According to a recent report by MarketsandMarkets, the flow meters market will be work US$ 7.9 billion by 2019. The market is expected to grow at a rate of 7.2%/y.
The market is primarily driven by the hydrocarbon industry. Top companies in the industry include: ABB, Emerson Electric Co., Endress + Hauser, Yokogawa Electric Co., Siemens AG.
Magnetic flow meters dominate the global market by value with approximately US$ 1.18 billion in 2013, followed by coriolis flow meters, which accounted for approximately US$ 1.02 billion in the same year. However, it is anticipated that the coriolis flow meter will surpass the magnetic flow meter in terms of value by 2019.
Due to the increasing population and new investment and projects coming in the Asia Pacific, the Middle East, and Africa, especially in India and China, the emerging regions are expected to register maximum growth. All these factors, along with the growing flow meter industry will continue to drive its demand in the future as well.
Edited from various sources by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/02072014/flow_meters_market_832/