Intelligent Flow Meter Market Size

Intelligent Flow Meter Market Analysis

The Intelligent Flow Meter Market size is estimated at USD 3.34 billion in 2024, and is expected to reach USD 4.37 billion by 2029, growing at a CAGR of 5.59% during the forecast period (2024-2029).

The industry is bound to be benefitted from the changing end-user sectors, demanding more accurate and real-time observations for better results.

• The market growth is majorly driven by the growing need for reliable measurement and monitoring of industrial fluids for optimum utilization. The Industry is also likely to be benefitted from the revival of the oil and gas industry and the expanding infrastructure in the water and wastewater industry in the future.
• The market for Coriolis flowmeter is expected to hold a large share of the intelligent flow meter market during the forecast period because of its applications in inline quality control. For instance, the flow meters' accurate density function can measure Brix and Plato values to ensure the quality of ingredients. Viscosity readings provide continuous measurement to minimize the chance of producing an off-spec product. There is a growing usage of intelligent Coriolis flowmeters to support the demanding hydrogen applications, where accuracy and stability are imperative.
• According to the survey results launched by Honeywell in January 2021, nearly a quarter of workers may quit before returning to a dangerous worksite. About 68% of the global workforce does not feel completely safe in the employers' buildings. Surveyed workers are most worried that the building management may not consistently enforce health and safety guidelines (42%), followed by worry that they may not always invest in new technology to make working in-person safer (30%). Thus, using devices such as flowmeters that provide safety in different aspects of operation is becoming imperative.
• The cost of higher accuracy meters is high, and depending on meter type and flow rate, even a slight increase in accuracy can be expensive. Coriolis flowmeters and magnetic flow meters typically have high initial costs, especially for large pipe sizes. According to AlicatScientific, a flow controller company, the Coriolis flowmeters costs around USD 4,000-6,000, while the laminar flowmeter costs around USD 1,000.
• The recent outbreak of COVID-19 posed additional stress on multiple economies across various sectors. The unexpected breakdown in the oil and gas industry, which is a crucial application category, is one of the significant setbacks affecting the growth of the global intelligent flowmeter market. As smart flow meters are used in the oil and gas industry to measure liquid flow in pipes, there is a significant negative influence on the intelligent flowmeter market.