Flow Meters Market by product type (Magnetic flow meter, Coriolis flow meter, Ultra sonic flow meter, Turbine flow meter, Vortex flow meter and Others), and by application ( Energy management, water management, Food process, Oil and Gas and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 12/23/2015 -- Where gas or liquids flowing through a pipe need to be measured, the use of a flow meter is recommended. Industries that consume flow meters extensively in the course of conducting their day-to-day operations are typically ones that need to convey sizeable quantities of liquids through pipelines. These industries include, but are not limited to: water management, oil and gas, food processing, and energy management.
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The demand for flow meters from most of these industries has remained steady in the past. This trend will continue to remain so given that demand in these industries never really runs dry as they cater to essential needs such as food, water, and power. This will prove to be the greatest factor for the growth of the global flow meters market, as the market rises from its 2014 valuation of US$5.20 bn to a projected valuation of US$9.61 bn by 2021. These numbers, calculated by market intelligence firm Transparency Market Research, translate to a CAGR of 9.5% for the global flow meters market from 2015 to 2021. TMR analysts expect that capital projects mushrooming across the world, particularly in growth markets of APAC, MENA, and Latin America, will contribute considerably to the future of the flow meters market's future.
Global Flow Meters Market Finds Largest Consumers in Food Process Industries
The food process industry was the largest application segment of the flow meters market, with a share of 17.6%. Industries where the deployment of flow meters was the highest were water management and oil and gas. Smart flow meters represent a massive opportunity in these sectors.
Activity in the refining and petrochemicals industry has been intense in the last couple of years and has peaked following the shale gas boom seen in North America and Latin America. The petrochemical industry in the Middle East, too, has contributed substantially to the demand for flow meters.
The numerous applications of flow meters in the refining and petrochemicals sector has prompted flow meter manufacturers and suppliers to focus on this segment. In this sector, flow meters are deployed across numerous functions ranging from gas flaring to discharge of produced water to custody transfer to interwell allocation. With a plethora of applications in the refining and petrochemicals industries and beyond, the demand for flow meters will only increase in the years to come.
Upgrades and Replacement of Obsolete Flow Meters to Provide Additional Growth Opportunity
Depending on the application at hand, the life of a flow meter may range from a few months to several years. Replacement or upgradation becomes necessary once a flow meter has reached its recommended lifespan. With several industrial sectors upgrading to smart and advanced flow meters for a variety of applications, the demand for these components will further rise. The generation of flow meters presently available on the market is several times more efficient than previous generations.
Leading market players such as ABB Ltd., Azbil Corporation, Brooks Instrument LLC, General Electric Co., Siemens AG, and Sierra Instruments Inc. have brought a bevy of innovative and advanced flow meters to the market, thus fuelling the competition further.
Asia Pacific represents the largest market for flow meters in the world, followed by North America. The growth of the former will largely be dictated by capital projects in countries such as India, China, and Japan.
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