An intelligent flow meter, also known as a smart flow meter, is an electronic device that measures the volumetric flow of liquid in pipes. In addition to measuring the velocity of a fluid with ultrasound or other means, intelligent flow meters are used to compute liquid flow more accurately than ordinary flow meters. Intelligent flow meters are distinguished by the fact that they are unaffected by weather conditions or parameters like as density, viscosity, or temperature, resulting in reliable measurement readings. These meters emit an ultrasonic or laser beam into the flowing fluid, which is reflected back and causes the moving fluid to be displaced on the screen.
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The benefits of accuracy, stability, and dependability provided by intelligent flow meters, increasing demand for these flow meters in the chemicals and water & wastewater industries, and increased investments in industrial infrastructure activities are all driving the market forward.
Key Trends and Drivers
Intelligent flow meters offer a better diagnostic approach than standard flow meters, increasing demand for them. Intelligent or smart flow meters not only monitor a liquid’s or gas’s flow rate in real time, but also provide feedback for accurate flow rate control. Factors such as the type of fluid to be measured, the application for which measurement is made, and the technology employed are all taken into account while improving the accuracy of flow meters. This aids in maintaining the precision and stability of the liquid or gas flow according to velocity, as well as providing reporting in the event that the accuracy or stability is not up to par. This has led to adoption of intelligent flow meters in industrial applications that require high precision.
With the advancement of ultrasonic measurement technology, demand for intelligent flow meters is increasing at the same time, encouraging the market’s growth. Intelligent flow meters are widely implemented internationally due to the increased demand for precision in the oil and gas industry to calibrate fluids properly, fueling the growth of the intelligent flow meter market.
Flowmeters can be used at every stage of the water cycle to increase the efficiency and long-term sustainability of water supply, treatment, and distribution. Thereby, providing a solution to the problem of waste water treatment and reuse.
Restraints and Challenges
Since flow meters have major usage within Oil & Gas industries, their market growth is dependent on the investments flowing into new oil and gas projects, which are a dependent on oil price. Oil price was depressed for last number of years and was particularly impact by Covid resulting in lower growth of the market. However, oil price has since recovered due to energy crises fueled by Russia-Ukraine war though it remains to be seen whether this increase results in higher investments into oil and gas projects.
The high cost of coriolis and magnetic flow meters, is a major stumbling block to the market’s expansion. Furthermore, the poor accuracy and fragility of intelligent flow meters is a major issue limiting the global intelligent flow meter market’s growth.
COVID-19 was declared a pandemic by the World Health Organization (WHO), affecting practically all industries, including the Intelligent Flow Meter Market Industry. In this situation, the flowmeter market has also come to a halt. As a result, the flow meter product’s shipments have decreased, as have the market revenues generated from them. The market expansion encountered challenges throughout the first half of this pandemic year, and there was a dramatic reduction in market size. However, as the demand for flowmeter market products has grown, the worldwide Intelligent Flow Meter Market demand has climbed in the second half.
The Intelligent Flow Meter Market is segmented into Type, End Use Industry, Communication Protocol, and Region. On the basis of Type, the Intelligent Flow Meter Market is segmented into Variable Area, Differential Pressure, Positive Displacement, Coriolis, Magnetic, Vortex, Multiphase, and Ultrasonic. Based on End Use Industry, the market is segmented into Chemicals, Food & Beverages, Metals & Mining, Oil & Gas, Pharmaceuticals, Power Generation, and Water & Wastewater. Based on Communication Protocol, the market is segmented into HART, MODBUS, PROFIBUS, and Others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
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Some of the key players of Intelligent Flow Meter Market are Emerson Electric (US), Itron (US), ABB (Switzerland), Siemens (Germany), Honeywell International (US), Baker Hughes (US), Sierra Instruments Inc. (China), Endress + Hauser AG (Switzerland), Azbil Corporation (US), and Nidec Corporation (Japan).
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