Flow Meters Market to be worth 9.30 Billion US$ by 2022
According to a report from MarketsandMarkets, the flow meters market is projected to grow from US$ 6.81 Billion in 2017 to US$ 9.30 Billion by 2022, at a CAGR of 6.42% from 2017 to 2022. The growth of this market is mainly driven by increasing demand for flow meters from oil & gas and water & waste water industries.
The ultrasonic segment is projected to grow at the highest CAGR during the forecast period
Based on type, the ultrasonic segment is projected to grow at the highest CAGR from 2017 to 2022. This is due to the increasing demand for oil & gas, water & waste water, food & beverage, pharmaceuticals, and other end-use industries. Ultrasonic flow meters can handle high pressure, temperature, and are reliable. They are inexpensive to maintain and easy to use as they do not make use of moving parts. They do not hamper the flow and therefore can be applied to corrosive and abrasive liquids.
The water & waste water segment accounted for the largest share of the flow meters market
The water & waste water segment accounted for the largest share of the flow meters market in 2016 on account of the rising demand of high-quality water for various uses including drinking. The rising population in emerging economies exerts pressure on the government to build water resources that are under massive strain. This, in turn, is driving the market for flow meters.
Asia Pacific is projected to be the fastest-growing market for flow meters
Based on region, the flow meters market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is the fastest-growing market for flow meters and is primarily driven by the increased demand from end-use industries such as oil & gas, water & waste water, chemical, power generation, metals & mining, and others.
Key players operating in the flow meters market include Honeywell (US), Siemens (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), Yokogawa Electric. (Japan), Azbil (Japan), Badger Meter. (US), Krohne Messtechnik (Germany), Schneider Electric (France), Endress Hauser (Switzerland), Litre Meter (UK), Sierra Instruments (US), SICK AG (US), Seametrics Inc. (US), EQUFLOW (Netherlands), Max Machinery.(US), McCrometer (US.), Sensirion (Switzerland), Thermal Instruments (US), Brooks Instruments (US), AW Lake Company (US), KEM Kuppers Elektromechanik (Germany), Katronic Technologies (UK), and Parker Hannifin (US).