FMI projects that the flow meters market size could reach a valuation of USD 8.1 billion by 2023. The demand for high-performance flow meters is expected to increase given a recovery in key industries and their reliance on these devices. Therefore, looking forward to the future, the market revenue is estimated to surpass USD 13.2 billion by 2033, exhibiting a CAGR of 5.0%.
Flow measurement infrastructure has a vital role in measuring the water that flows through wastewater treatment systems. Key industries including water & wastewater, oil & gas, chemical, power generation, and pulp & paper have a huge demand for flow meters. The usage of flow meters in these industries for wastewater treatment has contributed significantly to the market growth.
The rise in initiatives to build safe water management infrastructure has positively impacted the demand for flow meters. Accurate measurement and monitoring of water and wastewater flows are critical for effective treatment and management. This, in turn, is leading to an increase in demand for flow meters for water and wastewater treatment plants.
Flow meters are highly preferred in process industries. Governments in various regions are making the use of flow meters mandatory given their benefits. Many organizations are focused on reducing the total cost of ownership of flow meters. This is driving the demand for flow meters that require less maintenance and have a long lifespan.
A significant contributor has been the rise in industrial output and the requirement for energy. The requirement for energy-efficient flow meters is also driving the market. Energy-efficient flow meters can help reduce energy consumption and costs. This can help reduce the overall carbon footprint of an organization.
The challenge of managing the operational processes of smart systems could limit market expansion. This challenge is related to labor skills and expertise. The market is currently constrained in its ability to manufacture flow meters on a personalized basis. Another factor that could impede growth is the high initial costs associated with advanced flow meter products.
The working range and construction material affect flow meters' price. Among other materials, flow meters are constructed of metal, plastics, and alloys. The flow meter cost has increased even more. Original equipment manufacturers (OEMs) are having a hard time getting high-quality raw materials. Suppliers are imposing supply timelines given the fluctuating pricing of these components.
Key trends in this market include the growing adoption of digital flow meters and the increasing use of ultrasonic flow meters. These flow meters offer high accuracy and reliability in flow measurement. Another significant development in the market is the growing adoption of digital flow meters.
The demand for intelligent flow meters is expected to thrive given the integration of the Internet of Things. This has led to the introduction of smart measurement solutions. The demand for the Coriolis flowmeter is also projected to grow because of its advanced smart capabilities that enable more precise rate measurement.
The increasing adoption of smart flow meters and the development of new technologies are expected to create new opportunities for market players. Process automation is also a recent trend in the peak flow meters market. This is driven by the need for accurate flow-measuring tools to support efficient manufacturing processes. Therefore, an increase in industrial production worldwide is projected to open up market opportunities.
| Attributes | Details |
|---|---|
| Base Year Value (2022) | USD 7.7 billion |
| Current Year Value (2023) | USD 8.1 billion |
| Expected Forecast Value (2033) | USD 13.2 billion |
| Historical CAGR (2018 to 2022) | 5.8% |
| Projected CAGR (2023 to 2033) | 5.0% |
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FMI’s new flow meters market report shows that market revenue could grow from 7.7 billion in 2022 to 13.2 billion by 2033. The global market has shown steady growth during the historical period. Factors behind this growth include increasing demand from different industries and the adoption of advanced technologies in flow meter manufacturing.
The COVID-19 pandemic disrupted the global supply chain. This disruption has had an impact on the cost of raw commodities. As a result, it's challenging to fulfill agreements, and manufacturers are suffering significant losses.
The anticipated increase in demand for flow meters is projected to be fueled by the establishment of new manufacturing units. These units are prioritizing automation to reduce lead times, unnecessary wastage, and unplanned downtime. The growing focus on energy efficiency and sustainability is also expected to drive the adoption of flow meters in various applications.
Asia Pacific provides a low-cost labor force, a large population base, and improved living standards. This has motivated flow meter manufacturers to establish their facilities in the region to satisfy the growing demand. Notable industrialization in the region has played a crucial role in driving up the demand for flow meters.
The trend toward predictive maintenance is also driving the demand for flow meters that can detect and diagnose potential issues before they occur. The wireless and smart flow meters market is expected to boom during the forecast period. These flow meters offer several benefits, such as remote monitoring, real-time data analysis, and reduced maintenance costs. The growing trend toward Industry 4.0 is likely to increase the adoption of smart flow meters.
