Flow meters are devices used to measure the linear, nonlinear, mass or volumetric flow rate of liquids or gases. They offer various benefits such as high accuracy, no moving parts, resistance to corrosive fluids and easy installation. Growing need for flow measurement in sectors like chemicals, oil and gas, food and beverages, power generation and pharmaceuticals has propelled the demand for flow meters. The global Flow Meter Market is estimated to be valued at US$ 8.12 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased Use of Flow Meters In Multiple Industries
The key opportunity for growth in the flow meter market is increased use of these devices across various industries. Flow meters find widespread applications in industries such as water and wastewater, oil and gas, chemicals, pharmaceuticals, power generation, pulp and paper, metals and mining and food and beverages. Growing need for process optimization and quality control in these industries is augmenting demand for accurate flow measurement solutions. The end use sectors are increasingly adopting advanced flow meter technologies like ultrasonic and thermal meters that offer non-intrusive, accurate measurement of liquids, gases and steam without disrupting the process. Rapid industrialization and investments in infrastructure development particularly in emerging nations is expected to boost process industries, thereby propelling the flow meter market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier of new entry allows new entrants in the industry however existing scale economies and access to distribution channels allows existing players to compete effectively.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products however specialty needs and quality requirements strengthens suppliers bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation in product specifications and quality requirements from buyers.
Threat of new substitutes: Technology advancements can lead to new substitute products however strong brand recognition and customer loyalty maintains competitive advantage of existing products.
Competitive rivalry: Intense competition exists among existing players due to similarity in product offerings.
SWOT Analysis
Strength: Established distribution network, strong R&D capabilities, proprietary technology and brand recognition.
Weakness: High dependence on few industrial sectors, vulnerability to commodity price fluctuations and trade regulations.
Opportunity: Growth in process automation across industries, increasing adoption in developing markets and development of smart flow meters.
Threats: Rising raw material costs, stringent environmental regulations and threat from local manufacturers.
Key Takeaways
The Global Flow Meter Market Demand is expected to witness high growth.
Regional analysis: Growth in process automation and manufacturing activities especially in China and India is driving demand. Availability of low cost raw materials and labor are attracting investments in these countries.
Key players related content comprises Key players operating in the flow meter market are India Systems Pvt. Ltd., Enkay Technologies, Budget Signs, Truknox Technologies, Intellicon, BH Enterprizes, BenQ Corporation, Sony Corporation, Sharp Corporation, Panasonic Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd.
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