PORTLAND, Ore., Feb. 13, 2023 (PRNewswire) — Allied Market Research recently published a report, titled, "Smart Flow Meter Market by Type (Magnetic, Coriolis, Ultrasonic, Vortex, Multiphase, Thermal, Others (Turbine, Variable Area, and Differential Pressure)), by End User (Water and Wastewater, Power Generation, Chemicals, Food and Beverages, Oil and Gas, Others), by Communication Protocol (PROFIBUS, Modbus, HART, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."
According to the report, the global smart flow meter industry was valued at $2.7 billion in 2021 and is estimated to generate $5.4 billion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.
Drivers, restraints and opportunities
Growing demand for smart flow meters in industries such as food and beverage, agriculture, chemicals, petrochemicals, oil & gas industry, and utility such as water and wastewater management, rising use of Internet of Things-based technologies, increased demand for accurate real-time data, and rise in industrial automation fuel the growth of the global smart flow meter market. However, rising costs due to technological advancements hinder the global market growth. On the other hand, technological advancements will present new growth opportunities for the global smart flow meter market in the coming years.
- During the COVID-19 pandemic, the global smart flow meter market experienced a negative growth.
- This is due to the halt in operations in the oil & gas industry which was a major driving industry for the market. The same goes for the chemical industry which heavily relies on smart flow meters.
- However, the market recovered soon post COVID-19 lockdowns, as operations in the oil and gas, chemical, and water & wastewater industries came back to normal.
The magnetic segment to grab the largest revenue during the forecast period
Based on type, the magnetic segment contributed to the largest share of nearly one-fourth of the global smart flow meter market in 2021, and is expected to rule the roost during the forecast period. This is owing to its high accuracy in data results. However, the coriolis segment is projected to witness the fastest CAGR of 7.9% from 2022 to 2031, due to its advanced technology and real-time data analysis.
The oil and gas segment to dominate the market during the forecast period
Based on end user, the oil and gas segment contributed to the largest share of nearly one-fourth of the global smart flow meter market in 2021, and is expected to maintain its leadership in terms of revenue during the forecast period. The same segment is projected to witness the fastest CAGR of 7.9% from 2022 to 2031. This is due to a rise in operational activities in the sector, owing to the growing demand as population is increasing.
The PROFIBUS segment to dominate the market during the forecast period
Based on communication protocol, the PROFIBUS segment contributed to the largest share of nearly one-third of the global smart flow meter market in 2021, and is expected to maintain a noteworthy revenue growth during the forecast period. The same segment is projected to witness the fastest CAGR of 7.8% from 2022 to 2031. This is due to the fact that it is easy and flexible to use.
North America to achieve the largest revenue and fastest growth by 2031
Based on region, the market in North America was the largest in 2021, accounting for more than one-fourth of the global smart flow meter market, and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 7.7% during the forecast period. This is owing to the rising activities in the oil & gas industry, rising demand in the food and beverage industry, and wastewater management operations in the region.
Leading market players
- ABB Ltd.
- Em-tec GmbH
- General Electric
- Hitachi Ltd. (Hitachi High-Tech Corporation)
- Honeywell International Inc.
- ZENNER International GmbH and Co. KG
- Peltek India
- Badger Meter, Inc.
- Emerson Electric Corporation
The report analyzes these key players of the global smart flow meter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.