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An intelligent or smart flow meter is an electronic instrument or device that is used to measure, evaluate, control, and maintain the volumetric flow of liquid, gas or relevant phenomenon in the pipes. They are also used to measure the fluid velocity with ultrasound or other technologies to gauge liquid flow accurately as compared to other flow meters. They are known to remain un-affected by external weather conditions and factors such as temperature, viscosity, density, suspended particulates, and velocity, because of which they can provide accurate measurement readings.
They are highly accurate, precise, and stable and effective in improving flow calibration standard while reducing the uncertainties, if any. As a result, they are widely used in various applications and are in high demand across verticals such as the chemicals, food & beverages, metals & mining, oil & gas, pharmaceuticals, power generation, and water & wastewater.
The global intelligent flow meter market size was valued at USD 2.3 billion in 2020 and is projected to reach USD 3.0 billion by 2025; it is projected to grow at a CAGR of around 4-5% from 2021 to 2025.
The growth of this market is attributed towards major pertaining factors including; the growing use and demand of intelligent flow meter for diagnostic information and flow calibration in various industries and commercial applications globally, the rising investments in industrial infrastructure activities in the developing economies, growing number of nuclear plants, rising demand for automation in processed industry, the rising demand in oil & gas industry for flow rate measurement across the globe and the increasing need for reduced uncertainty among metrologists to improve the calibration standards for flow, among others.
Additionally, intelligent flow meters, along with monitoring the flow rate of a liquid or gas on a real-time basis, also provide feedback for the precise control of flow rate. In order to enhance this, manufacturers in end-user industries are developing solutions that aid in providing proactive maintenance along with real-time data analysis which help them to obtain better visibility of the manufacturing or processing plant to boost the efficiency of the plant. This is a major factor set to open new doors of opportunities for the growth of this market.
Moreover, intelligent flow meters are highly suitable for complex measurement activities in chemicals and oil & gas industries. Consequently, key players in the market are investing extensively to manufacture innovative products and solutions to measure the flow rate of liquids, gases, and vapors. Some recent advancements in technologies include wireless monitoring and control, advanced sensors, and digital readouts. Such technological developments in products are poised to bring monumental growth in the global market within a very short span of time.
Furthermore, other factors such as the rapid expansion of processed industries, the evolving technologies in the ultrasonic measurement technology, rapid urbanization across developing countries, growing population, disposable incomes, and rise in the standard of living, the growing requirement of precision in the oil and gas industry to calibrate the fluids accurately and the growing awareness regarding the advantages of intelligent flow meters will further propel the growth of this market.
However, factors such as the high initial cost of intelligent flow meters, the less accuracy and fragility of intelligent flow meters, lack of skilled workforce coupled with the absence of standards and protocols, the price volatility in oil & gas commodities and the lower adoption rate of intelligent flow meters as compared to conventional flow meters hinder the growth of this market.
INTELLIGENT FLOW METER MARKET SEGMENTATION:
By Communication Protocol:
The Asia-Pacific region holds the largest market share and is the fastest growing regional market for intelligent flow meters. The region is also anticipated to witness substantial growth in the upcoming years owing to which it is also projected to maintain its dominance in the market. The growth in this region can be attributed to factors such as the increasing industrial development, the huge demand of measuring meters in Oil & Gas and other end-use industries, the increasing industrial infrastructural activities and the presence of prominent and well-established players in the region etc. The major contributors in the region include India, China and Japan.
The North American region holds a prominent share in the intelligent flow meter market and is followed by the European region. This region is expected to grow at a robust rate in the forthcoming years as a result of a combination of factors such as the presence of large number of shale gas projects and oil fields in the region, the presence of large number of manufacturers, the increasing focus of well-established players focusing on development of new technology in intelligent flow meters etc. The major contributor in the region is the U.S.
FEW KEY PLAYERS IN INTELLIGENT FLOW METER MARKET:
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