Smart Flow Meters Market – Growth, Trends, Impact of COVID-19 and Forecast (2022)

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The global smart flowmeter market is estimated to grow at a CAGR of 5.59% over the forecast period (2022-2027). The industry is sure to benefit from the evolution of end-user sectors, demanding more accurate and real-time observations for better results.

New York, May 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Intelligent Flow Meter Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06272907/?utm_source=GNW

Highlights
The growth of the market is mainly driven by the increasing need for reliable measurement and monitoring of industrial fluids for optimal use. The industry is also likely to benefit from the revival of the oil and gas industry and the expansion of infrastructure in the water and wastewater industry in the future.
The Coriolis flowmeter market is expected to hold a major share of the smart flowmeter market over the forecast period owing to its applications in inline quality control. For example, the precise density function of flow meters can measure Brix and Plato values ​​to ensure ingredient quality. Viscosity readings provide continuous measurement to minimize the risk of producing product out of specification. There is an increasing use of smart Coriolis flowmeters to support demanding hydrogen applications, where accuracy and stability are imperative.
According to the results of the survey launched by Honeywell in January 2021, almost a quarter of workers could quit before returning to a dangerous site. Around 68% of the global workforce does not feel completely safe in employer buildings. Workers surveyed are most concerned that building management does not consistently enforce health and safety guidelines (42%), followed by not always investing in new technologies to make work safer. safer person (30%). Thus, the use of devices such as flow meters that ensure safety in different aspects of operation becomes imperative.
The cost of higher accuracy meters is high, and depending on meter type and flow rate, even a slight increase in accuracy can be costly. Coriolis flowmeters and magnetic flowmeters generally have high initial costs, especially for large pipes. According to AlicatScientific, a flow controller company, Coriolis flow meters cost around $4,000 to $6,000, while the laminar flow meter costs around $1,000.
The recent COVID-19 outbreak has put additional pressure on several economies across various sectors. One of the significant setbacks affecting the growth of the global smart flow meters market is the unexpected collapse of the oil and gas industry, which is a crucial application category. As smart flowmeters are used in the oil and gas industry to measure liquid flow in pipelines, there is a significant negative influence in the smart flowmeter market.

Main market trends

The food and beverage industry will experience the strongest growth

The measurement and control of raw materials is of crucial importance in the food and beverage manufacturing sector. Flow meters for the food industry reduce costs while increasing production. In the food sector, specific processes require sanitary conditions. These include dairy products, wine, beverages, syrup, chocolate, edible oil, etc. Food grade automation equipment is necessary in the food industry. Check health and safety conditions. The equipment can be sterilized without disassembly using a food grade flow meter.
Food grade flow meters can be used to measure edible oil. Many steps in the edible oil manufacturing process require the use of a flow meter to measure the volume and weight of oil exiting the pipeline. Flow meters are needed for data on initially refined crude oil and essential oil that is ultimately refined by companies that produce and process edible oils.
The beverage industry includes beer, juice, etc., and large pipe flow is usually measured with electromagnetic flow meters. It can be accurately quantified in a large beverage manufacturing plant. Similarly, these meters are also used in breweries, syrup making, etc.
Many industries are going to great lengths to identify production-enhancing insights from data in the advent of Industry 4.0. This information helps improve operational efficiency, increase uptime and reduce maintenance costs, as well as acceptance in the food and beverage industry. This reinforces the demand for smart flow meters in the food industry.
In May 2021, Ecolab Inc., the leader in water, hygiene and infection prevention solutions and services, launched Water Flow Intelligence, a digital tool that provides industry with real-time insight into the water use at the corporate, site and asset level. Water Flow Intelligence combines smart water meters and sensors with advanced water flow measurement and monitoring, asset performance insights and machine learning to help food and beverage producers identify opportunities to improve water management in their operations, achieve sustainability goals and reduce operational costs.

Asia-Pacific will become the fastest growing market

The Asia-Pacific region is expected to continue to occupy a major share of the flowmeter market. Countries like China, India, Japan, South Korea, Indonesia, Australia, and Singapore continue to have a significant impact on the global market. The number of investments in water and wastewater, energy and power, refining, chemicals and industrial infrastructure activities are increasing in developing economies such as China and India , which is driving the demand for IoT integration, which requires the implementation of smart flow measurement solutions for accurate and cost-effective measurement of liquid, gas or vapor flowing through or around sensors of the flow meter.
Japan has been a pioneer in the transformation into an automated industrial economy in the Asia-Pacific region. Industry version 4.0 is being adopted at a faster rate. The region has become an important manufacturing hub for automation and digital solutions and also supplies them to other markets in the Asia-Pacific region alongside international markets.
India has the potential to emerge as a global manufacturing hub, with an annual contribution to the global economy of over $500 billion by 2030. Natural gas production has increased by 18, 9%, coal 18.7%, oil refinery production 6.7%, fertilizers 0.5%, steel 9.3%, cement 21.8% and electricity by 9% in July 2021.
Cumulative FDI inflows, between April 2000 and June 2021, in the manufacturing sub-sectors reached USD 100.35 billion, according to the Department for the Promotion of Industry and Internal Trade (DPIIT). India received total Foreign Direct Investment (FDI) inflows of US$81.72 billion in FY21, up 10% year-on-year. Hence, the growing manufacturing sectors in the region alongside the high adoption of automation are analyzed to drive the growth rate of the smart flow meter market during the forecast period.

Competitive landscape

The global smart flowmeter market is fragmented with each vendor providing multiple flowmeters for various industries. The competitive rivalry between the existing competitors is high. Additionally, the demand in the smart flow meter market is expected to be driven by the product innovation and expansion strategies of major companies. The flow meter market has some major manufacturers, such as Siemens AG, Emerson Electric, Sensirion, and others, which contribute to the competitive rivalry. These vendors are established and have deep penetration in the flowmeter market. Some of the key developments in the region are:

February 2022 – KROHNE unveiled the FOCUS-1 prototype as an innovation that unites valve and metering technology with unique diagnostic and control functions in a single device. FOCUS-1 is available as a standard product, claimed by the company as the world’s first intelligent process node specifically developed for process industries.
December 2021 – ABB introduces the world’s first electromagnetic flowmeter with bi-directional connectivity to enable intelligent water loss management.

Additional benefits:

The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06272907/?utm_source=GNW

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