Flow Meters Market Worth 8.72 Billion USD by 2021
PUNE, India, August 24, 2016 /PRNewswire/ --
The report "Flow Meters Market by Type (DP, PD, Magnetic, Ultrasonic, Coriolis, Turbine, Vortex), and by Application (Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverages) - Global Forecast to 2021", published by MarketsandMarkets, The market size is projected to reach USD 8.72 Billion, by 2021, registering a CAGR of 6.4%.
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Browse 69 market data Tables and 47 Figures spread through 158 Pages and in-depth TOC on "Flow Meters Market"
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Water & wastewater is the largest application segment for Flow Meter
The water & wastewater segment accounts for the largest share of the flow meter market. Flow meter is used in water flow monitoring, detection of leakage, water consumption, among other applications. Water is used in industrial, communal, and household applications. Without flow meter, the measurements and monitoring is not possible, which has resulted in increased use of flow meters. Moreover, water is an important constituent of various industrial operations such as in chemical, oil & gas, food & beverages, automotive, manufacturing industries including iron & steel. These industries need to monitor the flow rate and water use in their respective processes, which involves the use of flow meters. This has led to an increased use of flow meters in various segments of the market.
Coriolis flow meters are expected to witness the highest growth
Coriolis flow meters are expected to witness the fastest-growth in the flow meter market during the forecast period. Coriolis is highly preferred as it is highly accurate, reliable, easy to install, and the cost of maintenance is also low. The increased demand is due to the use in measuring the flow of sanitary, cryogenic, relatively clean, and corrosive liquids, and gases/vapors in pipes. The lower sensitivity to density makes it suitable for various industrial applications, where the physical properties of the fluid are not known. The application industries of these type of flow meters include water & wastewater, pulp & paper, petroleum & petrochemical, power, chemical, mining, and mineral processing industries.
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Asia-Pacific is the biggest market for flow meter
Asia-Pacific dominated the global Flow Meter Market in 2015. The demand for flow meter in the Asia-Pacific region is mainly driven by the rising demand for high quality and reliable measurement tools from end-use industries, which is increasing the demand for flow meters. Asia-Pacific is estimated to be the fastest-growing market for flow meter, in terms of value. This high growth is because of the increased demand from the oil & gas and water treatment applications in the region. Moreover, the growing industrial development, water recycling facilities, growing concern in industries with regard to maintaining accuracy in flow rate, volume, and quantity of chemicals, liquids, gases, and various fluids in their operations and processes is increasing the demand for flow meters in the region.
Various key players profiled in the report include ABB Ltd. (Switzerland), Yokogawa Electric Corporation (Japan), Endress+Hauser Management AG (Switzerland), Azbil Corporation (Japan), Siemens AG (Germany), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), Badger Meter Inc. (U.S.), Krohne Messtechnik GmbH (Germany), and Schneider Electric (France).
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