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Intelligent Flow Meters - Global Market Trajectory & Analytics

  • ID: 4805957
  • Report
  • February 2022
  • Region: Global
  • 490 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ABB Ltd.
  • Azbil Corp.
  • Baker Hughes Co.
  • Emerson Electric Co.
  • Endress+Hausar AG
  • General Electric

Global Intelligent Flow Meters Market to Reach US$2.6 Billion by the Year 2026


An intelligent or smart flow meter is an electronic instrument that is used to measure the volume of a liquid that flows through a pipe. An intelligent flow meter uses ultrasound and other methods to calculate the quantity of flow. Flow control has an important role to play in industries, dealing with water, steam, and gas as it helps in the management of several control parameters. An intelligent flow meter measures the quantity of gas, liquid, or steam streaming through or in the vicinity of a flow meter sensor. It measures the speed of the flow, using ultrasound and other methods, and calculates the volume of the liquid or gas that has moved through the tubes. Progress, in industries such as beverage, food, power generation, chemical, pharmaceuticals, paper, wastewater, water, gas, and oil, depends on controlling the flow of the product accurately. Precise measurement of the outflow helps control unwanted leakages. Intelligent flow meters measure and manage the flow by altering the size of the flow passage and are extremely useful in the gas and oil industries. Flow metering is required to attain the maximum efficiency in an autonomous production process. Additionally, the method is also extensively utilized in the scientific investigations. The existing flowmeter devices are primarily based on hydrodynamic methods; different physical characteristics such as optical, acoustic, electromagnetic, and thermal; and constantly moving bodies such as power and tachometric. Hydrodynamic methods are mainly constituted by vortex, streamline flow, variable level, and variable pressure differential method. Flowmeter devices that are based on hydrodynamic methods, such as differential pressure flowmeters, have witnessed extensive adoption. The operation of these flowmeters depends on differential pressure across the device that alters the flow section of the pipe line. A primary transformer, a differential pressure gauge, and connecting pipes are the major components present in the differential pressure flowmeters.

Amid the COVID-19 crisis, the global market for Intelligent Flow Meters estimated at US$2.1 Billion in the year 2021, is projected to reach a revised size of US$2.6 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Magnetic, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$721.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ultrasonic segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 20.8% share of the global Intelligent Flow Meters market.



Reliability, accuracy, and stability, offered by intelligent flow meters will continue to drive adoption rates in the coming years. Increased investments in smart flow meters by industries such as wastewater, water, and chemicals will spur growth. Increased dependence on accurate diagnostics, and the need for flow measurement information are likely to help the development of the flowmeter market. Further, the resurgence of the gas and oil business and increasing investment in infrastructure by the water industry are expected to drive the growth of the industry in the medium and long terms. Improvements in flowmeter technology, combined with demographic and socio-economic factors such as increasing urbanization and population growth, are expected to assist the development of the business. Most manufacturers have adopted IoT technology sensors for intelligent metering solutions. Several countries of the Asia-Pacific region have made additional efforts to develop chemical, gas, and oil industries. All these have contributed to the expansion of the global markets for intelligent flow meters. Rising adoption of flow rate measurement in the applications associated with oil and gas sector around the world is forecast to contribute to the growth in demand for flowmeters.

Additionally, demand for flow measurement instruments and technologies is also expected to witness growth in the other sectors such as wastewater and water, paper and pulp, and power generation. Specifically, petroleum refinery, chemicals, and oil and gas are anticipated to generate the leading share of demand for flowmeters in the world owing to the recent discovery of shale gas reserves in the Asia Pacific, North America, and Europe. An increase in the number of nuclear reactors and the enhanced demand for automated processes has also helped the growth of the intelligent flow meter market. Increased investment in infrastructure and speedy development of processing industries in the developing economies has been responsible for the rapid development of the intelligent flow meter business. But the large capital investment required acts as a restraining factor to the development of the industry. The growing demand for intelligent flowmeters in flow measuring processes, and the multitude of manufacturers focusing on continuous innovation will help in the development of the business. Similarly, emphasis on online data analysis increased visibility, and increasing awareness of the advantages of flowmeters are likely to create fresh opportunities for the expansion of the business. Intelligent flow meters are better products, compared to orthodox flow meters, because of their high accuracy and improved diagnostic approach.

The U.S. Market is Estimated at $593.3 Million in 2021, While China is Forecast to Reach $551.5 Million by 2026


The Intelligent Flow Meters market in the U.S. is estimated at US$593.3 Million in the year 2021. The country currently accounts for a 28.31% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$551.5 Million in the year 2026 trailing a CAGR of 5.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$588.7 Million by the close of the analysis period.

