Impelled by Capital Projects, Global Flow Meters Market to reach US$9.61 bn by 2021
The flow meters market is primarily driven by the increasing demand of capital projects globally. With the increasing demand of capital projects like petrochemicals, power industry, waste water management and many others the demand of flow meter market is escalating. Moreover, rising demand from refining and petrochemical industries is also fuelling the growth of flow meter market during the forecast period. In petrochemical and refining industries, they are used in gas flaring and produced water discharged among others. It helps in revenue calculation, quality control, environment regulation and many more. Replacement of obsolete flow meters with smart and advanced flow meter is also one of the driving factors of this market. Advanced flow meters like coriolis flow meters are boosting the market growth. They are more accurate and reliable than the previous generation of flow meters.
The flow meters market has been segmented based on product type which includes magnetic flow meter, coriolis flow meter, ultrasonic flow meter, turbine flow meter, vortex flow meter and others. Magnetic flow meter held the highest market revenue followed by coriolis flow meter, ultrasonic flow meters, vortex flow meter, turbine flow meter and others as of 2014. Demand of magnetic and coriolis flow meter are high as they are more accurate and reliable than the other flow meters.
Based on application, flow meters market has been segmented into energy management, water management, food process, oil and gas and others. Food process held the largest market share of 17.6% as of 2014. The food process is followed by water management, oil and gas, energy management and others. Introduction of advanced and smart flow meters and rising capital projects are the major driving factor for these sectors.
Based on geography, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. The Asia Pacific had the largest market share in the global flow meters market as of 2014. Increasing capital projects and increasing demand of petrochemical and reefing industries are the major factors responsible for the growth of the flow meters market. China, India and Japan are the major countries contributing to generate maximum revenue in this region. Asia Pacific market is followed by North America, Europe and Rest of the World as of 2014. North America flow meters market share accounted for 27.1% and is anticipated to witness a steady growth during the forecast period.