The flow meter is a device employed to measure the volume of fluid that is passing through a point on a given time. A flow meter consists of different components such as a tube, scale, stop, and indicator. Its performance depends on parameters like viscosity, density and temperature of the fluid. The flow meter is measured by repeatability, accuracy, rangeability of instrument and linearity. The global flow market was close to USD 7.25 billion by revenue at the end of 2018. It is expected to grow at a CAGR of 6.45% to reach USD 9.91 billion by 2023.
Market drivers and restraints:
The rising number of investments by expanding economies like India, China, and Japan in water and wastewater, energy, refinery, and chemical industries, creates an undying demand for the flow meters, thus driving the global market. The flow meters are mainly employed in the flow measurement of petroleum, crude oil and custody transfer of natural gas. The purpose of flow meters itself acts as a reliable driver to the global market as the end-use industries are in constant demand. The rising interest in automation of the processes and operations in the end-use businesses also drives the market as it will make the processing accurate, faster and price-effective.
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Report segmented as:
By end user:
Water and wastewater
Oil and gas
Pulp and paper
Food and beverages
On the basis of geography, the global flow meters market is segmented into regions of North America, Europe, Asia Pacific and RoW. Asia Pacific continues to remain the biggest market for flow meters, followed by North America and Europe. Asia Pacific market is estimated to grow due to huge investmentsand rising demand for flow meters from different industries.
Important market players:
The key players operating in this industry include ABB Ltd., Yokogawa Electric Co., Hitachi ltd., Honeywell International ltd., Emerson Electric Co., Endress+Hauser AG and Siemens AG among others.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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