Asia-Pacific (including China and Japan) region leads the intelligent flow meter market because of the quick pace of industrialization in the region. There is a high demand for the product in the gas and oil industry. The growth of the intelligent flow meter market in the Asia-Pacific region is driven, mainly, by countries such as Japan, India, and China. These countries have invested heavily in industrial infrastructure and sectors such as chemicals, refining of crude, power and energy, wastewater treatment, and water management. All these activities need the large-scale application of IoT technology. This, in turn, calls for the implementation of smart flow quantification solutions to arrive at the exact quantity of gas, liquid, or steam moving through, or in the vicinity of flow sensors. Wastewater management is a major industry in many of the Asia-Pacific countries. Reduction in wastewater generation, implementation of on-site sewage treatment, and application of wastewater technologies are a few of the developments that have helped in the management of wastewater. Water management is another important sector that has contributed to the development of the flowmeter business. The Water Environment Partnership in Asia (WEPA) helps in bettering the management of water resources. These and such other initiatives have helped in the expansion of the flowmeter business in the region. The Coriolis and ultrasonic smart flowmeter markets are likely to grow significantly in the Asian region. Countries in the region have been renovating or replacing old power plants with new ones and setting up new gas-based power generation plants. Changes are being made in the power sector to reduce environmental pollution. These developments are expected to help in the development of the ultrasonic flow meters business. The presence of the intelligent flow meter market`s key players such as Japan`s Azbil, Fuji Electric, and Yokogawa Electric also encourages the intelligent flow meter market`s growth in the region.

Coriolis Segment to Reach $466.5 Million by 2026


Coriolis flow meter development is the outcome of accurate flow measurements` high demand among mass-related procedures such as heat transfers and chemical reactions. Coriolis flowmeters are generally utilized in mass flow meters for the applications of liquid flow and flow meters` operations are natural phenomenon principle-based. Coriolis Flow meters calculate the mass flow rate directly in comparison with the volumetric flow, although Coriolis meters possess increased accuracy and cause the high-pressure drop. In the global Coriolis segment, USA, Canada, Japan, China and Europe will drive the 5.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$274.3 Million in the year 2020 will reach a projected size of US$400.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$54.6 Million by the year 2026.

Adoption of Coriolis flowmeter is forecast to increase owing to the improved smart capabilities of the device for determining the flow rate with more accuracy. Custody transfer is one of the major applications in oil and gas sector creating profitable opportunities for Coriolis and ultrasonic flowmeters. The outbreak of the COVID-19 pandemic has significantly impacted almost every industry around the world. Industries such as food and beverages, paper and pulp, mining and metals, chemicals, and oil and gas have been adversely affected on a global scale during the pandemic owing to supply chain disruptions, plant closure, and a resultant decline in product demand in the market.

Select Competitors (Total 131 Featured) -

  • ABB Ltd.
  • Azbil Corp.
  • Baker Hughes Co.
  • Emerson Electric Co.
  • Endress+Hausar AG
  • General Electric
  • Hitachi High-Tech Corporation
  • Honeywell International Inc.
  • HÖNTZSCH GMBH & CO. KG
  • Krohne Messtechnik Gmbh
  • Siemens AG
  • Yokogawa Electric Corporation
Frequently Asked Questions about the Global Market for Intelligent Flow Meters

What is the estimated value of the Global Market for Intelligent Flow Meters?

The Global Market for Intelligent Flow Meters was estimated to be valued at $2.1 Billion in 2021.

What is the growth rate of the Global Market for Intelligent Flow Meters?

The growth rate of the Global Market for Intelligent Flow Meters is 4.4%, with an estimated value of $2.6 Billion by 2026.

What is the forecasted size of the Global Market for Intelligent Flow Meters?

The Global Market for Intelligent Flow Meters is estimated to be worth $2.6 Billion by 2026.

Who are the key companies in the Global Market for Intelligent Flow Meters?

