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2022

Smart Flow Meter Market

Smart Flow Meter Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by End User, by Communication Protocol : Global Opportunity Analysis and Industry Forecast, 2022-2031

EP : Equipment and Devices

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Author's: Yamini Parihar | Eswara Prasad
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Smart Flow Meter Market Research, 2031

The global smart flow meter market was valued at $2.7 billion in 2021 and is projected to reach $5.4 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.

Report Key Highlighters

  • The report offers details about the smart flow meter market in terms of revenue
  • The report offers the patent landscape by country, company, and year
  • The report offers details about top investment pockets in the smart flow meter market
  • The report offers smart flow meter market size for four major regions covering 16 countries.

Smart Flow Meter Market

Flow meters are devices that measure the amount of gas or liquid that has flowed through a medium/conduit in a given period of time. Measuring the amount and rate of flow aids in recognizing several aspects of agriculture, drainage systems, municipality water utility pipes, damages in pipelines, heating and cooling, oil and gas, chemical industry, and others. Flow meters are used to measure the usage of the liquid or in a particular setup. For example, in municipal water pipelines, how much water has flowed through and at what rate can be measured through smart flow meters, which further aids in ensuring proper supply depending on the area-wise demands. Similarly, in sewage disposal and treatment plants as well the same is used to determine the amount that has flowed through conduits.

There is a variety of flow meters available in the market. Depending on the requirement and function of the water meter, choosing an accurate flow meter is a must. Flow meters are different when one needs to measure mass and volume. For instance, if the pipeline or conduit has gas flowing through it, the flow meter that measures mass will be more of an accurate choice. The reason is that gases can expand and compress depending on the temperature, thus mass units should be used for it. Similarly, in liquids where density varies depending on the temperature, mass flow meter units aid in accurate measurements.

Readings from a meter also depend on the applicable industry. For instance, if water flow is to be measured by municipal bodies, then flow meters that offer 1% accuracy (meaning reading may vary by plus or minus 1%) will do an excellent job as they may not cause major concerns. However, the same cannot be said for chemical or petrochemical industries, as any variation in the amount of gas or liquid may lead to severe consequences. Smart flow meters give much more accurate results than the usual analog meters. They are equipped with much more advanced technology and are software-based which further adds to the smart flowmeter market growth. The smart flow market is driven by real-time data-capturing technology which benefits the application industry. This enables the ability to determine the flow rates into several industrial operations which consequence in profit and cost savings.

Maintaining smart flow meters is a very important task to be done. It enhances the life expectancy of the meter. Poorly selected devices are more susceptible to causing problems early in the flow meter life cycle, especially in the case of moving parts smart flow meters which require periodic cleaning owing to dirty or viscous liquids. Moreover, depending on differential pressure and geography, poor selection can lead to corrosion, coatings, and inaccurate readings, which will either need to be replaced or cleaned from time to time. This again would directly impact the maintenance cost of smart flow meters.

Market Dynamics:

Smart flow meters or IoT meters offer higher accuracy in data. It provides accurate readings for fluids, gas, or any liquid that flows through it. These devices are efficient in providing accurate real-time data for evaluation. They are also capable of providing feedback as well as alternative measures to be taken in real-time. This helps in lowering costs that are incurred due to damages of any sort. These meters can be installed in all weather conditions and require low maintenance owing to that. They are less likely to be affected by viscosity, temperature, and concentration. The rise in IoT-based devices due to urbanization and electrification activities acts as a driving factor for smart flow meter market growth.

Smart flow meters have been around in the industry for several decades. However, with increasing technological advancements and automation in several industries, there has been an increase in the technologies for smart flow meters as well. For improving accuracy, even a small change in configuration or model increases the cost of the product. This technological advancement leads to increased costs per unit. This raises overall product cost which discourages market growth for the smart flow meter market.

Increasing industrial automation has led to an increase in flow measurement equipment. This also leads to improvement in technology and innovative product offerings. The same goes for electromagnetic flow meters. Since they offer higher accuracy in data with every development, they are likely to be improved more and more with every technological change. Thus this offers a wide opportunity for smart flow meter market growth

The smart flow meter market size is studied based on type, communication protocol, end-user, and region.

Smart Flow Meter Market
By Type
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The coriolis segment is expected to grow at a higher CAGR during the forecast period.

