Flowmeter Calibration Market to grow by USD 65.9 million from 2022 to 2027 | The need to eliminate the uncertainty of flowmeters through calibration to drive the growth- Technavio

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The flowmeter calibration market is expected to grow by USD 65.9 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 9.86% during the forecast period. The market is segmented by end-user (oil and gas, water and wastewater, mining and minerals, chemicals, and others), distribution channel (OEM service providers and third-party service providers), and geography (Europe, North America, APAC, Middle East and Africa, and South America). The need to eliminate the uncertainty of flowmeters through calibration to drive market growth. Flow meters cannot accept any uncertainty in the process of measuring liquid flow. Measurement uncertainty can be determined in a variety of ways, applicable to each measurement during calibration. Parameters are based on instrument calibration data, manufacturer data, and laboratory experience. In addition, the end user should also evaluate material uncertainty, which indicates differences between calibrated piping, installed piping, and ancillary equipment. Ancillary equipment also has measurement uncertainty values that differ from those used in the laboratory. Therefore, when a good flow calibration protocol is required, the end user cannot tolerate uncertainty. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the flowmeter calibration market: ABB Ltd., Azbil Corp., Badger Meter Inc., Brooks Instrument LLC, Colorado Engineering Experiment Station Inc., Emerson Electric Co., Endress Hauser Group Services AG, Euroloop Calibrations BV, Fortive Corp., HOFFER FLOW CONTROLS INC., Honeywell International Inc., KROHNE Messtechnik GmbH, Laboratory Testing Inc., Polycontrols Technologies Inc., Schneider Electric SE, Siemens AG, Sierra Instruments Inc., TransCanada Calibrations Ltd., VSL BV, and Yokogawa Electric Corp.
• The Flowmeter Calibration Market is fragmented in nature.
• Market to observe 9.06% YOY growth in 2023.

Market Dynamics:

Major Trends 

• The emergence of online monitoring and self-contained field calibration for flowmeters is a major trend in the market.
• These technologies require good flow calibration protocols, which are also considered by the end user to maintain accuracy requirements.
• Most suppliers are adopting equipment capable of independent on-site calibration, such as magnetometers, thermal mass meters, or twin-rotor turbine meters.
• Additionally, the instruments have online monitoring capabilities built into the calibration maintenance software, which is a low-cost investment that stores historical data and displays calibration results over time.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

• High downtime due to calibration services could lead to revenue loss for end-users, which is a significant challenge restricting market growth.
• Calibration services result in a lot of equipment downtime, which adds to low production rates and associated profits.
• Calibration when performed on flow meters used in industrial facilities can cause the processes associated with the flow meter to stop.
• Additionally, once calibration is completed, the process continues with detailed reporting and retesting of the flow meter, which is time-consuming and incurs costs.
• Documentation of calibrated services requires qualified professionals as the potential for error is high during this process.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

The oil and gas segment will account for a major share of the market's growth during the forecast period. The transport of fluids through pipelines has always been in the interest of the oil and gas sector. The fluid velocity distribution continuously changes as the fluid moves through the pipes, depending on the internal diameter and roughness. Furthermore, the need for calibration services with the same fluid and ideal pipe layout in which the flow meter will operate will arise. Therefore, regular calibration services will help reduce maintenance and repair costs for end users. Hence, these factors are expected to drive segment growth during the forecast period.

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The flow meter market is estimated to grow at a CAGR of 6.4% and the size of the market is forecast to increase by USD 3.09 billion between 2022 and 2027.

The instrumentation services market size is estimated to grow at a CAGR of 5.06% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,569.3 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio