It is expected that the intelligent flow meter market will realize a compound annual growth rate of about 5 percent per year over the projection period. In the year 2022, the market value is projected to reach US$ 7.76 billion while in 2032 it will probably amount to about US$ 13.77 billion.
Intelligent flow meters are used to measure fluidic phenomenon in a wide range of industrial as well as commercial applications including oil and gas, food and beverages, pharmaceutical industry and power generation. An intelligent flow meter is used to measure the velocity of a fluid with ultrasound or any other technique to calculate the volume flow. Intelligent flow meters remain unaffected from temperature, viscosity, density and any suspended particulates. Intelligent flow meters are electronic meters and thus does not involve any moving parts unlike mechanical flow meters. Flow meters is the quantification of bulk fluid movement.
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Flow can be measured by contact type or non contact type sensors but intelligent flow meters involve non contact type of measurement of fluid flow. Intelligent flow meters usually sends a laser beam or an ulstrasonic beam to the moving liquid which gets reflected back from the moving liquid and the movement or velocity of the moving fluid is displayed on the screen. The intelligent flow meters are widely used in fluid industries to check the fluid flow inside the pipes as well as to maintain the fluid flow in such pipes.
Global Intelligent Flow Meter Market: Segmentation
The global intelligent flow meter market can be segmented on the basis of type, technology, application and region. On the basis of type, the global intelligent flow metrer market can be segmented into coriolis intelligent flow meter, electromagnetic intelligent flow mater, vortex intelligent flow meter, ultrasonic intelligent flow meter and others. On account of technology, the global intelligent flow meters market can be segmented into profibus, HART and others. On the basis of applications, the intelligent flow meters market can be segmented into water and wastewater, oil and gas, chemicals, pharmaceuticals, food and beverages, power generation and others. On the basis of regions, the intelligent flow meters market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan.
Global Intelligent Flow Meter Market: Drivers
With the increasing need for reduced uncertainity among metrologists to improve the caliberation standards for flow is a key factor driving the growth of the global intelligent flow meter market. With the evolving technologies in the ultrasonic measurement technology, demand for intelligent flow meter is growing simultaneously thus boosting the growth of the market. With the rising requirement of precision in oil and gas industry to caliberate the fluids accurately, intelligent flow meters are widely deployed globally thus in turn fuelling the growth of the global intelligent flow meter market.
Global Intelligent Flow Meter Market: Restraints
The high initial prices of intelligent flow meter is a key element restraining the growth of the global intelligent flow meter market. Furthermore, less accuracy and delicacy in the intelligent flow meter is another major factor posing as a challenge to the global intelligent flow meter market.
Global Intelligent Flow Meter Market: Region-Wise Outlook
Asia Pacific is the largest market for intelligent flow meters due to rapid industrialization and increase in oil and gas demands followed by Middle East and Africa being the second largest region in the consumption of intelligent flow meter. North America and Western Europe also account for a good share of consumption of intelligent flow meters.
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Global Intelligent Flow Meter Market: Key Players
The major companies involved in the manufacturing and production of intelligent flow meters are Emerson Electric Company (U.S), Endress+Hauser AG (Germany), ABB limited (Switzerland), Honeywell International Inc. (U.S), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), Abzil Corporation, Brooks Instruments, General Electric Company, Krohne Messtechnik GMBH and others.
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