$9 Billion Flow Meter Market
2019-05-29
According to the latest research by IMARC Group,the market reached a value of US$ 6 Billion in 2017. Looking forward, the market is expected to reach a value of US$ 9 Billion by 2023, exhibiting a CAGR of around 6.8% during 2018-2023.
Over the years, there has been a significant expansion in the mining and oil extraction sector which has majorly contributed to the adoption of the flow meters. Apart from this, the increasing demand for flow rate measurement in water and wastewater management applications is also driving the market across the globe.
Another major factor contributing to the growth of the market is the introduction of new flow meter technologies. Digital meters, magnetic flow meters, ultrasonic meters, and Coriolis meters are some of the different types of advanced flow meters available in the market.
In addition to this, due to rapid industrialization and urbanization across the emerging nations, the demand for flow meters is projected to experience high growth in these regions. Besides, technological advancement aimed to enhance the accuracy and reliability of flow meters will also drive the market in the coming years.