The global market for flow meters is fairly consolidated, finds Transparency Market Research (TMR) in a new study. About a quarter of the market was taken up by regional players in 2014. Badger Meter, Inc., Siemens AG, and ABB Ltd. were the top three manufacturers of flow meters in 2014. Their collective share in the market’s total valuation was 63.7% in 2014. Most flow meters manufacturers are being pulled towards the lucrative opportunities available in wastewater management. This applies especially to the regions of Europe and Asia Pacific.
From a competitive perspective, TMR states that the flow meter makers need to focus on how they can make their products cheaper and more accurate. Key players are already introducing advanced technologies that offer more accurate results than their predecessors. As a result, innovation is an absolute necessity to stay alive in this market.
Key players are also looking to expand their regions of operations by forming mergers and acquiring regional players from the fragmented section of the market.
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Water Management, Petrochemical Industries Look for Smart Flow Meters for Improving Process Efficiencies
“Flow meters are a key requirement in petrochemical industries,” states a TMR analyst. “They are needed in interwell allocations, water discharge, custody transfer, gas flaring, and other minor processes. The improvements in flow meters will help the petrochemical and refining industries in two key ways: they will firstly improve the output efficiency of the petrochemical plant, and reduce the discharge of harmful chemicals and toxins into the environment.”
The integration of smart flow meters in the petrochemical and refining industries will therefore add a major benefit in terms of optimizing production efficiency.
Further boosts are given to flow meter manufacturers in the form of growing count of capital projects meant for advancing flow meters. These investments are invaluable for flow meter players when trying to improve their technologies to be more suited for its diverse array of applications.
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- Global flow meters market expected to reach US$9.61 bn by 2021.
- Application of flow meters in water management expected to generate a revenue of US$1.52 bn by 2021.
- Magnetic flow meters to accrue a revenue of US$1.88 bn by 2021.