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Global Flow Meters Market Estimated to Experience a Hike in Growth by 2024

Press Release   •   Feb 27, 2017 06:25 EST

The flow meter is a device used to measure the volume of fluid that is passing through a point on a given period of time. A flow meter consist various components such as tube, scale, stop, and indicator. Its performance depends on parameters that include pressure, viscosity, density and temperature of the fluid. Flow meter is measured by repeatability, accuracy, range ability of instrument and linearity.

The global flow meter market can be segmented by application, by product and by geography. The product type is further segmented into Magnetic, Coriolis, positive displacement, turbine, vortex and others. Magnetic flow meter lead the global market in terms of value in 2012. Magnetic flow meters are majorly used in wastewater and water industry. Main applications of Coriolis flow meter include petrochemical and refining, chemicals, oil and gas and other industries. Geography segment covers North America, Europe, Asia pacific and RoW.

This market is expected to show the single digit growth in CARG by 2019. Rapid industrialization and growing population in Asia Pacific act as drivers for this market. Growing population requires wastewater and water infrastructure in that region. Africa and Middle East also have huge potential for flow meters market.

Asia pacific continues to remain the largest market for flow meters, followed by North America and Europe. Asia Pacific market is expected to grow owing to huge investment by increasing demand for flow meters from different types of industries.

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The main key players for this industry include ABB Ltd., Yokogawa Electric Co., Hitachi ltd., Honeywell International ltd., Emerson Electric Co., Endress+Hauser AG and Siemens AG among others.

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