Flow
meters are used to measure volume, mass, nonlinear and linear flow rate of gas
and fluid. They consist of a scale, indicator, tube, and stop. Flow meters’
performance depends on factors including density, pressure, viscosity of the
liquid and temperature. Many products rely on factors produced by the flowing
material to indirectly measure the flow The positive displacement meters
measures the flow by collecting fixed volume of liquid and then it counts the
number of times, volume is filled.
Rapid
industrialization coupled with growing population globally are expected to
drive the market demand of flow meters. Rising population in emerging economies
including China and India is expected to increase water and wastewater managing
systems in these regions and is attributed as the key factor propelling the
growth of market. The African and Middle East Middle regions are also expected
to have potential growth rate for the flow meter manufacturers. Oil & gas
sector in these regions create an ample opportunity for innovative and modern
devices.
High
investment in projects including petrochemicals, waste water management, and
agriculture are expected to drive the market growth over the forecast period.
Flow meters are extensively used in the above stated industries to control and
manage the flow of water, chemicals, gases and other materials. They are also
used for treating during abstraction of water, water purification, and
discharge of wastewater in to water bodies. These meters help in quality
control, revenue calculation and environmental regulation.
Demand
in refining industries and petrochemicals are anticipated to be one of the
important drivers for the market growth of flow meters. They are extensively
applied in custody transfer, gas flaring, interwell allocation and produced
waster discharged. Advanced meters are expected to driving the market owing to
enhanced performance and efficiency. Many end use segments are replacing
obsolete devices with new and innovative devices which is expected to drive the
overall market growth. These smart meters are anticipated to be more accurate
and reliable in measurement
Lack
of expert technician can be considered as a major factor hindering the market
growth. Flow meters need proper handling procedures and should be extremely
accurate while setting it to obtain best results. Absence of proper training
and lack of knowledge among technicians to operate these meters is expected to
restrict the market over the forecast period.Lack of efficient and specialized
equipment is also expected to decline the flow meters market. Exact calibration
of these products is important as it confirms that the measurement of flow
meter is accurate.
On
the basis of product type, the global flow meters market has been segmented
into Coriolis, Magnetic, Ultrasonic flow meter, Vortexand Turbine flow meter.
Magnetic is expected to have the largest market share in terms of revenue and
position owing to its wide applications including electrodes and water
management. These meters possess auxiliary transducers installed to clean the
electrodes in place.
Coriolis
flow meter is expected to witness a significant growth rate over the forecast
period and is estimated to surpass magnetic flow meter. These meters are
extensively being used in refining & petrochemicals, oil & gas and
chemicals owing to decrease in amount of time required to measure liquids.
On
the basis of application type, the flow meters market has been segmented Energy
management, Food process, Water management, Oil and gas. Waste water management
is expected to be the largest segment in the global market owing to increasing
demand for clean, potable, controlling and managing water flow. Growing
concerns and government regulations on water management is expected to drive
the market growth. Oil and gas sector is expected to witness a significant
growth rate over the next seven years. Increasing demand for efficient
transportation and rising manufacturing facilities in Asia pacific is expected
to steer the demand for flow meters in oil and gas sector.
Asia-Pacific
is expected to be the key region in the global market owing to increasing
investment in wastewater management coupled with rising technological
innovations and new product developments. Demand for high performance and
efficient flow meters can also be attributed as the major factor driving the
market growth in this region.
The
key players in the market are Siemens AG , ABB Ltd., Badger Meter Inc , ,.
Yokogawa Electric Corp., Brooks Instrument LLC, EndressHauser, and Sierra
Instruments. Other industry participants include General Electric, Azbil
Corporation, and KrohneMesstechnik.
In
April 2016, Intertek, a group of testing applications has launched advanced
Coriolis flow meter calibration service, providing technical proficiency and
cost efficiency savings to oil and gas customers. Coriolis flow meters are
expected to be one of the major reliable device to regulate flow measurement
and is widely being used in oil and gas flow measurement systems.