Depending on the type, the market is divided into magnetic, Coriolis, ultrasonic, vortex, multiphase, thermal, and others (turbine, variable area, and differential pressure). Magnetic smart flow meters dominated the market share in 2021 owing to high accuracy in data results. The magnetic flow meter’s sensor is placed inline and measures an induced voltage generated by the fluid as it flows through a pipe. The transmitter takes the voltage generated by the sensor, converts the voltage into a flow measurement, and transmits that flow measurement to a control system.

Coriolis is expected to grow at a higher CAGR during the projection years owing to advanced technology and real-time data analysis. Coriolis meters are ideal for any application where high accuracy is a key factor for consistent product quality, safety, and revenue. They are often applied in custody transfer applications due to their excellent accuracy over broad conditions and low maintenance requirements. Vortex flow meters offer many advantages for flow measurement including easy installation without impulse lines, no moving parts to maintain or repair, less leak potential, and a wide flow turndown range. Vortex meters also offer very low power consumption, allowing for use in remote areas.

Multiphase meters apply a combination of electrical impedance measurements and single high energy gamma for determining phase fractions, combined with venturi and cross-correlation for velocity measurements. Multiphase smart flow meters have several applications in shale oil production & allocation metering, well testing, reservoir management & production optimization, wellhead platform metering, and single well production monitoring. Differential Pressure is the oldest industrial measurement technology still in use today, with a proven documented history of performance. A turbine meter is used for volumetric total flow and/or flow rate measurement and has a relatively simple theory of operation. Variable area flow meters are simple and versatile devices that operate at a relatively constant pressure drop and provide flow measurement of liquids, gases, and steam.

Smart Flow Meter Market
By Communication Protocol
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The PROFIBUS segment is expected to grow at a higher CAGR during the forecast period.

Based on communication protocol, the market bifurcation is done into PROFIBUS, Modbus, HART, and others. PROFIBUS dominated the market share and is projected to maintain its position during the forecast period attributed to the fact that it is easy and flexible to use. Profibus digital bus communications protocol is used in process, instrumentation, and automation for facility’s operations, they need to incorporate accurate, repeatable air/gas flow measurement into the monitoring and control systems and thus PROFIBUS is used for the purpose. Modbus Protocol is a serial communication protocol, which was published by Modicon company (now Schneider Electric) in 1979. It has become the industry standard (De facto) of communication protocols in the industrial field and is now a common connection method between industrial electronic devices. HART is a transitional bus standard proposed by Emerson. It mainly superimposes a digital signal on top of a 4-20 mA current signal.

Smart Flow Meter Market
By End User
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The Oil and Gas segment is expected to grow at a higher CAGR during the forecast period.

By end user, the smart flow meter market is segmented into automotive, water and wastewater, power generation, chemicals, food & beverages, oil and gas, and others. The oil and gas industry garnered the highest share in 2021 and is expected to maintain its dominance. This is due to rising operational activities in the sector owing to increased demand as the population is increasing. In the oil and gas industry flow meters are more commonly used to measure a wide range of petroleum products such as crude oil and natural gas. The main gist of the smart flow meter is that it measures mainly the mass flow rate instead of its volume. It makes it best for measuring petroleum products since the primary concern in measuring these products is the heat rather than the quantity. The wastewater flow meter measures the flow of various sewages in pipes and open channels. Common wastewater flow meters are magnetic flow meters, non-contact ultrasonic flow meters, and others.

Rising activities in wastewater treatment and improvement in water management to prevent wastage of fresh water acts as driving factor for the smart flow meter market owing to the higher accuracy of data obtained through them. Chemical smart flow meters measure both corrosive and non-corrosive gas and liquid passing through them. They can measure various substances, including solvents, acids, detergents, pesticides, and many more. Chemical flow meters are common in industries like petrochemical plants and refineries. Flow measurement is a vital part of food and drink manufacturing, from filling vessels to measuring ingredients and controlling cleaning processes, the humble flowmeter performs many tasks.

Smart Flow Meter Market
By Region
2031
North America 
Europe
Asia-Pacific
LAMEA

The North America segment is expected to grow at a higher CAGR during the forecast period.

Region-wise, the smart flow meter market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). North America overall dominated the smart flow meter market share for 2021. It is also projected to grow at a higher CAGR during the forecast period. This is owed to rising activities in the oil & gas industry, rising demand in the food an beverage industry, and wastewater management operations. Moreover, industrial automation also encourages the growth of smart flow meters in the market

The key market players operating in the smart flow meter industry are ABB Ltd., em-tec GmbH, General Electric, Hitachi Ltd. (Hitachi High-Tech Corporation), Siemens AG, Honeywell International Inc., ZENNER International GmbH and Co. KG, Peltek India, Badger Meter, Inc., and Emerson Electric Corporation. In February 2022, KROHNE introduced the FOCUS-1 prototype which is intended to unite valve and measuring technologies with enhanced control functions. It is a standard product specifically developed for process industries.

