PUNE, India, May 26, 2016 /PRNewswire/ --
According to the new market research report "Intelligent Flow Meter Market by Type (Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Turbine, Variable Area, & Differential Pressure), Communication Protocol (PROFIBUS & HART), Application, and Geography - Global Trend & Forecast to 2022", published by MarketsandMarkets, the market is expected to reach USD 7.76 Billion by 2022, at a CAGR of 5.4% between 2016 and 2022.
Browse 80 market data Tables with 102 Figures spread through 224 Pages and in-depth TOC on "Intelligent Flow Meter Market"
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The major factors driving the growth of the Intelligent Flow Meter Market include the benefits of accuracy, stability, and reliability offered by intelligent flow meters and high demand for these flow meters in the chemicals and water & wastewater industries. The growing industrial infrastructure activities and growing use of intelligent flow meters for diagnostic information, along with measurement data, are also supporting the growth of the market.
"Intelligent flow meter market for oil & gas applications expected to grow rapidly during the forecast period"
The intelligent flow meter market for oil & gas applications is expected to grow at a high rate during the forecast period. The main factor driving the growth of this market is the use of intelligent flow meters in a wide range of oil & gas processes such as oilfield services, up-stream production, pipeline detection, gas processing, distribution and utilization, and refining. However, the declining prices of oil & gas have affected the investments in the new oil & gas projects. This, in turn, has adversely affected the growth of the intelligent flowmeter market for oil & gas applications. The prices of oil & gas are fluctuating and might increase in the future, which would boost the growth of the market.
"Multiphase flow meters market to have potential growth by 2022"
The market for multiphase flow meters is expected to grow at the highest rate during the forecast period. This is mainly because their ability to measure oil, gas, and water simultaneously; this makes these flow meters more effective compared to other flow meters, which measure only one fluid at a time. The multiphase flow meters are majorly used in the oil & gas and chemical applications which are largest application for the intelligent flow meter market. With a large number of shale gas projects and oil fields present in North America & RoW, the demand for these flow meters is high in these regions.
"Intelligent flow meter market in APAC expected to grow at the highest rate during the forecast period"
Intelligent flow meters are increasingly being implemented in APAC, owing to the growing demand for high-quality energy-efficient devices and the increasing number of industrial infrastructural activities. Moreover, intelligent flow meters help in saving energy as well as the maintenance cost. Implementation of intelligent flow meters helps in improving the water quality. They have applications in a wide range of industries, such as pharmaceuticals and food & beverages among others, which require high accuracy to maintain the quality and quantity.
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The major companies that develop intelligent flow meters include ABB Ltd. (U.S.), Azbil Corporation (Japan), Brooks Instruments (U.S.), Emerson Electric Co. (U.S.), Endress + Hauser AG (Switzerland), General Electric Company (U.S.), Honeywell International Inc. (U.S.), Krohne Messtechnik GmbH (Germany), Siemens AG (Germany), Sierra Instruments Inc. (U.S.), and Yokogawa Electric Corporation (Japan).
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