Flow Meter Market Research Report | Global Industry Trends, Share, Size, Demand and Future Scope

NEW YORK - Jan. 22, 2020 - PRLog -- According to latest report by IMARC Group, titled "Flow Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global flow meter market size reached US$ 6.4 Billion in 2018. Flow meters, also known as flow indicators, are electronic devices that are utilized for measuring and controlling linear, nonlinear, volumetric or mass flow rate of a liquid, gas or vapor. Most of these meters work by forcing the flow through a confined space and analyzing different properties, such as pressure, temperature, density, viscosity, and change in the kinetic energy, for determining the flow rate of the fluid.

Global Flow Meter Market Trends:

Flow meters are gaining traction in various end-use industries such as gas, water, HVAC, automotive, petroleum, food processing, and pulp and paper. The installation of flow meters aids in analyzing incurred cost, minimizing energy wastes and taking effective measures to save energy. Apart from this, governments in several countries are undertaking initiatives and introducing regulations to help conserve energy, thereby boosting the overall sales of flow meters. Moreover, manufacturers are launching innovative flow meters by incorporating the latest technologies to improve their functionality. For instance, the emergence of the Internet of Things (IoT) has resulted in the advent of smart flow rate measurement solutions. Looking forward, the market value is projected to reach US$ 9.6 Billion by 2024, expanding at a CAGR of around 6.8% during 2019-2024.

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Insights on Market Segmentation:

Breakup by Product Type

1. Analog Flow Meter

2. Smart Flow Meter

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Breakup by Application

1. Residential

2. Industrial

3. Commercial

Breakup by Region

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Imports and Exports

1. Imports by Major Countries

2. Exports by Major Countries

Competitive Landscape

The competitive landscape of the market has also been examined. Some of the key players operating in the industry include ABB Group, Emerson Electric, Siemens, Schneider Electric and Saison Information System Co., Ltd.

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