Smart Flow Meter Market By Type (Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Others (Turbine, Variable Area, and Differential Pressure)), By End User (Water and Wastewater, Power Generation, Chemicals, Food and Beverages, Oil and Gas, Others), By Communication Protocol (PROFIBUS, Modbus, HART, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global smart flow meter market was valued at $2.7 billion in 2021 and is projected to reach $5.4 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
A smart flow meter is used to measure fluidic phenomena in a wide range of industrial as well as commercial applications. It is used widely in many industries for measuring the velocity of a fluid through ultrasound or any other technique. The calculation of the volume flow is done accurately through these smart flow meters as compared to the traditional flow meters. Smart flow meters offer many advantages however, one highly significant advantage is that they are not affected by external weather conditions. External conditions refer to factors such as the current temperature, liquid or gas density, and velocity. These factors are the main requirement to provide accurate measurement readings. Smart flow meters use non-contact type sensors, which may be a laser beam or an ultrasonic beam. These beams are sent and get reflected from flowing liquid or gas. Simultaneously, the movement of the moving fluid or gas is displayed on the screen. They are used in various applications such as food & beverages, oil & gas, pharmaceuticals, chemicals, metals & mining, power generation, and water & wastewater.
A large number of accidents and death occur in industrial processes due to moving equipment. Moving flow meter are also risky as they can either get stuck in between the process or may result in accidents. Such incidents lead to demand for a safe and secure work environment in several industries. Oil and gas, petrochemical, food processing, water & wastewater management, and many other industries are accident-prone and need to install every safety measure at their disposal. Smart flow meters are usually fixed and less susceptible to corrosion or being stuck. Thus, the demand for smart flow meters increases with increased concerns over safety which leads to the replacement and installation of new and advanced safety equipment and measure.
Real-time data analysis offers many advantages in any and every industry. This kind of data offers accurate and highly sensitive data which can be analyzed very quickly owing to the changing technologies and evolving eras. For instance, in the chemical industry, it is very important to study real-time accurate data so that the correct amount of liquid or gaseous chemical can be passed through. This averts many dangerous accidents and also aids in alternate ways of managing the flow
The smart flow meter market size is studied based on type, communication protocol, end-user, and region. Depending on the type, the market is divided into magnetic, Coriolis, ultrasonic, vortex, multiphase, thermal, and others (turbine, variable area, and differential pressure). Electromagnetic flow meters are obstruction less, cost-effective, bi-directional, and provide highly accurate volumetric flow measurement. A range of liner materials, electrode options and line sizes accommodate a wide variety of process applications. Coriolis smart flow meters are projected to grow at a higher CAGR during the forecast period.
Based on communication protocol, the market bifurcation is done into PROFIBUS, Modbus, HART, and others. PROFIBUS communication protocol dominated the market share and is expected to continue its dominance throughout the projection years. PROFIBUS or process field bus is a fieldbus communication used in automation technology. It is used to operate sensors and actuators in several devices, smart flow meter being one of them.
By end user, the smart flow meter market is segmented into automotive, water and wastewater, power generation, chemicals, food & beverages, oil and gas, and others. The oil and gas industry garnered the highest market share and is expected to grow at the fastest pace during the forecast years. Ultrasonic flowmeters can be used for both measuring the velocity of the liquid inside and outside the pipe. thermal flow meters measure the speed of the heat that dissipates as it is injected directly into a gas flow stream. Mostly, thermal flow meters are used exclusively for measuring gases.
Region-wise, the smart flow meter market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). North America dominated the market share for 2021 and is projected to grow at a higher CAGR in the prediction period.
The key market players operating in the smart flow meter industry are ABB Ltd., Em-tec GmbH, General Electric, Hitachi Ltd. (Hitachi High-Tech Corporation), Siemens AG, Honeywell International Inc., ZENNER International GmbH and Co. KG, Peltek India, Badger Meter, Inc., and Emerson Electric Corporation.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investments. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart flow meter market analysis from 2021 to 2031 to identify the prevailing smart flow meter market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the smart flow meter market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global smart flow meter market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Magnetic
Coriolis
Ultrasonic
Vortex
Multiphase
Thermal
Others (Turbine, Variable Area, and Differential Pressure)
By End User
Water and Wastewater
Power Generation
Chemicals
Food and Beverages
Oil and Gas
Others
By Communication Protocol
PROFIBUS
Modbus
HART
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
ABB Ltd.
em-tec GmbH
General Electric
Hitachi Ltd. (Hitachi High-Tech Corporation)
Siemens
Honeywell International Inc.
ZENNER International GmbH and Co. KG
Peltek India
Badger Meter, Inc.
Emerson Electric Corporation
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