Increasing demand from petrochemicals and refining industries enables flow meters market to expand at 9.5% CAGR from 2015-2020
Transparency Market Research (TMR) has announced the addition of a new market study on the flow meters market. The report is titled “Flow Meters Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.” According to the report, the global flow meters market is expected to be worth US$9.61 bn by 2021. It was valued at US$5.20 bn in 2014 and is expected to expand at a CAGR of 9.5% between 2015 and 2021.
A flow meter is a device used for the measurement of volumetric, mass, and linear and non-linear flow rate of a gas or fluid. Different types of flow meters are used for the measurement of various parameters of a fluid as it flows through a pipe. Flow is measured by measuring the speed of the liquid over a certain area. Flow meters comprise a stop, scale, indicator, and tube. The performance of a flow meter relies on aspects such as density, pressure, viscosity, and temperature of liquids.
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The increasing demand from the petrochemicals and refining industries is the primary growth driver of the flow meters market. The performance of petrochemicals and refining industries impacts the flow meters market to an extent. Flow meters are used in custody transfer, interwell allocation, and gas flaring. Their use is mandated by environmental regulations for quality control and revenue calculations, aiding the growth of the market. Flow meters are used in various other industries apart from the petrochemical industry, such as agriculture, waste water management, and others, which is positively impacting the market. Furthermore, the global flow meters market is boosted by the replacement of outdated flow meters with newer smart flow meters. Smart meters are a relatively new trend in the global flow meters market. These are accurate in measurement and much more reliable as compared to the earlier generations of flow meters.
The global flow meters market is segmented on the basis of region, application, and product type. On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Of these, Asia Pacific held the largest market for flow meters in 2014. The flow meters market in Asia Pacific is anticipated to expand at a 9.3% CAGR from 2015 to 2020. The growth of the market in the region can be attributed to the rising high-value projects and petrochemicals and refineries industries, which are fueling the demand for flow meters.
On the basis of product type, the market is segmented into coriolis flow meter, magnetic flow meter, ultrasonic flow meter, vortex flow meter, turbine flow meter, and others. Of these, the magnetic flow meter held the largest market share of 21% in the global flow meter market in 2014. By application, the market is segmented into water management, energy management, food process, oil and gas, and others. Of these, the application of food process accounted for the largest market share of 17.6% in the global flow meter market in 2014.
The report profiles some of the key players in the global flow meters market. These include: Yokogawa Electric Corp. (Japan), Siemens AG (Germany), ABB Ltd. (Switzerland), Messtechnik GmbH (Germany), Badger Meter Inc. (U.S.), Brooks Instrument LLC (U.S.), Sierra Instruments Inc. (U.S.), Endress + Hauser (Switzerland), Krohne General Electric Co. (U.S.), and Azbil Corporation (Japan).
The global flow meters market is segmented as follows:
- Magnetic flow meter
- Coriolis flow meter
- Ultrasonic flow meter
- Turbine flow meter
- Vortex flow meter
- Energy management
- Water management
- Food process
- Oil and gas
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