Recent developments in the market

In December 2021, ABB Ltd. introduced one of its kind bidirectional electromagnetic flow meters that will also enable a water loss management system. Honeywell Inc. conducted a survey in January 2021 regarding the worksite and building safety. It was found that nearly a quarter of the employees would quit work if the worksite is dangerous. It was also noted that 68% of employees across the globe felt unsafe in the employer’s building. The workers involved in the survey were also worried about the inconsistency in maintaining health and safety guidelines. Since smart flow meters also play a very important role in the safety aspects, the market growth is relatively driven by the aforementioned factors.

For instance, in March 2020, Emerson, a U.S.-based multinational company that manufactures products and offers services to industrial and commercial markets, launched Daniel T-200, a titanium-housed transducer for its gas ultrasonic flow meter product line. Asia-Pacific region is witnessing smart flow meter market growth attributed to India, Japan, and China. Japan is transforming into an automated industrial economy and is expected to become a manufacturing hub for the same with advanced digital infrastructure and solutions.

On the other note, India is emerging as global hub for manufacturing. Moreover, it is also investing in improving its energy infrastructure. The natural gas output climbed by 18.9%, coal by 18.7%, petroleum refinery output by 6.7%, fertilizers by 0.5%, steel by 9.3%, cement by 21.8%, and electricity by 9% in July 2021. It is further expected to rise owing to increased electrification, urbanization, increasing population, and economic development

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart flow meter market analysis from 2021 to 2031 to identify the prevailing smart flow meter market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the smart flow meter market forecast assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global smart flow meter market trends, key players, market segments, application areas, and market growth strategies.

Smart Flow Meter Market Report Highlights

Aspects Details
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Market Size By 2031

USD 5.4 billion

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Growth Rate

CAGR of 7.4%

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Forecast period

2021 - 2031

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Report Pages

275

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By Type
  • Magnetic
  • Coriolis
  • Ultrasonic
  • Vortex
  • Multiphase
  • Thermal
  • Others (Turbine, Variable Area, and Differential Pressure)
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By End User
  • Water and Wastewater
  • Power Generation
  • Chemicals
  • Food and Beverages
  • Oil and Gas
  • Others
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By Communication Protocol
  • PROFIBUS
  • Modbus
  • HART
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

Peltek India, Hitachi Ltd. (Hitachi High-Tech Corporation), General Electric, em-tec GmbH, ABB Ltd., Siemens, Emerson Electric Corporation, ZENNER International GmbH and Co. KG, Badger Meter, Inc., Honeywell International Inc.

Analyst Review

The global smart flow meter market is highly fragmented in nature. Almost every vendor provides multiple flowmeters as per the requirements of application industries. There is high competitive rivalry among existing competitors as the product differentiation is relatively low. Moreover, the demand in the smart flowmeter market is expected to be surged by ongoing activities of large companies. Several strategies such as product innovation and business expansion are being adopted to sustain the market competition and overcome any challenges. Furthermore, soaring oil prices is expected to hamper the smart flow meter market growth during the forecast period. Globally, oil prices have shown a declining trend since 2014. The implementation of various automation systems is a part of infrastructure projects such as the development of refineries, new pipeline construction, and exploration of hydrocarbons. Thus, a decline in capital investments by investors is affecting growth of the smart flow meters market. Additionally, less accuracy and fragility of smart flow meters is a major factor that is negatively impacting the growth of the global smart flow meter market

Author Name(s) : Yamini Parihar | Eswara Prasad
Frequently Asked Questions?

The upcoming trends in the smart flow meter market are a rise in demand for Internet of Things (IoT) based devices and rising demand for real-time data analysis.

The oil & gas industry is the leading application for smart flow meter market.

The North America region is the largest regional market for Smart Flow Meter market

The estimated industry size of Smart Flow Meter market is $5.4 billion by 2031.

The top companies in the smart flow meter market are ABB Ltd., General Electric, Hitachi Ltd. (Hitachi High-Tech Corporation), Siemens AG, Honeywell International Inc., and Emerson Electric Corporation.

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Smart Flow Meter Market

Global Opportunity Analysis and Industry Forecast, 2022-2031