Market players are focusing their efforts on the oil & gas sector. They are investing significantly in the development of innovative products and solutions. The aim is to measure the flow rate of liquids, gases, and vapors accurately. Additionally, custody transfer in the oil & gas industry is one of the key applications that present key opportunities for ultrasonic and Coriolis flowmeters.
| Country | The United States |
|---|---|
| Historical CAGR (2018 to 2022) | 4.3% |
| Forecasted CAGR (2023 to 2033) | 3.9% |
| Projected Market Value (2033) | 4.1 billion |
| Country | The United Kingdom |
|---|---|
| Historical CAGR (2018 to 2022) | 4.6% |
| Forecasted CAGR (2023 to 2033) | 4.2% |
| Projected Market Value (2033) | 612.9 million |
| Country | China |
|---|---|
| Historical CAGR (2018 to 2022) | 7.2% |
| Forecasted CAGR (2023 to 2033) | 5.9% |
| Projected Market Value (2033) | 1.1 billion |
| Country | Japan |
|---|---|
| Historical CAGR (2018 to 2022) | 5.0% |
| Forecasted CAGR (2023 to 2033) | 4.5% |
| Projected Market Value (2033) | 1.0 billion |
| Country | South Korea |
|---|---|
| Historical CAGR (2018 to 2022) | 6.5% |
| Forecasted CAGR (2023 to 2033) | 5.4% |
| Projected Market Value (2033) | 532.5 million |
The United States has a well-established flow meters industry given its significant industrial activities. The growing demand for reliable flow measurement devices and increasing investment in infrastructure development are the key drivers for the United States flow meters market growth.
The government is investing in infrastructure development projects which are likely to drive the demand for flow meters. For instance, the United States Environmental Protection Agency has set regulations for the measurement and monitoring of wastewater. The agency supports local wastewater treatment facilities and participates in pollution control initiatives. These initiatives aim to safeguard watersheds and drinking water sources. Additionally, the agency implements federal safe drinking water regulations.
Key players are investing in research and development to launch innovative products and gain a competitive edge in the market. For instance, Badger Meter introduced the Dynasonics TFX-5000 in September 2019. It is a flexible ultrasonic flow and energy meter. The device is made for non-invasive, ultrasonic transit time measurement. This technology is recognized to be perfect for oil & gas, HVAC, and water and wastewater treatment applications.
The United Kingdom flow meters market expansion is attributed to the increasing demand for accurate and reliable flow measurement devices in various industries. The increasing adoption of automation in various industries in the country has led to the demand for flow meters. The government has introduced several initiatives that meanderingly encourage the adoption of flow meters in various industries. For instance,
Multiple suppliers and producers of the flow rate measuring goods and services are based in the United Kingdom. Sentronics, a sensor company located in the United Kingdom, announced in June 2022 that it has partnered with testing system provider Horiba, the United Kingdom.
The partnership aims to introduce their next-generation ultrasonic fuel flow meter called Horiba RealFlow. Powered by Sentronics, the new flow meter is designed for the automotive sector.
China flow meters market growth is primarily driven by the increasing adoption of advanced technologies in manufacturing and processing industries. The government has been taking several initiatives to conserve water and improve water quality. To encourage the use of flow meters across different industries, the government has been launching several programs.
State Council released the "Water Pollution Prevention and Control Action Plan" (often referred to as the "Water Ten Plan") in April 2015. The strategy outlines how to improve management and guarantee the security of the water environment. This is likely to increase the adoption of flow meters in the water & wastewater industry.
Companies in China have been focusing on product innovation to strengthen their market position. In March 2023, a manufacturer in China, ATO Flow Meter introduced two new devices into the company's inventory. The devices are a magnetic flow meter and an ultrasonic flow meter. The new devices provide dependable technology for measuring liquids, gases, or steam in various industries. The devices also enable customers to get customized solutions that meet their specific needs.
Key drivers of Japan’s flow meters market include increasing government initiatives for water resource management and the growing demand for flow meters in the automotive industry. Flow meters are widely used in Japan’s automotive industry for measuring fuel consumption and optimizing engine performance. The growing demand for fuel-efficient vehicles is expected to drive the demand for flow meters in the automotive industry across the country.
Rising demand for oil and gas is expected to drive South Korea’s flow meters market growth. Demand for flow meters in water and wastewater treatment plants is increasing given the increasing population and urbanization. The implementation of strict environmental regulations by the government is also anticipated to boost the demand during the forecast period.
