Market Analysis
Market Research Future (MRFR) presumes the global intelligent flow meter market to grow at a CAGR of 5% from 2016 to 2022 (forecast period).
Flow meter is an electronic instrument used to measure the linear, non-linear, mass, or volumetric flow rate of a gas or liquid during its transmission through a pipe. Intelligent flow meter demand is growing in order to boost the flow calibration standard and reduce uncertainties.
The intelligent flow meter is ideal for the industrial environment due to its various advantages, such as accuracy, precision, stability, and reliability. Intelligent flow meters are commonly used in various industries like chemical food beverage, oil gas, metal mining, pulp paper, pharmaceuticals, among others. The demand for intelligent flow meters is increasing for oil gas applications to calibrate the fluids precisely, which allows the market for intelligent flow meters to expand. In addition, the growing demand for intelligent flow meters in the chemical and wastewater industries is also boosting the intelligent flow meter market. However, the high cost of an intelligent flow meter is one of the major limiting factors for market development.
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COVID-19 Impact on the Global Intelligent Flow Meter Market
COVID-19 has not only impacted the healthcare sector but has also affected the global economy. With a growing number of countries implementing and extending lockdowns, economic activities are likely to fall further, which, in turn, would have an impact on the global economy. In addition, major industries such as oil gas, chemicals, metals mining, pulp paper, and food beverages in the regions affected by COVID-19 have been adversely affected in this scenario due to plant closures, disruption of the supply chain, and subsequent fall in demand for products offered by these industries. As a result, this may harm the overall intelligent flow meter market, as there might be less adoption of them by these industries for the short term.
Market Segmentation
The global intelligent flow meter industry has been segmented based on type, communication protocol, and verticals.
By type, the global intelligent flow meter market has been segmented into calorimetric, multiphase turbine, thermal, vortex, electromagnetic, doppler, ultrasonic, and Coriolis, among others.
By communication protocol, the global intelligent flow meter market has been segmented into HART, Profibus, and Modbus, among others.
By verticals, the global intelligent flow meter market has been segmented into chemical, power generation food beverages, pulp paper, oil gas, metals mining, pharmaceuticals, among others.
Regional Analysis
Region-wise, the global intelligent flow meter market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
APAC to dominate the global market
The Asia Pacific dominates the intelligent flow meter market due to the growing industrial growth and the high demand for measuring meters in the oil and gas sector. The high demand for intelligent flow meters in measurement processes between countries such as China and India are also fueling the intelligent flow meter market to reach new heights in the future. North America is also seeing healthy growth due to a large number of shale gas projects and the existence of oil fields in the region. The intelligent flow meter market in Europe is also growing due to the rapid industrial infrastructural activities and the increasing demand for accurate and precise flow measuring devices in the region.
Key Players
Notable players in the global intelligent flow meter market are- ABB Ltd. (U.S.), Sierra Instruments Inc. (U.S.), Endress + Hauser AG (Switzerland), Nidec Corporation, (U.S.), Honeywell International Inc. (U.S.), General Electric Company (U.S.), American Industrial Partners (U.S.), Krohne Messtechnik GmbH (Germany), Siemens AG (Germany), Azbil Corporation (Japan), Yokogawa Electric Corporation (Japan), among others.
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Summary
The global intelligent flow meter market is predicted to grow at a CAGR of 5% from 2016 to 2022 (forecast period). Intelligent flow meter market growth is driven mainly by the benefits of accuracy, stability, and reliability offered by an intelligent flow meter, high demand for these flow meters in the chemical, and water wastewater industries, and growing investment in industrial infrastructure activities.
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