Market study: Global flowmeter market driven by oil and water in Asia-Pacific
The global flowmeters market reached $6 billion (€5.3bn) in 2015 and is projected to reach $8.72 billion by 2021, registering a CAGR of 6.4% between 2016 and 2021.
The market for flowmeters is largely driven by the rising demand for accurate measuring instruments in water and wastewater and oil and gas industries.
There is an increased demand for reliable flowmeters, which is driving the market of ultrasonic and Coriolis flowmeters.
Oil and gas application driving the market include custody transfer measurement, mass flow measurement of crude oil, fluid loss and leak detection, process gas flow, and hydraulic fluid flow sensing among others.
The rising demand for flow meters in Middle East and Africa and Asia-Pacific is expected to boost the flowmeter market in the oil and gas industry.
The rising demand for smart flowmeters is driving growth in Asia-Pacific, where the market is driven by China and India, with China as the largest market in the region.
Oil and gas, pharmaceutical, and food and beverage industries are gaining momentum in the region, which is expected to accelerate growth for flowmeters.
Furthermore, the rising demand from the water and wastewater industry is estimated to give an additional kick to flowmeters.
Various key players include Siemens (Germany), Emerson Electric Co. (US), ABB (Switzerland), Yokogawa Electric Corp. (Japan), Endress Hauser Management (Switzerland), Honeywell International (US), Azbil Corp. (Japan), Badger Meter (US), Krohne Messtechnik (Germany), and Schneider Electric (France).