Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global flow meter market size reached US$ 8.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.

A flow meter is defined as an instrument used for measuring the linear, nonlinear, mass and volumetric flow rate of a gas or liquid. The applications of this device are varied, owing to which it is designed according to the specific engineering requirements of end users. Presently, flow meters are majorly categorized as mass, velocity and positive displacement meters. Mass meters include Coriolis and thermal mass flow meters. Velocity flow meters consist of ultrasonic, paddle wheel, target, orifice plate, turbine, vortex, variable area, and venturi tube flow meters. Whereas, positive displacement meters mainly include oscillating piston, gear flow, piston, reciprocating piston, and oval-gear meters. The demand for improved flow meters has been escalating across the globe on account of rapid urbanization and the rising need for better water and wastewater management systems.

Over the last few years, the flow meter industry has been witnessing significant growth, primarily on account of innovative product developments and expansion in application areas. Market players have substantially increased their spending on research and development (R&D) focused on the modernization of flow measurement instruments and sensor devices. Owing to this, there have been several technical improvements in the functioning of flow meters. Some of these advancements include online diagnosis and troubleshooting, remote calibration and configuration, wireless communication, improved installation management and application effects, multiple measurement formats, and embedded digital signals. These developments have made flow meters highly versatile, functional and reliable, owing to which they find applications across various end use sectors including the medical, automotive, HVAC, and process industries.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global flow meter market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and application.

Breakup by Product Type:

Analog Flow Meter
Smart Flow Meter

Currently, analog flow meters represent the most popular product type. However, with the emergence of the Internet of Things (IoT), end users are shifting toward smart flow meters.

Breakup by Application:

Residential
Industrial
Commercial

Amongst the above-listed applications, flow meters are mostly used in the residential sector.

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

On the geographical front, Asia Pacific represents the biggest market for flow meters, accounting for the largest market share. The growth can be accredited to the large-scale deployment of these meters in the power generation sector.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being:

ABB Group
Emerson Electric Co.
Siemens AG
Schneider Electric SE
Saison Information Systems Co., Ltd.

Key Questions Answered in This Report

1. What was the size of the global flow meter market in 2022?
2. What is the expected growth rate of the global flow meter market during 2023-2028?
3. What are the key factors driving the global flow meter market?
4. What has been the impact of COVID-19 on the global flow meter market?
5. What is the breakup of the global flow meter market based on product type?
6. What is the breakup of the global flow meter market based on the application?
7. What are the key regions in the global flow meter market?
8. Who are the key players/companies in the global flow meter market?