Published By : 20 May 2016 | Published By : QYRESEARCH
Flow meter is a device used for the measurement of mass, volumetric, linear and non-linear flow rate of gas and fluid. Flow is measured by assessing the speed of the liquid over a certain area. Flow meters comprise a stop, scale, indicator, and tube. The performance of a flow meter relies on aspects such as viscosity, density, temperature, and pressure of liquids. According to a report published by a market intelligent company called Transparency Market Research (TMR), the global flow meters market whcih was valued at US$5.20 bn in 2014, is expected to expand at a CAGR of 9.5% between 2015 and 2021 to reach US$9.61 bn by 2021.
Rising Demand from Petrochemicals and Refining Industries to Propel the Flow Meters Market
The increasing demand from petrochemicals and refining industries is the primary growth driver of the flow meters market. The use of flow meters in custody transfer, interwell allocation, and gas flaring is expected to help the market grow. Flow meters are also used by environmental regulations for quality control and revenue calculations, aiding the growth of the market. Their use in various industries such as agriculture, waste water management, and others, are expected to lead to a growth in the market. Furthermore, the global flow meters market will be driven by the replacement of outdated flow meters with the newer smart flow meters.
Magnetic Flow Meter held the Largest Market Share in 2014
The global flow meters market is segmented on the basis of product type into coriolis flow meter, magnetic flow meter, ultrasonic flow meter, vortex flow meter, turbine flow meter, and others. Of these, the magnetic flow meter held the largest market share of 21% in the global flow meter market in 2014. On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Of these, Asia Pacific held the largest market for flow meters in 2014.