Principal Consultant
| Segment | End-use Industry |
|---|---|
| Top Sub-segment | Water & Wastewater |
| Historical CAGR (2018 to 2022) | 5.7% |
| Forecasted CAGR (2023 to 2033) | 4.9% |
| Segment | Type |
|---|---|
| Top Sub-segment | Coriolis |
| Historical CAGR (2018 to 2022) | 5.6% |
| Forecasted CAGR (2023 to 2033) | 4.8% |
The water and wastewater industry segment dominates the global market for several reasons. The water and wastewater industry is a significant consumer of flow meters. This is because accurate measurement and monitoring of water and wastewater flow rates is critical.
Given the rising demand from the water sectors in North America and Europe, the leading end-use industry for flow meters is expected to be water & wastewater. Strict laws imposed by governments in these regions facilitate the necessity for the clean discharge of effluents from manufacturing facilities. They aim to support sustainability and zero carbon emission aims.
Multinational corporations are investing heavily in foreign manufacturing facilities in various nations. These facilities must treat their effluents before releasing them due to the strict regulations imposed by several nations.
Flow meters have wide-ranging applications within the water and wastewater industry. The extensive use of flow meters creates a substantial market for these devices. It also drives innovation in the industry to create specialized flow meter solutions tailored to specific applications and requirements.
Based on flow meter types, the Coriolis segment leads the global market. Coriolis meters are highly accurate and can measure mass flow directly, regardless of the fluid's viscosity or density. Coriolis meters have no moving parts in the flow stream, making them less susceptible to wear and tear. This results in low maintenance requirements and long service life. Coriolis flow meters are also applied in hygienic settings. Coriolis meters are easy to install and require minimal upstream and downstream piping.
The ultrasonic flow meters market is expected to see noteworthy growth during the forecast period. This growth is particularly expected in applications where pipe size is large or where measurement infrastructure flow is limited. Given their outstanding accuracy, little maintenance requirements, and non-invasive design, ultrasonic flow meters are growing in popularity. They are ideal for measuring the flow of liquids and gases in a wide range of applications.
The differential pressure segment is also anticipated to witness significant growth prospects. Electromagnetic differential pressure flow meters use the principle of pressure drop across an obstruction to measure flow rates. Electromagnetic flow meters, on the other hand, measure flow rates based on the voltage generated by a moving conductive fluid in a magnetic field.
Manufacturers in the market are constantly developing new technologies and improving existing ones to meet the needs of various industries. They are also focusing on reducing flow meters' cost and offering competitive prices to stay ahead in the market. In addition, manufacturers are also implementing innovative technologies like ultrasonic flow meters.
Manufacturers are offering a wide range of flow meters at competitive prices to cater to different budgets and requirements. They are also providing customized solutions for specific applications, which involve modifications to the flow meter design or installation. Manufacturers are also focusing on developing flow meters that are eco-friendly and have a minimal impact on the environment.
Key Players Operating in the Flow Meters Market
Recent Developments by Key Market Players
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The flow meters market is valued at USD 8.1 billion in 2023.
The flow meters market is projected to attain a value of USD 13.2 billion by 2033.
Sales of flow meters are anticipated to surge at a robust 5.0% CAGR through 2033.
The United States flow meters market exhibits substantial profit potential, set to exceed USD 4.1 billion in revenue by 2033.
The Coriolis flow meters segment is poised to dominate the market, registering a 4.8% CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Differential Pressure 5.2. Positive Displacement 5.3. Ultrasonic 5.4. Turbine 5.5. Magnetic 5.6. Coriolis 5.7. Vortex 5.8. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use Industry 6.1. Water & Wastewater 6.2. Refining & Petrochemical 6.3. Oil & Gas 6.4. Chemical 6.5. Power Generation 6.6. Pulp & Paper 6.7. Food & Beverage 6.8. Pharmaceutical 6.9. Metals & Mining 6.10. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East & Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Honeywell International Inc. 15.2. Siemens Group 15.3. Emerson Electric Co. 15.4. ABB Ltd. 15.5. Yokogawa Electric Corporation 15.6. Azbil Corporation 15.7. Badger Meter, Inc. 15.8. Endress+Hauser Management AG 15.9. Krohne Messtechnik GmbH 15.10. Schneider Electric 16. Assumptions & Acronyms Used 17. Research Methodology
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Flow Meters Market
