The market size of flow meters is estimated to be USD 7.7 billion in 2021 and it is projected to reach USD 10.3 billion by 2026, at a CAGR of 6.2% between 2021 and 2026. Growth of the flow meters market is primarily triggered by increasing use in the oil & gas and water & wastewater industries. Asia Pacific is the largest market for flow meters due to rising demand for efficient flow meters from end-use industries such as chemical, water & wastewater, pulp & paper, power generation, and others. Rising capital expenditure on oil & gas, chemical, and power generation sectors in Asia Pacific is estimated to drive the region’s flow meters market. Flow meters are used for accurate measurement of greenhouse gas (GHG) emission points. Thus, rising concern of environmental conservation has led to the monitoring of GHG emissions, which acts as a driver for the regional flow meters market.
The key market players profiled in the report include Honeywell International Inc. (US), Siemens Group (Germany), Emerson Electric Co. (US), ABB Ltd. (Switzerland), Yokogawa Electric Corporation (Japan), Azbil Corporation (Japan), Badger Meter, Inc. (US), Endress+Hauser Management AG (Switzerland), Krohne Messtechnik GmbH (Germany), and Schneider Electric (France).
Players in the flow meters market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for flow meters for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
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The growth of the flow meters market has been influenced by new product launches that were undertaken between 2017 and 2020. Different companies are deploying different strategies to strengthen their position in the flow meters market. Emerson Electric Co. and Badger Meter, Inc. are mostly focused on Americas region; ABB Ltd. and Endress+Hauser Management AG are majorly focused on Asia Pacific. Siemens group has its major focus on Europe, C.I.S. countries, Middle East and Africa. In general, these five companies are all strong in their home region and exploring geographic diversification alternatives to grow their businesses. All five companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.
Emerson Electric Co. is one of the major players in the flow meters market. The company has a strong foothold in North America and is currently concentrating on expanding its business in other emerging markets including the Asia Pacific, South America, and Middle East & Africa. In 2020, the company invested more than USD 100 million for R&D, innovation Centre and new product development for flow measurement products in Colorado, US. In the last two years, company launched new Coriolis, magnetic and flow meters that can be used in specific applications and easy to install. In 2019, Emerson completed the acquisition of general electric’s intelligent platforms business, which included the flow meter business. These strategic developments taken in the past few years along with the continuous and rigorous expansion in the flow meters market can facilitate the growth of company’s annual revenue and company’s market share in flow meters market. Company has been developing and manufacturing new flow meters, transmitter, transducer and sensors for industries in which factors like accuracy, less maintenance & noise and reliability is needed.
On the other hand, Badger Meter, Inc. announced the acquisition of Analytical Technology, Inc., a privately held provider of water quality monitoring systems. The company was founded in 1992, headquartered in Pennsylvania, US and is specialized in the design, manufacture and distribution of water quality instruments based on electrochemical and optical sensors
Another player Badger Meter, Inc. announced the acquisition of s::can GmbH and subsidiaries, a privately-held provider of water quality monitoring systems.
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