Flow Meter Market to Witness Immense Growth During the Forecast Period 2021-2027
Flow meter market has witnessed an exponential amount of growth in demand from the oil and gas sector, which has been pegged to fuel the industry’s proliferation through the forthcoming years. These devices are used to measure and monitor the flow rate of up/downstream processes, fluid hydrocarbons, and the transfer of raw petroleum between ships and tankers.
Flow meter manufacturers are heavily investing in R&D to enhance the quality of the technology to extend industry-based features and solutions like multi-measurement formats, digital signals, remote calibration, wireless communication, online diagnostics, among others.
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According to a study report by GMI, Inc., the global flow meter market size is slated to amass USD 6.5 billion in terms of value through 2027, primarily led by the surging demand for smart monitoring systems and process automation in the industrial sector.
Frequent product innovations
The flow meter market comprises of prominent enterprises that are constantly focusing on introducing new products to expand their global presence and obtain a competitive advantage. For instance, in April 2020, Fuji Electric Corporation released a new ultrasonic flow meter system for steam that can measure energy effectively without causing any loss of pressure.
In similar context, In May 2020, Sonotec GmbH, a leading provider of measurement instruments and technologies unveiled a new industrial clamp-on ultrasonic flow meter, SemiFlow Ex 1. The product comes with control gear with flow meter for non-contact flow measurement of liquid on plastic pipes and tubes with an aim to ensure reliable operation in hazardous regions.
Key role in pharmaceutical sector
Flow meter market fulfils an integral role in the pharmaceutical industry due to a rising need for process isolation, chemical synthesis, automated clean and drain ability, API extraction, and other uses in the healthcare industry.
The growing demand for remote diagnosis, monitoring, and controlling liquid flow measurement to ensure the safety of the patent is driving the demand for the product across the sector. In September 2020, ‘The Sree Chitra Tirunal Institute’, an Indian medical institute introduced a cost-effective blood flow meter technology to improve the scale of safety during heart surgeries.
High demand for Coriolis flow meter
Concerning type, the Coriolis segment has witnessed notable gains owing to the need for smart flow monitoring technology in chemical, water, wastewater treatment, and pharmaceutical industries. These flowmeters are twisted meters that measure the mass flow instead of the volumetric flow.
Coriolis flowmeters work well under various situations like high pressure, temperature, fluid density, and viscosity. They also provide many benefits like low leakage rate, high dependability, and precision flow monitoring of various liquids and gases.
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In this regard, in September 2020, Emerson introduced its new Coriolis flow meter which could measure micromotion for gas dispensing and liquid injection. This meter technology could also operate in a wide range of temperatures and pressures and its onboard diagnostic characteristics reduce the need for interim inspections.
Evolving pharmaceutical sector in Europe
Regionally speaking, improving disposable income of the regional population in Europe and the need for advanced, targeted medication has driven developments in the Europe pharmaceutical industry over the recent times.
The continent boasts of a high presence of large pharmaceutical companies like Pfizer, AstraZeneca, and others. These entities aim at manufacturing of medicines and vaccines in large volumes for various ailments, one of them being for novel coronavirus. Moreover, regional pharmaceutical enterprises are constantly investing in R&D to advance pharmaceutical manufacturing.
As per a report by the EFPI Association, European pharma companies have invested nearly USD 45,363 million in R&D activities during the year 2019 with a year-on-year growth of nearly 3%.
Similar large-scale investments supported by high-volume manufacturing in the pharmaceutical industry will positively influence the opportunities for mass flow controllers. To sum up, rising investments in research and development to enhance flow meter technology capabilities, coupled with various efforts undertaken to ensure environmental protection, safety of the workers, product quality, and process optimization by industrial OEMs, will continue to propel the global flow meter market size in the forthcoming years.
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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