Thermal Mass Flow Meter Industry and COVID-19 Assessment News, 2020-2025
The Global flow meter market was valued at USD USD7.7 billion in the year 2019.
The rise in the transmission & distribution of gas by the growing number of new facilities has fuelled the growth of flow control systems. Manufacturers are focusing on innovating mass flow meter applications in food & beverage, thermal power plants and textile industries. However, the center of focus is growing number of gas exploration projects around the world.
Demand for thermal mass flowmeter is expected to rise during the forecast period, as it is a cost-effective technology and owing to its usage in various applications specific industries such as oil & gas and power sectors. Also, expansion of the energy industry across the globe is a key factor driving the global thermal mass flow meter market. Moreover, recent development of multi-path meters and rising demand for flowmeters for custody transfer applications are key factors fueling the global thermal mass flowmeter market.
However, world trade is expected to fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the globe. Regional outbreak, weaker global demand, financial market volatility and lower oil prices will undermine consumption, investment and exports and hampering many industries including the thermal mass flowmeter market, at least in the year 2020.
