The global flow meters market demand is expected to witness lucrative growth over the forecast period (2015-2022) owing to varied technological developments leading to the adoption of advanced technology. They consist of an indicator, stop, scale and tube.
The performance depends on the temperature, density viscosity and pressure of the fluid which is measured by repeatability, linearity, range-ability and accuracy of the instrument. Increasing mining, petrochemicals, refining, food industry, chemicals and pharmaceuticals industry across the globe is expected to drive market growth over the forecast period.
Growing technological advancements along with device intelligence have helped these devices to edge beyond the basic function to be essential tool for business and process improvement. Key features such as high accuracy allowing daily usage along with high rate of response is projected to accentuate market growth over the next six years.
Additionally, the flow meters offer enhanced features such as self-diagnostics, up-to-date communication protocols, which is further expected to favor market growth. They offer high resistance level to high temperature and temperature shocks which is estimated to further trigger the flow meters market growth over the forecast period. The rise in new process plants along with increase in capital projects is expected to drive market growth over the next six years.
In the recent years, positive displacement and differential pressure meters are being replaced by smart meters such as coriolis and ultrasonic. However, lack of availability of skilled technician, specialized equipment along with high power requirement is projected to hamper market demand. The flow meters market can be segmented on the basis of product type into magnetic, coriolis, vortex, turbine, differential pressure, and ultrasonic. Magnetic meters are widely used in the water and wastewater industry. These meters are relatively cost efficient, easy to install and require low maintenance.
The demand for magnetic flow meters has increased considerably owing to their application in non-intrusive measurement. Coriolis are primarily used in petrochemicals, refining, chemicals, oil and gas and other industries. Coriolis meter is expected to surpass the usage of magnetic flow meters over the next six years. The ultrasonic meters offer consistency over full flow range and the same meter can be used in a varied range of pipe sizes.
The application segment includes oil and gas, petrochemicals and refining, energy, water and wastewater, chemicals, food and beverages and others. Energy, water and wastewater is expected to be the key application segments over the next seven years. North America is projected to be the key region for the flow meters market owing to the high demand by hygiene conscious population that requires waste water and water flow meters.
Asia Pacific is expected to be strongly emerging region owing to the rapid industrialization along with increasing population. Mushrooming populations of this region require high wastewater and water management infrastructure in the region which in turn is creating exponential opportunities for the market players. Additionally, new investments along with rising demand for innovative technologies from varied end-user industries is further projected to elevate the market in this region.
Traditional oil and gas projects in the Europe, Middle East and African region is further projected to offer significant opportunities for modern day flow meters. Notable vendors in the flow meters market include Emerson Electric Co. Ltd, Yokogawa Electric Co., ABB Ltd, Siemens AG, Azbil Corporation, Endress+Hauser AG, Invensys PLC, Badger Meter. Inc, Krohne Messtechnik GmbH and Hitachi Ltd. Siemens AG offers SITRANS FC430 and SITRANS FC410 coriolis flow metering systems along with electromagnetic and ultrasonic meters for all utility applications.
Emerson Electric offers micro motion coriolis flow meters including T-series, R-series, CNG050, H-series, and F-series for liquid, gas and slurry applications. In June 2015, Emerson Process Management's coriolis and vortex flow meters have been certified to the (ASME B31.1) power piping design standards. ABB ltd. offers various flow meters including coriolis, electromagnetic, multiphase, thermal mass, vortex and swirl along with related services.