Flow Meters Market is expected to grow at a CAGR of 5% by 2024 | TechSci Research

Technological advancements and favorable government initiatives to drive global flow meters market through 2024

According to TechSci Research report, “Global Flow Meters Market By Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global flow meters market is projected to grow at a CAGR of over 5% during 2019-2024, on the back of increasing demand from petrochemicals and refining industries. Moreover, usage of flow meters is mandated by environmental regulations for quality control and revenue calculations. Flow meters market, globally, is also expected to be driven by the replacement of outdated flow meters with newer smart flow meters in coming years.

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On the basis of end-use industry, global flow meters market has been segmented into water & wastewater, oil & gas, chemicals, power generation, pulp & paper, and food & beverages industries. The oil & gas segment is anticipated to witness the fastest growth during the forecast period, on the back of booming oil & gas industry in the emerging economies. Flow meters are mainly used for the flow measurement of crude oil, custody transfer, etc.  Asia-Pacific flow meters market is expected to register the fastest growth during the forecast period, primarily on account of increasing demand from end-use industries such as oil & gas, water & wastewater, chemical, power generation, metals & mining and others. Moreover, as the need for water & wastewater management is expected to increase notably in India and other South East Asian countries, demand for flow meters would grow at a healthy rate in the coming years.

“Global flow meters market is expected to witness steady growth over the course of next five years, on account of increasing demand for flow rate measurement in water and wastewater management applications across the globe. Additionally, growing penetration of IoT is escalating the demand for smart flow rate measurement solutions, which is turn is likely to boost demand for intelligent flow meters.”, said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Flow Meters Market By Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global flow meters market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global flow meters market.

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