A flow meter is an instrument that is used to measure volume of fluid passing through a certain point over a given time. It usually consists of a tube, indicator, stop and scale and the performance depends on the density, pressure, viscosity and temperature of the fluid. It is measured by accuracy, repeatability, linearity and rangeability of the instrument. The global flow meters market is estimated to grow at a rate of 7.2% from 2014 to 2019 to reach a value of US$ 7.9 billion. Rapid industrialisation and growing population in the Asia Pacific region is driving the demand. Mushrooming population in the Asia Pacific requires huge water and wastewater management infrastructure in the region and that in turn creases significant opportunities for manufacturers of flow meters to expand. The Middle East and Africa are also seeing a lot of potential for flow meter manufacturers and the oil and gas sector in these regions is creating ample opportunity for modern day flow meters.
The global market
The global flow meters market by product and application type has witnessed significant growth in the past few years and it is estimated to persist in the coming years. Magnetic flow metering dominated the global market in terms of value with approximately US$ 1.18 billion in 2013, followed by coriolis flow meters which was US$ 1.02 billion for the same year. However, it is expected that the coriolis flow meter will surpass magnetic flow meters in terms of value by 2019. Magnetic flow meters are mainly used in the water and wastewater industry. Coriolis flow meter finds application in oil and gas, refining, petrochemicals, chemical and other industries.
The Asia Pacific region remains the largest market for flow meters, followed by North America and Europe. Asia Pacific continues to be the key growth area due to new investment backed by increasing demand for innovative technology for flow meters from different end users.
Adapted from press release by Claira Lloyd
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