Witness consistent growth in Global flow meter marketfrom 2020 to 2025
Global flow meter market was valued at USD7.7 billion in 2019 and is expected to decline in 2020 due to the negative effect of COVID-19. Major manufacturing industries have temporarily stopped their operational activities across the globe. This disruption is likely to impact the global flowmeter market, which is consequently expected to face more than 25% decline in 2020. Nevertheless, the global flowmeter market is expected to recover from 2021 onwards and witness consistent growth until 2025. Huge investments in refining, chemicals, energy & power industries, growing industrial infrastructure activities and rapid urbanization will significantly contribute to enhance the demand for flow meters across the globe.
Global flowmeter market can be classified based on type, end-use and region. The ultrasonic flow meter is the fastest-growing segment of the flowmeter market on account of their low maintenance and reliability. These meters are accurate and can be used for custody transfer of petroleum and natural gas.
In terms of region, Asia-Pacific is the largest flowmeter market, with a share of nearly 40% in 2019, and the region’s dominance is anticipated to continue over the next five years as well, due to the rising demand from major developing economies, especially China and India. The power sector of China is one of the largest markets in the region, which is expected to positively influence Asia-Pacific flow meters market through 2025.
