Global Magnetic Flowmeter Market Insights
Global Magnetic Flowmeter Market size was valued at USD 8.5 billion in 2021 and is poised to grow from USD 8.87 billion in 2022 to USD 13.6 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).
The market is anticipated to increase over the course of the forecast period as a result of the rising demand for flow rate measurement in O&G management applications worldwide. Over the projection period, additional industries like water and wastewater, power generation, and pulp and paper will also start to utilize measurement technology and instruments more widely.
Due to the recent discovery of shale gas deposits in North America, Europe, and the Asia Pacific, the adoption of goods would be particularly significant in the oil and gas, chemical, and petroleum refinery industries. As smart measurement solutions have been introduced as a result of IoT integration, it is anticipated that demand for intelligent systems would rise in the near future. Because of the Coriolis flowmeter's improved smart capabilities to measure the rate more precisely, it is predicted that demand for them will rise.
The market's participants are actively investing in order to deliver cutting-edge products and solutions to measure the flow rate of liquids, gases, and vapours. They are mostly focusing on the oil and gas industry. Additionally, one of the major applications generating fruitful potential for Coriolis and ultrasonic flowmeters is custody transfer in the oil and gas industry. The instruments are simple to maintain, lowering maintenance costs, which may be a key growth factor over the forecast period. Water scarcity and rising population in countries such as China and India may result in significant growth in the water treatment industry, opening up new opportunities in the near future. Several suppliers are incorporating cutting-edge technology into their products, such as an adhesion diagnostic level function that monitors the working condition of electrodes.
Global Magnetic Flowmeter Market Segmental Analysis
The global flow meter market is segmented into application, type, and region. On the basis of application, Magnetic Flowmeter Market is segmented into Metal & Mining, Chemicals, Oil & Gas, Food & Beverage, Pharmaceutical, Water & Wastewater Treatment, and Others. By type Magnetic Flowmeter Market is segmented into electric, solar and battery-powered. By region, the Magnetic Flowmeter Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Magnetic Flowmeter Market Analysis by Application
The Magnetic Flowmeter Market is divided by Application into Metal & Mining, Chemicals, Oil & Gas, Food & Beverage, Pharmaceutical, Water & Wastewater Treatment, and Others. During the forecast period, the water and wastewater treatment market for magnetic flowmeters is expected to develop at a CAGR of 6.8%. Magnetic flowmeters are used in wastewater treatment facilities to measure treated and untreated sewage, chemicals, and raw water. The variables that cause a greater volume of wastewater production are population increase, economic development, and urbanisation. Due to environmental rules, the need for wastewater treatment is growing, and many nations are making one-time investments to build new wastewater treatment facilities.
Magnetic Flowmeter Market Analysis by Type
In 2022, the battery-powered market category had the greatest revenue share, accounting for around 47% of the overall market share. The solar power type category is projected to develop at a rate of 7.5%. Due to their portability, simplicity of use, and capacity to use rechargeable batteries, battery-powered devices are widely used on the global market. Solar power systems are particularly efficient in remote areas without access to regular power sources, and they are also an inexpensive, clean source of energy. The solar panel, battery, enclosure, and charge regulator make up the majority of a solar power system.