| Dynamics of Growth | Market Implications |
| Flowmeter Market to Growth | Versatile applications of flow meters in the oil & gas sector are projected to bolster the growth of the flowmeter market. The market is poised to grow at a steady clip of 5.5% CAGR during the forecast period (2019-2029). The surge in demand for renewable sources of energy such as gas is further fueling the flowmeter market. |
| Advancements in Industry 4.0 Technologies | Manufacturers of magnetic, ultrasonic, and Coriolis flow meters should expect tailwinds from the booming shale gas exploration in developed and developing countries. Advancements that aid integration of industry 4.0 technologies such as cloud computing, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) with flowmeter systems will create multiplying demand for smart flow meters through 2029. Innovative flow meters that combine industry 4.0 technologies with gas flow measurement techniques will garner revenues from developed countries. Major players in the market that shape the competitive landscape are, but not limited to, ABB, Emerson Electric Co., em-tec GmbH, Endress+Hauser Management AG, General Electric, Hitachi, Ltd., Honeywell International, Inc., Höntzsch GmbH, KROHNE Messtechnik GmbH, Siemens, VSE Volumentechnik GmbH, and Yokogawa Electric Corporation. |
| Power Generation to Capture 29% of Market | An omnipresent wave of digitization across industries creates stupendous demand for electricity. From early adopters such as the US to developing economies of China and India, power generation is a top priority for continued growth. On the back of this heightening demand for electricity, the power generation segment holds a majority share of 29% of the total market value. |
| Water & wastewater applications | Water & wastewater applications of flowmeter products account for the second-largest market value share of over 1/4th of the entire application landscape. Early adoption of water & wastewater management in developing economies amid stringent industrial pollution regulations positively impacts growth during the forecast period. |
| North America | North America and Europe, collectively account for more than 56% of global sales. Continuous exploration of oil and gas in developed regions such as the US, Canada has brought fruitful results in the form of new shale gas and oil reserves. Flowmeter applications in measuring oil & gas and power generation outputs will therefore impel product demand in these regions. |
| South Asia & Oceania | South Asia & Oceania offer the most remunerative growth prospects owing to increasing penetration of technology and rising standard of living. As both these factors ultimately lead to multiplying the need for electricity and fuel, demand for flowmeters to measure the production of the same is set for an upward growth trajectory. Water & Wastewater treatment is another fueling factor as developing countries of South Asia and Oceania look for sustainable development practices. Market players are aiming for capacity expansions to penetrate developing economies such as India, China, Indonesia, and Africa. The prevalence of gas exploration projects around the world presents gainful opportunities. Manufacturers must then invest in research and deployment of precision flow meters custom-built for these environments and landscapes. |
| Innovation to Remain Key Market Imperative amid Rising Competition | Innovative materials for meter parts & liners, product portfolio expansion by adding line sizes, enhanced accuracy, and broader flow ranges are a few important production trends. Gas production applications of flow meters will continue to generate strong demand through 2029. |