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Intelligent Flow Meter Market Trends

ID: MRFR//1394-HCR | 110 Pages | Author: Ankit Gupta| April 2024

Intelligent Flow Meter Market Overview

Generally, Smart Flow Meter is an electronic instrument used to estimate the mass or volumetric, linear, non-linear flow rate of a liquid or gas in the course of its transmission and a pipe. Intelligent flowmeters have many benefits, as it is not affected by external weather conditions, and it provides accurate measurement readings of density, temperature, and velocity. As the demand to reduce uncertainties and improve flow calibration standards is increasing, the demand for intelligent flow meters increases.  

The Intelligent Flow Meter Market is growing, as it is very much suitable for the industrial environment. The industries like pharmaceuticals, oil and gas, metals and mining, chemical, food and beverages, pulp and paper industries, etc., are widely using the intelligent flow meter. These industries are getting benefits like precision, stability, accuracy, and reliability from the flow meter. Based on the application segments, the oil and gas industry intended to calibrate the fluids, enhancing the flowmeter market accurately. Moreover, the chemical and wastewater industries are also helping the intelligent flow meter market to raise their demand worldwide. Further, the Magnetic type of intelligent flow meter market has a prediction to generate the highest market revenue during its forecast period. It became possible for the magnetic type of flow meter market as the absence of a moving part reduces the cost of the maintenance and efficiency of estimating forward reverse the flow through equal precision.

In the present scenario, the global market has an estimated USD 2.5 billion to grow its market size in 2020. The Global Intelligent Flow Meter Market has expected to reach a 5% CAGR in the forecast period of 2027.

The report has focused on the Intelligent Flow Meter Market Analysis and the various segments and sub-segments concerning different geographical locations. It has explained the major factors affecting market growth by analyzing the global flowmeter market's production cost and supply chain. Moreover, the report has highlighted a country's market analysis concerning the current market growth and size. Besides, it sees the prospects of the global market. The report has briefly analyzed the key player's core competencies and illustrates a competitive landscape analysis for the worldwide flowmeter market.

COVID 19 Impacts on the Global Market

On 11 March 2020, the World Health Organization (WHO) announced COVID-19 as a pandemic, which affected almost all sectors, and the Intelligent Flow Meter Market Industry was one of them. The flowmeter market has also experienced a halt in this situation. As a result, the declined shipments of the flow meter product and the market revenues created from them have also been poorly affected. During the first half-year of this pandemic year, the market growth had faced problems, and a sudden drop in market size has witnessed. However, in the latter half of 2020, the global Intelligent Flow Meter Market demand has increased due to the increasing concern for flowmeter market products.

The Intelligent Flow Meter Market Report explains that the COVID-19 outbreak has gradually affected the flowmeter market's value chain. The industries like oil and gas, pulp and paper, chemicals, metals, and mining, and food and beverages have faced decreasing demands over their products because of the global slowdown and declining purchasing power of the customers for a short period.

Intelligent Flow Meter Market Dynamics

Key Market Drivers

With the COVID-19 adversities facing a reduction, the key players are the key market drives as the businesses are currently adapting to the increased need for advanced technologies to grow the flowmeter market's potential. The post-COVID-19 outbreak blooms the related industry as unprecedented growth has witnessed in shoppers or customers. The global Intelligent Flow Meter Market has adopted various techniques to enhance the development of the flowmeter market. The intelligent flow meter has offered high stability, accuracy, and reliability, driving the Intelligent Flow Meter Market Demand in the global market.

However, the flow meter industry's immense growth has pressurized the whole delivery system, as a massive number of goods need to deliver within the deadline. Therefore, the companies have adopted new technology in flow meter facilities. This initiative has helped the flow meter companies effectively to fulfill the increasing demand of the consumers efficiently.

Opportunities for the Flow Meter Market

With the high preference for customized product demand, the flowmeter market growth is expected to boost on a larger scale. The growing emphasis on real-time data analysis and enhanced visibility has driven the manufacturers and operators to increase their speed and efficiency to achieve their goals. The flow meter's high adaptations to function in the global market provide some noticeable growth potential to the overall global market.

The global pandemic paused the workforce for some months in 2020, but it has brought more energy to the worldwide market to grow Intelligent Flow Meter Market Share with new strategies and planning.

Global Market Restraints

The flowmeter market's growth is boosting day by day because of more demand for high stability, accuracy, and reliability. Therefore, the oil and gas, pulp and paper, chemicals, metals, and mining, and food and beverage industries require a flowmeter market. The deteriorating oil costs can be a major restraint for the Intelligent Flow Meter Market Growth. Moreover, the high initial price of intelligent flow meters has been taken into considerations by the market players to make further changes in their strategies.

The report explains that the key drivers are working hard to meet the Intelligent Flow Meter Market Forecast market size.

Challenges for the Global Market

The modern intelligent flow meters like multiphase, ultrasonic, and Coriolis are more in demand than the traditional flow meter. The introduction of advanced features like real-time data analysis and feedback control has made the intelligent flow meter cost higher than the traditional one. Thus, these advanced features brought challenges for the manufacturers to manufacture intelligent flow meters within the limited price without compromising the smart features.

The report explains that the global market's inconsistency challenges arise because of the flow meter's advanced features. The global market is working progressively on this issue to attract more investors and customers.

