Market study: Intelligent flowmeter market to reach $7.7bn by 2022
The intelligent flowmeter market is expected to reach $7.76 billion (€6.83bn) by 2022 at a CAGR of 5.4% between 2016 and 2022, a new market study says.
According to market research company Markets and Markets, the major factors driving the growth include the benefits of accuracy, stability, and reliability offered by intelligent flowmeters and high demand for these flowmeters in the chemicals and water and wastewater industries.
The growing industrial infrastructure activities and growing use of intelligent flowmeters for diagnostic information, along with measurement data, are also supporting the growth of the market.
The intelligent flowmeter market for oil and gas applications is also expected to grow at a high rate during the forecast period.
The main factor driving the growth of intelligent flowmeters in oil and gas industries is the wide range of applications, such as oilfield services, upstream production, pipeline detection, gas processing, distribution and utilisation, and refining.
The declining prices of oil and gas have affected the investments in new projects, which in turn has adversely affected growth, but the prices might increase in the future and boost the market, the study finds.
The market for multiphase flowmeters is expected to grow at the highest rate during the forecast period, mainly due to their ability to measure oil, gas, and water simultaneously.
This versatility makes multiphase flowmeters more effective compared to other meters capable of measuring only one fluid at a time.
Multiphase flowmeters are mainly used in oil and gas and chemical applications, and with a large number of shale gas projects and oil fields present globally the demand for these flowmeters is high.
Highest growth in Asia-Pacific
Intelligent flowmeters are increasingly being implemented in Asia-Pacific, owing to the growing demand for high-quality energy-efficient devices and the increasing number of industrial infrastructural activities.
Moreover, intelligent flowmeters help in saving energy as well as the maintenance cost and their implementation helps in improving the water quality.
They have applications in a wide range of industries, such as pharmaceuticals and food and beverages, among others, which require high accuracy to maintain the quality and quantity.
The major companies that develop intelligent flow meters include ABB (US), Azbil Corp. (Japan), Brooks Instruments (US), Emerson Electric Co. (US), Endress+Hauser (Switzerland), GE (US), Honeywell International (US), Krohne Messtechnik (Germany), Siemens (Germany), Sierra Instruments (US), and Yokogawa Electric Corp. (Japan).
