are primarily based on hydrodynamic methods; different physical characteristics such as optical, acoustic, electromagnetic, and thermal; and constantly moving bodies such as power and tachometric. Hydrodynamic methods are mainly constituted by vortex, streamline flow, variable level, and variable pressure differential method. Flowmeter devices that are based on hydrodynamic methods, such as differential pressure flowmeters, have witnessed extensive adoption. The operation of these flowmeters depends on differential pressure across the device that alters the flow section of the pipe line. A primary transformer, a differential pressure gauge, and connecting pipes are the major components present in the differential pressure flowmeters.
Amid the COVID-19 crisis, the global market for Intelligent Flow Meters estimated at US$2.1 Billion in the year 2021, is projected to reach a revised size of US$2.6 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Magnetic, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$721.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ultrasonic segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 20.8% share of the global Intelligent Flow Meters market.
Reliability, accuracy, and stability, offered by intelligent flow meters will continue to drive adoption rates in the coming years. Increased investments in smart flow meters by industries such as wastewater, water, nd chemicals will spur growth. Increased dependence on accurate diagnostics, and the need for flow measurement information are likely to help the development of the flowmeter market. Further, the resurgence of the gas and oil business and increasing investment in infrastructure by the water industry are expected to drive the growth of the industry in the medium and long terms. Improvements in flowmeter technology, combined with demographic and socio-economic factors such as increasing urbanization and population growth, are expected to assist the development of the business. Most manufacturers have adopted IoT technology sensors for intelligent metering solutions. Several countries of the Asia-Pacific region have made additional efforts to develop chemical, gas, and oil industries. All these have contributed to the expansion of the global markets for intelligent flow meters.
Rising adoption of flow rate measurement in the applications associated with oil and gas sector around the world is forecast to contribute to the growth in demand for flowmeters.
Additionally, demand for flow measurement instruments and technologies is also expected to witness growth in the other sectors such as wastewater and water, paper and pulp, and power generation. Specifically, petroleum refinery, chemicals, and oil and gas are anticipated to generate the leading share of demand for flowmeters in the world owing to the recent discovery of shale gas reserves in the Asia Pacific, North America, and Europe. An increase in the number of nuclear reactors and the enhanced demand for automated processes has also helped the growth of the intelligent flow meter market. Increased investment in infrastructure and speedy development of processing industries in the developing economies has been responsible for the rapid development of the intelligent flow meter business. But the large capital investment required acts as a restraining factor to the development of the industry.
The growing demand for intelligent flowmeters in flow measuring processes, and the multitude of manufacturers focusing on continuous innovation will help in the development of the business. Similarly, emphasis on online data analysis increased visibility, and increasing awareness of the advantages of flowmeters are likely to create fresh opportunities for the expansion of the business. Intelligent flow meters are better products, compared to orthodox flow meters, because of their high accuracy and improved diagnostic approach.
The U.S. Market is Estimated at $593.3 Million in 2021, While China is Forecast to Reach $551.5 Million by 2026
Asia-Pacific (including China and Japan) region leads the intelligent flow meter market because of the quick pace of industrialization in the region. There is a high demand for the product in the gas and oil industry. The growth of the intelligent flow meter market in the Asia-Pacific region is driven, mainly, by countries such as Japan, India, and China. These countries have invested heavily in industrial infrastructure and sectors such as chemicals, refining of crude, power and energy, wastewater treatment, and water management. All these activities need the large-scale application of IoT technology. This, in turn, calls for the implementation of smart flow quantification solutions to arrive at the exact quantity of gas, liquid, or steam moving through, or in the vicinity of flow sensors. Wastewater management is a major industry in many of the Asia-Pacific countries. Reduction in wastewater generation, implementation of on-site sewage treatment, and application of wastewater technologies are a few of the developments that have helped in the management of wastewater. Water management is another important sector that has contributed to the development of the flowmeter business. The Water Environment Partnership in Asia (WEPA) helps in bettering the management of water resources. These and such other initiatives have helped in the expansion of the flowmeter business in the region. The Coriolis and ultrasonic smart flowmeter markets are likely to grow significantly in the Asian region. Countries in the region have been renovating or replacing old power plants with new ones and setting up new gas-based power generation plants. Changes are being made in the power sector to reduce environmental pollution. These developments are expected to help in the development of the ultrasonic flow meters business. The presence of the intelligent flow meter market's key players such as Japan's Azbil, Fuji Electric, and Yokogawa Electric also encourages the intelligent flow meter market's growth in the region.
Coriolis Segment to Reach $466.5 Million by 2026
Adoption of Coriolis flowmeter is forecast to increase owing to the improved smart capabilities of the device for determining the flow rate with more accuracy. Custody transfer is one of the major applications in oil and gas sector creating profitable opportunities for Coriolis and ultrasonic flowmeters. The outbreak of the COVID-19 pandemic has significantly impacted almost every industry around the world. Industries such as food and beverages, paper and pulp, mining and metals, chemicals, and oil and gas have been adversely affected on a global scale during the pandemic owing to supply chain disruptions, plant closure, and a resultant decline in product demand in the market. More
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