Global Density Meter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Density Meter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Density Meter Market is expected to register a CAGR of 4.25% during the forecast period 2022 to 2027. The growth of the density meter market can be attributed to smart factories' development and the increased demand to accurately measure the density of the fluids used in or during various production processes. Also, the stringent government regulations in the United States and European countries to regulate emissions drive market growth.

Key Highlights

• A comprehensive quality assurance covering the entire production process is essential in any industrial operation. Density measurements are commonly used for this purpose, especially in the chemical, pharmaceutical, petrochemical, and food & beverage industries. They allow the manufacturer to analyze raw materials, semi-finished and finished products, and the manufacturing steps regarding several factors.
• For instance, In Chemical plants, density is used for a large variety of reasons for the common bulk chemicals and the specialty and proprietary products. Acids, caustics, solvents, resins, slurries, polymers, elastomers, and more are measured using a density meter. Pure chemicals and solutions are also measured.
• Also, rapid industrialization, in line with the technological advancement in water treatment technology, plays an essential role in the demand for liquid density meters. High growth and innovation in the water and wastewater industry create the need for a simple laboratory device to maintain and operate. Because of this, the demand for ultrasonic liquid density meters increased significantly. Further, growing applications of density meters in the plastics and rubber industry create growth opportunities.
• The COVID-19 pandemic and associated lockdown restrictions worldwide affected the industrial activities that witnessed a disruption in manufacturing operations and supply chains around the world. Under these circumstances, multiple industries worldwide saw a massive decline in revenue and profits, leading to many employees and workers being laid off, resulting in an overall loss to industrial production activities. However, with the onset of COVID-19 multiple end-user industries in the market studied have been affected by reduced operations, temporary factory closures, etc.

Key Market TrendsOil and Gas Industry to Hold Significant Market Share

• Oil and gas is a wide-ranging industry encompassing many processes and applications. Some of these might be roughly grouped into basic categories: exploration, extraction, production, processing, distribution, and transportation. Most applications include monitoring the density of oil and gases being transported for various purposes.
• The oil and gas sector is one of the largest end-users of density meters. In the Oil and Gas industry, density meters are utilized in downstream processes, wherein purification and assessment of the purified sample are measured before manufacturing. Also, the dense meter is used in various application sectors such as tanker truck and railcars loading stations, product identification on multi-product pipelines, product quality control in the production process, and mass measurement in aircraft refueling applications, among others.
• The oil and gas industry is expanding with the growth of industrialization and a rise in the demand for energy resources. For instance, according to the International Energy Agency, the Asia-Pacific region was the highest importer and consumer of natural gas. China alone accounted for two-thirds of the demand for natural gas globally.
• Moreover, the process industries depend majorly on technical equipment to maintain uniformity and quality throughout the crude material, wherein the density meter plays an important role. The transition would force the oil and gas production sector to accelerate the production rate, leading to an increased demand for machinery and testing equipment, including density meters, thereby driving the market's growth.
• The oil and gas sector is one of the key end users of density meters. The primary market demand comes from the downstream sector of oil and gas. The purity of the sample is measured before manufacturing to ensure operational safety and efficiency in downstream facilities, such as plants and refineries.
• The market is witnessing multiple product innovations. In May 2022, Flexim launched FLUXUS H831. This explosion-proof and non-intrusive meter can determine operational density, density at base conditions, and many other variables in the oil and gas industry.

Asia Pacific to Witness Significant Growth

• The increasing industrialization in Asia-Pacific makes the region one of the potential markets for density meters. The process automation industry is also expected to avail of various opportunities in Asia-pacific. India is expected to provide more opportunities for the process automation industry in the coming years because of its political and global reformation.
• According to the India Brand Equity Foundation, In May 2022, ONGC announced plans to invest USD 4 billion from FY22-25 to increase its exploration efforts in India. The oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045.
• In July 2021, according to the India Brand Equity Foundation, the department for the promotion of Industry and Internal Trade (DPIIT) approved an order allowing 100% foreign direct investments (FDIs) under an automatic route for oil and gas PSUs.
• Further, owing to the increase in the number of food & beverage and pharmaceutical companies in Asia-Pacific and the focus on expanding the operations & manufacturing units across different parts of Asia-Pacific, the demand for density meters is predicted to witness substantial growth. Moreover, the water and wastewater treatment industry's government initiative is vital in developing the density meter market across the Asia-Pacific region.

Competitive Landscape

The Global Density Meter Market is very competitive in nature. The market is highly concentrated due to the presence of various small and large players. All the major players account for a large share of the market and are focusing on expanding their consumer base across the world.

Some of the significant players in the market are ABB Ltd, Azbil Corporation, Endress+Hausar AG, Emerson Electric Corporation, Toshiba Corporation, Honeywell International Inc., KROHNE Messtechnik GmbH, Anton Paar GmbH Mettler-Toledo International Inc. VWR International (Avantor) Berthold Technologies GmbH & Co.KG Emerson Electric Co.​ Red Meters LLC Schmidt + Haensch GmbH & Co. Thermo Fisher Scientific, and many more. The companies are increasing the market share by forming multiple partnerships and investing in introducing new products to earn a competitive edge during the forecast period.

• March 2022 - Digital density meters are used in the pharmaceutical industries for quality control, research, and development. Thermo Fisher and Symphogen have extended the collaboration involving improved data workflow, which supports the discovery and development of new cancer treatments. The companies provide biopharmaceutical discovery and development laboratories with innovative tools and streamlined workflows to characterize complex therapeutic proteins efficiently.

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