As per the latest report by IMARC Group, titled “Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global flow meter market size reached US$ 6.4 Billion in 2018. Flow meters, also known as flow indicators, are electronic devices that are utilized for measuring and controlling linear, nonlinear, volumetric or mass flow rate of a liquid, gas or vapor. Most of these meters work by forcing the flow through a confined space and analyzing different properties, such as pressure, temperature, density, viscosity, and change in the kinetic energy, for determining the flow rate of the fluid. As a result, they are widely employed across the globe to compute flare management in refineries, household utility consumption, and measure the flow of oil, fuel, water, paint as well as chemicals.
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Global Flow Meter Market Trends:
Flow meters are gaining traction in various end-use industries such as gas, water, HVAC, automotive, petroleum, food processing, and pulp and paper. The installation of flow meters aids in analyzing incurred cost, minimizing energy wastes and taking effective measures to save energy. Apart from this, governments in several countries are undertaking initiatives and introducing regulations to help conserve energy, thereby boosting the overall sales of flow meters. Moreover, manufacturers are launching innovative flow meters by incorporating the latest technologies to improve their functionality. For instance, the emergence of the Internet of Things (IoT) has resulted in the advent of smart flow rate measurement solutions. Looking forward, the market value is projected to reach US$ 9.6 Billion by 2024, expanding at a CAGR of around 6.8% during 2019-2024.
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- Based on the product type, the market has been bifurcated into analog and smart flow meters. At present, analog flow meters represent the most popular product type, holding the majority of the market share.
- On the basis of the application, the market has been classified into the residential, industrial and commercial sectors. Amongst these, the residential sector exhibits a clear dominance in the market.
- Region-wise, North America represents the largest market for flow meters around the world. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- On assessing the import and export scenario of the market, it has been found that the United States and Germany are the biggest importer and exporter of flow meters, respectively.
- The competitive landscape of the market has also been examined. Some of the key players operating in the industry include ABB Group, Emerson Electric, Siemens, Schneider Electric and Saison Information System Co., Ltd.
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