Where
gas or liquids flowing through a pipe need to be measured, the use of
a flow meter is recommended. Industries that consume flow meters
extensively in the course of conducting their day-to-day operations
are typically ones that need to convey sizeable quantities of liquids
through pipelines. These industries include, but are not limited to:
water management, oil and gas, food processing, and energy
management.
Flow
Meters Market -
The
demand for flow meters from most of these industries has remained
steady in the past. This trend will continue to remain so given that
demand in these industries never really runs dry as they cater to
essential needs such as food, water, and power. This will prove to be
the greatest factor for the growth of the global flow meters market,
as the market rises from its 2014 valuation of US$5.20 bn to a
projected valuation of US$9.61 bn by 2021. These numbers, calculated
by market intelligence firm Transparency Market Research, translate
to a CAGR of 9.5% for the global flow meters market from 2015 to
2021. TMR analysts expect that capital projects mushrooming across
the world, particularly in growth markets of APAC, MENA, and Latin
America, will contribute considerably to the future of the flow
meters market’s future.
Global
Flow Meters Market Finds Largest Consumers in Food Process Industries
The
food process industry was the largest application segment of the flow
meters market, with a share of 17.6%. Industries where the deployment
of flow meters was the highest were water management and oil and gas.
Smart flow meters represent a massive opportunity in these sectors.
Activity
in the refining and petrochemicals industry has been intense in the
last couple of years and has peaked following the shale gas boom seen
in North America and Latin America. The petrochemical industry in the
Middle East, too, has contributed substantially to the demand for
flow meters.
The
numerous applications of flow meters in the refining and
petrochemicals sector has prompted flow meter manufacturers and
suppliers to focus on this segment. In this sector, flow meters are
deployed across numerous functions ranging from gas flaring to
discharge of produced water to custody transfer to interwell
allocation. With a plethora of applications in the refining and
petrochemicals industries and beyond, the demand for flow meters will
only increase in the years to come.
Upgrades
and Replacement of Obsolete Flow Meters to Provide Additional Growth
Opportunity
Depending
on the application at hand, the life of a flow meter may range from a
few months to several years. Replacement or upgradation becomes
necessary once a flow meter has reached its recommended lifespan.
With several industrial sectors upgrading to smart and advanced flow
meters for a variety of applications, the demand for these components
will further rise. The generation of flow meters presently available
on the market is several times more efficient than previous
generations.
Download
the Technical Analysis of Flow Meters at: http://bit.ly/1QWopgu
Leading
market players such as ABB Ltd., Azbil Corporation, Brooks Instrument
LLC, General Electric Co., Siemens AG, and Sierra Instruments Inc.
have brought a bevy of innovative and advanced flow meters to the
market, thus fuelling the competition further.
Asia
Pacific represents the largest market for flow meters in the world,
followed by North America. The growth of the former will largely be
dictated by capital projects in countries such as India, China, and
Japan.
