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The Demand for Smart and Intelligent Flow Meters in Various End-Use Industries is driving the Growth of the Flow Meters Market
The flow meters market has good growth prospects with the market size expected to witness a high growth rate between 2016 and 2021, in terms of value. The flow meters market is rapidly evolving with the major players playing a crucial role in the development of the market. Some major players such as Siemens AG (Germany), Emerson Electric Co. (U.S.), ABB Ltd. (Switzerland), Yokogawa Electric Corporation (Japan), and Endress+Hauser Management AG (Switzerland) dominated the market in 2015. The demand for smart and intelligent flow meters in various end-use industries is driving the growth of the flow meters market.
Siemens AG and Emerson Electric Co. have captured majority share in the flow meters market. These companies mainly focus on launching innovative products to meet the requirement of their customers. The growing applications of flow meters in various industries require technological developments. Thus, the players are focusing on developing advanced technologies to meet the growing demand from end-use industries.
The major players are concentrating on developing cost-effective technologies. The major companies are investing to upgrade their units for enhanced production of flow meters. All these developments meet the increasing demand for flow meters from a variety of end-use applications such as water & waste water, oil & gas, chemicals, refining & petrochemicals, power generation, pulp & paper, food & beverages, metals & mining, pharmaceuticals, among others.
New product developments and contracts & agreements are the key strategies adopted by major flow meters manufacturers in the recent past. The top players in the flow meters market have adopted these strategies to attain growth in flow meters market and enhance their product portfolio.
Siemens AG is focusing on launching new products to stay competitive in the market. Siemens launched a flow meter in 2015 that is compact, light, and handy, and can be used in apparatus that has limited space. With this expansion, the company expects to penetrate the flow meters market. Thus, it is concentrating on new product launch to meet the growing demand for flow meters.
Emerson Electric Co., another player in the flow meters market is continuously introducing new products into the market to cater to the demand from end-use industries. In 2016, the company added a bi-directional communication protocol, Highway Addressable Remote Transducer (HART) Protocol Revision 7 to its product line of Rosemount 8800 vortex flow meters. This helped the company to add functionality and improve usability of vortex flow meters. The company is also focusing on developing its market presence through expansion. In June 2014, it launched a new R&D center within the Asia Flow Technology Center in Nanjing, China. The expansion helped the company to strengthen its presence in China and Asia-Pacific.
The leading market players have adopted different strategies for growth of flow meters market in the developed and developing countries. Asia-Pacific is leading in terms of demand for flow meters; this is because of the increased demand for flow meters in water & waste water, oil & gas, refining & petrochemicals, among various other applications.
Flow Meters Market by Type (DP, PD, Magnetic, Ultrasonic, Coriolis, Turbine, Vortex), and by Application, (Water & Wastewater, Oil & Gas, Chemicals, Power Generation, Pulp & Paper, Food & Beverages) - Global Forecast to 2021
Markets and Markets
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