According to the report titled ‘Flow Meter Market Size, By Product Type (Thermal, Differential Flow, Coriolis, Ultrasonic, Vortex), By Industry Vertical (Oil & Gas, Pharmaceutical, Food & Beverages, Chemical, Healthcare & Life Science, Semiconductor, Water & Wastewater Treatment), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’ available with MarketStudyReport, global flow meter market is expected to exhibit significant growth during 2021-2027
Inclination towards industrial automation in emerging economies, coupled with equipment usage in an array of sectors, including oil & gas, food & beverages, wastewater and renewable energy are catalyzing the growth of worldwide flow meter industry. Also, government efforts to boost semiconductor vertical, and surge in pharmaceutical production amidst COVID-19 pandemic are impelling the industry share.
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Technological advancements such as ethernet connectivity in flow meters provides advantages like real-time data, reliability, simplicity, and flexibility, in consort with efforts by prominent players for innovations to meets evolving customer demands are augmenting the market outlook.
As per the product type, the market is divided into thermal, differential flow, ultrasonic, coriolis, vortex, and others. Of these, thermal segment is projected to expand at a CAGR of 4% throughout the assessment period, attaining a respectable valuation by 2027. Thermal flow meters are employed for combustion air measurement in large boilers and in gas chromatography, among others.
In terms of industry vertical, the market is segmented into food & beverages, pharmaceutical, oil & gas, semiconductor, chemical, healthcare & life sciences, water & wastewater treatment, and others. Over the analysis period, semiconductor segment share is likely to expand at a CAGR of over 6% through 2027. Widespread use of flow meters in semiconductor manufacturing processes such as chemical vapor deposition (CVD), physical vapor deposition (PVD), and others, is set to push segment demand over the study period.
Speaking of regional scope, Latin America flow meter market size, in particular, is estimated to boost by at 3% CAGR throughout the projected timeframe, owing to rising importance of renewable energy generation in the region.
Major contenders in the marketplace are OMRON Corporation, Alicat Scientific Inc., McMillan Flow Products, Brooks Instrument, Siemens AG, Emerson Electric Co., Sensirion AG, FESTO, Honeywell International Inc., Panasonic Corporation, Hydac Electronic Ltd., Renesas Electronics Corporation, Keyence Corporation, SICK AG, and Innovative Sensor Technology IST AG among others.