Global intelligent flow meter market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Increasing IoT Integration Will Favor Intelligent Flow Meter Market
The increasing demand for accurate measurement and monitoring of industrial fluids for maximum usage is a primary driver of intelligent flow meter market expansion. The market is anticipated to increase throughout the forecast period due to the rising demand for flow rate measurement in O&G management applications worldwide. In 2020, the market shipping size was estimated to be 53,78,749 units. Over the projection period, additional industries like water and wastewater, power generation, and pulp and paper will also widely utilize measurement technology and instruments. As smart measurement solutions have been introduced as a result of IoT integration, it is anticipated that demand for intelligent systems will rise in the near future. Over the forecast period, the market is anticipated to increase due to technological advancements in areas like wireless monitoring and control, sophisticated sensors, and digital readouts.
Internet of Things (IoT) sensors are being adopted by product manufacturers more frequently for smart metering solutions. Automatic meter reading is made possible by the sophisticated IoT technique, which collects data remotely and automatically. With these technological advancements in products, the intelligent flow meter market is anticipated to expand. Installing flow meters satisfies the industrial requirement for precise and continuous flow measurement. Nearly a quarter of employees may leave their jobs before returning to a hazardous workplace, according to survey data released by Honeywell in January 2021. In the workplaces of their employers, nearly 68% of the worldwide workforce does not feel entirely secure. The building management's potential failure to consistently enforce health and safety regulations is the greatest concern of the workers who were surveyed (42%), followed by concern that they would fail to regularly invest in new technology to make working in person safer (30%). It is thus becoming essential to use equipment that ensures safety in various aspects of operation such as flow meters.
Intelligent Flow Meter Market: COVID-19 Impact
The recent COVID-19 epidemic put extra strain on numerous economies across all sectors. One of the key hindrances to expanding the worldwide intelligent flow meter market is the unanticipated failure in the oil and gas sector, a key application category. The market for intelligent flow meters has been significantly harmed by adoption of smart flow meters in the oil and gas sector to measure liquid flow in pipes. In this circumstance, the market has likewise reached a standstill. As a result, both the flow meter products decreased shipments, and the market revenues they generated were negatively impacted. This pandemic year's market growth experienced issues during the first half of the year, and a sharp decline in market size was observed.
Increase Demand From Chemical and Water & Wastewater Industries to Support Intelligent Flow Meter Market Expansion
Various flow meters, including magnetic, differential pressure, and ultrasonic flow meters, make the chemicals sector one of the primary application areas for intelligent flow meters. These flow meters are used in the chemical industry to protect workers from dangerous and explosive substances. Intelligent flow meters accurately measure the quantity and flow of the chemicals used in industrial operations, increasing their efficiency. Consequently, there is a growing tendency toward installing flow meters in chemical facilities, significantly boosting the market.
Increasing Awareness Regarding Benefits to Accelerate Intelligent Flow Meter Market Expansion
It is critical to inform customers of the advantages of new goods as process automation technology advances. In the case of intelligent flow meters, there is awareness of these devices' financial and environmental advantages. Intelligent flow meters are an improvement compared to conventional flow meters since they analyze the flow measurement data in real time and provide feedback control according to the process needs. Manufacturers and operators now focus more on real-time data analysis and improved visibility, prompting them to work more quickly and efficiently to meet their objectives. With the flow meter's high level of global market adaptability, the global intelligent flow meter market has some observable growth potential.
High Initial Investment of Coriolis and Magnetic Flow Meters Influences Intelligent Flow Meter Market Growth
The high capital expenditure required for coriolis and magnetic flow meters is one of the main reasons limiting the growth of the intelligent flow meter industry. These flow meters have various features that suit these applications and enable precise measurement. They are utilized in many different applications. Coriolis and magnetic flow meters need a significant initial outlay, including the meter's price and the wiring cost. The initial cost is greater than all other associated costs combined. Additionally, the cost of ownership for these flow meters is less expensive than the initial investment necessary, which significantly inhibits the growth of intelligent flow meter market.
Magnetic Flow Meter to Dominate Intelligent Flow Meter Market Owing to Low Maintenance
In the forecast period, the magnetic intelligent flow meter market segment had the greatest revenue share of the overall market share. The fact that magnetic flow meters can accurately detect both forward and reverse flow is one of its benefits. These flow meters also have minimal flow route blockages, resulting in a minimal pressure decrease. Magnetic flow meters' minimal maintenance cost is due to the absence of moving parts. As a result, the magnetic market segment is anticipated to increase its market share significantly through 2028. Magnetic flow meters now have more options for adoption because of product improvements such as wireless magnetic meters (often referred to as magmeters), two-wired and clamp-up goods, and two-wired products. These systems are extensively employed in fields including water and wastewater management, oil and gas, and power generation.