Key companies in the Global Market for Intelligent Flow Meters include ABB Ltd., Azbil Corp., Baker Hughes Co., Emerson Electric Co., Endress+Hausar AG, General Electric, Hitachi High, Tech Corporation and HÖNTZSCH GMBH & CO. KG.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ABB Ltd.
  • Azbil Corp.
  • Baker Hughes Co.
  • Emerson Electric Co.
  • Endress+Hausar AG
  • General Electric

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
  • Progress on Vaccinations: Why Should Businesses Care?
  • With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish about an Economic Comeback Despite a Continuing Pandemic
  • A Strong Yet Exceedingly Patchy & Uncertain Recovery Shaped by New Variants Comes Into Play: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Easing Unemployment Levels in 2021 Although Moderate Will Infuse Hope for Industries : Global Number of Unemployed People (In Million) for Years 2019, 2020, 2021, and 2022
  • Intelligent Flow Meters - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Flow Meter: A Prelude
  • An Introduction to Intelligent Flow Meters
  • Types of Intelligent Flow Meter
  • Global Market Prospects & Outlook
  • Segmental Overview
  • Analysis by Product Type
  • Analysis by End-Use
  • Regional Analysis
  • Competitive Scenario
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Ultrasonic Flow Meter Technology Helps Drive Energy Efficiency
  • Vortex Type Flow Meter: Versatile Technology for Commercial and Domestic Applications
  • Benefits of Smart Electronics in Mechanical Metering
  • Emphasis on Industrial Automation Augurs Well
  • Major Industry 4.0 Technologies: Global Market Size (US$ Billion) for Internet of Things (IoT), Big Data, Smart Factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020
  • IoT Integration to Fuel Demand for Intelligent Flow Meters
  • Global Investments in Industrial IoT (IIoT) Platforms (In US$ Million) for the Years 2018, 2022 and 2025
  • Global Number of IoT Connected Devices (In Billion Units) for the Years 2016, 2018, 2020, 2022 & 2025
  • Global IoT Market (In US$ Billion) by Industry for the Years 2018 and 2022
  • Intelligent Flow Meters to Benefit from Stable Growth Forecast of Chemical Industry
  • Projected Stability in Capital Spending in the Chemical Industry Provides Opportunities for New and Replacement Demand for Heat Exchangers: CAPEX in the World Chemical Industry (In US$ Billion) for the Years 2018, 2021 and 2023
  • World Chemical Industry Revenues (in %) by Segment for the Year 2021
  • Various Intelligent Flow Meters at Work in the Chemical Industry
  • Anticipated Growth in Oil & Gas and Petroleum Sectors Bodes Well for Intelligent Flow Meters Market
  • Usage of Wide Range of Intelligent Flow Meters with Distinct Characteristics in O&G and Petroleum Sectors
  • Global Prices of Brent Crude (In US$ Per Barrel) for the Years 2012 through 2021
  • With Growth Skewed Towards Alternative Liquid Fuels, Oil Refineries Face a High Risk Exposure as the Oil Shake Up Marks the Transition Towards a Low Carbon Economy: Global Liquid Fuel Cumulative Demand Growth (In ‘000 Barrels per Day) by Type for the Years 2018, 2021 & 2023
  • Increase in E&P Spending and Volatility Continue to Shape Strategy for Sustained Demand of Intelligent Flow Meters
  • Global Oil & Gas E&P Industry Spending (2015-2021E)
  • Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • Strict Regulations for Water Treatment and Rising Demand for Clean Drinking Water Drives Demand for Intelligent Flow Meters in Water & Wastewater Treatment Market
  • Growing Industrial Effluent Discharge Coupled With the Massive Water Reuse Opportunity Provided by the Emerging Circular Economy Offers Lucrative Opportunities for Intelligent Flow Meters in the Wastewater Treatment Industry: Volume of Industrial Wastewater Generated in the U.S & Europe (In 000 m3 (Cubic Meters)) for the Year 2018

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Active Players in United States

CANADA

  • Active Players in Canada

JAPAN

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Active Players in Japan

CHINA

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Active Players in China

EUROPE

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
  • Active Players in France

GERMANY

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Active Players in Germany

ITALY

  • Active Players in Italy

UNITED KINGDOM

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
  • Active Players in United Kingdom

REST OF EUROPE

  • Active Players in Rest of Europe

ASIA-PACIFIC

  • Intelligent Flow Meters Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Active Players in Asia-Pacific

REST OF WORLD

  • Active Players in Rest of World

IV. COMPETITION

  • Total Companies Profiled: 131
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ABB Ltd.
  • Azbil Corp.
  • Baker Hughes Co.
  • Emerson Electric Co.
  • Endress+Hausar AG
  • General Electric
  • Hitachi High-Tech Corporation
  • Honeywell International Inc.
  • HÖNTZSCH GMBH & CO. KG
  • Krohne Messtechnik Gmbh
  • Siemens AG
  • Yokogawa Electric Corporation
Note: Product cover images may vary from those shown