Flow meter is used for measurement of mass, volumetric, linear and non-linear flow rate of fluid and gas. Different types of flow meters are used in measurement of the movement of the fluid. Flow is measured by measuring the speed of the liquid over a certain area. Most of the flow meters depend on forces produced by the flowing steam to indirectly measure the flow as it overcomes the known condition. But the positive displacement flow meters measure the flow by gathering a fixed volume of liquid then it counts the number of time volume is filled. Flow meters consist of a scale, tube, indicator and stop. Moreover, the flow meters’ performance relies on certain factors like pressure, density, temperature and viscosity of the liquid.
Increasing demand in petrochemicals and refining industries is one of the important drivers, driving the growth of flow meters market. Petrochemicals and refining industry is one of the important sectors for flow meters market. Flow meters are used in gas flaring, custody transfer, produced waster discharged and interwell allocation. Furthermore, they are also used for environment regulation, revenue calculation and quality control in petrochemical and refining industries. Rising demand of capital projects is also boosting the growth of flow meters market. Flow meters are used in different sectors like waste water management, agriculture, petrochemicals and many more. Investment in capital projects like rising waste water management, petrochemicals, agriculture and many others is set to escalate the demand of flow meters globally. Introduction of advanced flow meters is also driving the flow meters market. Replacement of the obsolete flow meters with the new smart flow meters is fuelling the demand of flow meters. These smart meters are more reliable and accurate in measurement than the previous generations of flow meters.
The flow meters market in this report has been geographically segregated into four regions: North America, Europe, Asia-Pacific and Rest of the World. Furthermore, based on its product type, the market is segregated into magnetic flow meter, coriolis flow meter, ultrasonic flow meter, turbine flow meter, vortex flow meter and others. Among these flow meters, magnetic flow meter held the largest market share of 21% in 2014. The market is also segmented based on its application which includes energy management, water management, food process, oil and gas and others. The application of food process held the largest market share of 17.6% in 2014.
Based on geography the market is segmented into: North America, Europe, Asia Pacific and Rest of the World. Asia Pacific held the largest market size for global flow meters market as of 2014. The flow meters market in Asia Pacific is growing at a CAGR of 9.3% during the forecast period. Rising capital projects and petrochemicals and refineries is set to boost the growth of flow meters market in this region. Magnetic flow meter held the largest market size in this region. Lack of skilled technician is hampering the growth of flow meters in Asia Pacific.