Wide Application Across Food and Beverages Industry Will Push Intelligent Flow Meter Market
The food and beverages industry will be the largest application segment of intelligent flow meter market. Measuring and controlling raw materials are of utmost importance in the food and beverage manufacturing industry. Flow meters for the food industry increase productivity while lowering expenses. Specific processes in the food industry demand hygienic environments. Dairy products, alcohol, beverages, syrup, chocolate, and edible oil are a few examples. The food and beverage sector demands automation equipment that is of food-grade quality. Make sure the environment is clean and secure. Using a flow meter made for food, the equipment may be disinfected without being disassembled. You can measure edible oil using flow meters made for food. The volume and weight of oil flowing out of the pipeline must be measured at many points during edible oil production, which requires using a flow meter. Data on the crude oil that is first refined and the essential oil that is ultimately refined by businesses that produce and process edible oils must be collected using flow meters.
Asia Pacific to Acquire a Major Revenue Share in Intelligent Flow Meter Market
With the recent discovery of shale gas deposits in North America, Europe, and the Asia Pacific, the adoption of goods would be particularly significant in the oil and gas, chemical, and petroleum refinery industries. The Asia Pacific region is anticipated to keep holding a sizable portion of the intelligent flow meter market. Significant worldwide market influences still come from nations like China, India, Japan, South Korea, Indonesia, Australia, and Singapore. In developing nations like China, and India, investments in water and wastewater, energy and power, refining, chemicals, and industrial infrastructure are growing. This demand for IoT integration drives the need to implement intelligent flow measurement solutions for accurate and economical measurement of liquid, gas, or steam flowing through or around the flow meter sensors.
By 2030, India has the potential to become a major global manufacturing hub, contributing more than US$500 Bn annually to the world economy. In July 2021, the production of coal increased by 18.9%, natural gas by 18.9%, steel by 9.3%, cement by 21.8%, and electricity by 9%. Fertilizer production decreased by 0.5%. To accelerate the expansion of the intelligent flow meter market expansion during the projection period, it is, therefore, necessary to evaluate the expanding manufacturing sectors in the area and the considerable use of automation.
A huge number of shale gas developments and oil fields in North America are predicted to cause the region to grow significantly between 2021 and 2028. The number of hydroelectric projects in Canada is increasing. The International Hydropower Association estimates that Canada was the fourth-largest hydroelectricity generator in the world in 2020. With this rising demand, Cascadia has provided flow meter systems in more than 25 hydroelectric facilities to the Canadian market for the past 20 years. After European nations, the United States is one of the most regulated nations. The key consumers of the intelligent flow meter market are the water and wastewater, oil and gas, and renewable energy sectors. Approximately 80% of the nation's energy comes from fossil fuels, 8.4% from nuclear power, and 11.4% from renewable sources, according to the US Renewable Energy Factsheet (2020), produced by the Center of Sustainable Systems, University of Michigan.
Global Intelligent Flow Meter Market: Competitive Landscape
In April 2022, Yokogawa Electric Corporation announced the release of the OpreXTM Vortex Flow meter VY Series on this date. These flow meters are SIL2 certified and meet key explosion-proof requirements (IECEx, ATEX, FM, FMC). The new OpreX Field Instruments product series will be released initially in Southeast Asia, Oceania, India, the Middle East, and South America, excluding Brazil. In November 2021, Brooks Instrument debuted its new GP200 Series pressure-based mass flow controller (P-MFC) at SEMICON Europa in Munich, Germany. The new GP200 Series mass flow controller is the industry's first entirely pressure-insensitive, pressure-based mass flow controller, built primarily for advanced etch and chemical vapor deposition processes in semiconductor production.
A few of the players in the global intelligent flow meter market include ABB, Emerson Electric Co., Siemens, Honeywell International Inc., Yokogawa Electric Corporation, Azbil Corporation, BrooksInstrument, Sierra Instruments, Inc., KROHNE Messtechnik GmbH, General Electric, Riels® Instruments S.r.l., KOBOLD Messring GmbH, DISTRIBUIDORA INTERNACIONAL CARMEN, S.A.U, Baker Hughes, and Fuji Electric Co., Ltd.
Regional Classification of Global Intelligent Flow Meter Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Intelligent Flow Meter Market
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