Flow Meter Market is Likely to Touch New Heights by End of Forecast Period 2021-2027
As per the latest report by GMI, Inc, flow meter market size is projected to exceed USD 6.5 billion by 2027. The ongoing transformation of the industrial sector across the globe has instigated the deployment of smart monitoring and process automation systems. In this regard, flow meters are gaining a wide prominence across various industrial segments like oil & gas, pharmaceutical, chemical, water & wastewater treatment, etc. for measuring and monitoring the flow rate of fluids, gases, and others. Increasing product significance is expected to strengthen flow meter industry outlook.
Besides, various initiatives for worker safety, environmental protection, product quality and process optimization by the industrial OEMs is further fueling the application of flow meters. Increasing R&D investments in flow meter technology aimed at offering industry-specific features and solutions, such as multi measurement formats, digital signals, remote calibration, online diagnostics, etc. is favoring the flow meter market expansion further.
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In light of the below mentioned trends:
Strategic initiatives by prominent market players
Several companies active in the flow meter market are focusing on developing advanced products to attract larger customer base and gain a competitive edge in market. For instance, in 2020, FESTO launched VEMD, a mass flow controller equipped with a flow sensor having proportional valve and controller designed to proportionally control the flow of inert gases and compressed air within a small and calibrated package. According to the company, it compares the required signal value with the sensor-measured value and adjusts the output using the piezo pilot valve.
Heightened popularity of Coriolis flow meter
Coriolis flowmeters, which are twisted meters that measure mass flow rather than volumetric flow, are extensively used in smart flow monitoring systems in pharmaceutical, chemical and water & wastewater treatment applications. These flow meters function efficiently under variety of pressure, temperature, viscosity and fluid density situations. They offer low leakage rate, high dependability and precision flow monitoring of diverse gases and liquids which is significantly impelling the product demand. On account of the increasing adoption, Coriolis segment had held a sizeable share of around 25% in 2020 and will grow exponentially over the coming years.
Burgeoning demand from the pharmaceutical sector
Flow meters find important application in the pharmaceutical domain for chemical synthesis, process isolation, automated cleaning and draining, API extraction, etc. The heightened demand for remote diagnosing, monitoring and controlling liquid flow to ensure patient safety is accelerating the product demand in the industry. To illustrate, in 2020, an Indian medical institute- The Sree Chitra Tirunal Institute developed a budget-friendly blood flow meter for increasing patient safety during heart surgeries. Considering the high product usability, pharmaceutical segment had captured around 11.5% share in 2020 and is expected to observe a robust CAGR of over 8.3% through 2027.
Strong presence of pharmaceutical companies in Europe
Europe has a strong presence of various prominent pharma companies like Pfizer Inc., and AstraZeneca which serves as a major factor impelling the deployment of flow meters in the region. These companies are highly focused on large-scale manufacturing of vaccines and medications for various ailments. They are also inclined on investing heavily in R&D operations. According to the EFPIA statistics, European pharmaceutical firms invested around USD 46,252 million in research & development in 2020. Given the prominence of these factors, Europe flow meter market is estimated to witness a lucrative CAGR of 4% through 2027.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definition
1.2 Methodology & forecast
1.3 Data Sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 Flow meter market 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product type trends
2.1.4 Industry verticals trends
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