Cumulative Growth Analysis of the Global Market

  • The increasing demand of the global market has aimed to achieve the Intelligent Flow Meter Market Size of 5% CAGR for 2027. The market size prediction of the forecast period is much higher than the previous report.

  • Thus, the primary key drivers are working very hard in all the regions to achieve more sales targets and more productions for the upcoming years.

Technology Analysis of the Global Market

Many industrial sectors have successfully adapted to the global Intelligent Flow Meter Market Trends, due to which the overall growth potential of the market has enhanced. Some of the market's intended audiences are Technology consultants, Flow Meter Suppliers, Service Providers, Research Organizations, Original Equipment Manufacturer (OEMs), Product Manufacturers or Suppliers, etc.

These sectors have understood the customers’ demands for increasing the segmental functionality of hardware and software. The key players are also enhancing the technology potential behind the service to increase sales and production opportunities.

Intelligent Flow Meter Market Segmentation Overview

Intelligent Flow Meter Type Insights

  • According to the segmental classification, the flowmeter market is segmented into various types, i.e., Ultrasonic, Variable Area, Differential Pressure, Coriolis, Magnetic, Vortex, Multiphase, Thermal, and Turbine.

  • The global market analysis report mentions that these Marketflow meter types have unique concepts and functionality for their growth.

Intelligent Flow Meter Application Insights

  • The flowmeter market has various segmental applications in Power Generation, Water and Wastewater, Chemicals, Food and Beverages, Pharmaceuticals, Metals and Mining, Oil and Gas, and many others.

  • The report explains that with the various flow meter applications, the global market demand is increasing and creating more industrialists' opportunities.

Intelligent Flow Meter Communication Protocol Insights

  • The global flow meter is segmented into various communication protocols like Modbus, Profibus, Hart, and others.

  • These communication protocol classifications have given more scope to the global market. The report mentions that the new addition to the existing hardware can help the global market achieve its goal by 2027.

Regional Analysis

Based on the regional classification, the flowmeter market is widely spread across various regions of the world. Some of the popular areas are North America, Asia Pacific, Europe, and The Middle East & Africa.

Out of all the regions, Asia-Pacific has generated the maximum market share in the entire market due to the increasing demand for measuring meters in the Oil and Gas industry. It provides a maximum contribution to increasing market revenue generation.

Intelligent Flow Meter Market Key Player & Competitive Landscape

The Intelligent Flow Meter Market Outlook has some top key players who have made efforts to grow the market revenue. These major key players are:

  • Endress + Hauser AG (Switzerland),

  • Azbil Corporation (Japan),

  • Krohne Messtechnik GmbH (Germany),

  • ABB Ltd. (U.S.),

  • Sierra Instruments Inc. (U.S.),

  • Nidec Corporation, (U.S.),

  • Honeywell International Inc. (U.S.),

  • General Electric Company (U.S.),

  • Siemens AG (Germany),

  • Yokogawa Electric Corporation (Japan),

  • American Industrial Partners (U.S.)

The report explains that the embedded market has more competitors in the marketing field. Therefore, these companies have adopted various strategies to spread their business all over the regions.

Intelligent Flow Meter Industry Developments

Endress + Hauser AG:

  • Mar 2023:¬†Launched the¬†Proline Prosonic Flow G400¬†ultrasonic flowmeter with improved accuracy and flow measurement capabilities¬†.

  • Feb 2023:¬†Partnered with¬†Microsoft Azure¬†to offer cloud-based data analytics solutions for flowmeter data¬†.

  • Nov 2022:¬†Acquired¬†SensoTech,¬†a specialist in flow measurement for medical applications.

Azbil Corporation:

  • Oct 2023:¬†Unveiled the¬†Savista HF¬†series of high-accuracy electromagnetic flowmeters for industrial applications.

  • Jun 2023:¬†Announced a collaboration with¬†Honeywell¬†to develop and commercialize advanced flow measurement solutions for the oil & gas industry.

  • Apr 2023:¬†Launched the¬†AZ-F series¬†of compact ultrasonic flowmeters for residential and commercial water metering applications.

Report Overview

The holistic study of the global market has covered all the following points:

  • Market overview

  • COVID 19 Impact Analysis

  • Market Dynamics

  • Technology analysis

  • Market segmentation overview

  • Regional analysis

  • Competitive landscape analysis

The report overview has highlighted the overall development and opportunities for the flowmeter market. The growth is based on market segmentation, regional analysis, COVID-19 analysis, and other factors to generate market demand.

Intelligent Flow Meter Segmentation:

Intelligent Flow Meter Types Outlook (Revenue, USD Billion, 2020 - 2027):

  • Ultrasonic

  • Variable Area

  • Differential Pressure

  • Coriolis

  • Magnetic

  • Vortex

  • Multiphase

  • Thermal,

  • Turbine

Intelligent Flow Meter Application Outlook (Revenue, USD Billion, 2020 - 2027):

  • Power Generation,

  • Water and Wastewater,

  • Chemicals,

  • Food and Beverages,

  • Pharmaceuticals,

  • Metals and mining,

  • Oil and gas,

  • others.

Intelligent Flow Meter Communication Protocol Outlook (Revenue, USD Billion, 2020 - 2027):

  • Modbus

  • Profibus

  • Hart

  • others

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