The global intelligent flow meter market size was valued at USD 2.5 billion in 2020 and is projected to reach USD 3.1 billion by 2025; it is expected to grow at a CAGR of 4.4% from 2020 to 2025. The growth of the intelligent flow meter market is majorly driven by the benefits of accuracy, stability, and reliability provided by intelligent flow meters, high demand for these flow meters in chemicals and water & wastewater industries, and rising investments in industrial infrastructure activities.
COVID-19 impact on the intelligent flow meter market
COVID-19 is an infectious disease caused by the novel coronavirus. Largely unknown before this outbreak across the world, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020.
COVID-19 has not only affected the healthcare sector but has also impacted the global economy. With an increasing number of countries imposing and extending lockdowns, economic activities are likely to further drop, which will, in turn, impact the global economy. Furthermore, major industries such as oil & gas, chemicals, metals & mining, pulp & paper, and food & beverages in the COVID-19-impacted regions have been adversely impacted in this scenario due to the closedown of plants, the disruption of the supply chain, and a subsequent decline in demand for products offered by these industries. Consequently, this may have a negative impact on the overall intelligent flow meter market as there might be less adoption of them by these industries for the short term.
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Magnetic flow meters expected to contribute the largest share to the intelligent flow meter market during the forecast period
Magnetic flow meters are most significantly used in the water & wastewater industry, which is the major end user of the intelligent flow meter market. These flow meters are also used for flow measurement in industries such as chemicals, food & beverages, pulp & paper, power generation, metals & mining among others. These flow meters can effectively measure the fluid or gas flow in both the forward and reverse directions in the pipe with high accuracy. Magnetic flow meters require low maintenance costs as they do not have any moving components in them. Owing to these benefits over other types, magnetic flow meters are largely adopted in industries and are expected to dominate the market during the forecast period.
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