Global Industry Analysts has released a new market research report titled ‘Flow Meters: A Global Strategic Business Report.’ The report predicts that the global flow meters market will reach a value of $5.1 billion in 2017.
The major driving factors of the market include rising market potential in developing nations in the Asia-Pacific region, entry of new companies, and the re-investment made by major players in technology developments, plant capacity expansions, modernization and renovation. High accuracy and consistency have made advanced flow meters attractive to end-users, thus driving the market transition from conventional meters towards novel hi-tech meters such as coriolisa and ultrasonic. Magnetic flow meter is also gaining popularity as it enables non-intrusive measurement. These advanced flow meters have shown promise in replacing traditional flow meters such as positive displacement, differential pressure, and turbine.
According to the report, the ultrasonic flow meters market is a rapidly growing product segment, demonstrating nearly 8.29% CAGR over the reporting period. The usage of ultrasonic flow meters is ever-increasing in the hydrocarbon industry, primarily driven by their ability to deliver highly accurate obstruction-free measurement. The largest product segment is magnetic flow meters, which are mainly used in the water and wastewater industry. Magnetic flow meters are also used in oil and gas, refining, chemical, pulp & paper, and food and beverage industries.
The largest flow meters market in terms of value is the European market and the fastest growing flow meters market is the Asia-Pacific region, both in terms of volume sales and value. Value sales in the Asia-Pacific region are expected to grow at 5.45% CAGR during the analysis period. Geographic markets covered in the report include the United States, Europe, Canada, Asia-Pacific, Japan, Latin America, and Middle East.
Product segments discussed in the report include vortex flow meters, anemometers, ultrasonic flow meters, turbine flow meters, positive displacement flow meters, open channel flow meters, mass flow meters, magnetic flow meters, and differential pressure flow meters. Companies profiled in the report include Asea Brown Boveri, Siemens, Rockwell Automation, Yokogawa Electric, Hach/Marsh-McBirney, General Electric, Faure Herman, Emerson Process Management, Endress+Hauser (E+H), and Elster AMCO Water.
Source: http://www.strategyr.com/