According to a new report from Flow Research, the global flowmeter market is recovering from a drop that occurred during the coronavirus pandemic’s peak. As the economy regains its footing and rising oil and gas prices drive exploration and production, the flowmeter market is now healthy and heading upward.
Oil price swings have historically influenced the global flowmeter market’s size, which have now risen substantially. The market was worth $7.03 billion in 2019 and $6.6 billion in 2020, according to a recent Flow Research report, with revenues expected to reach $6.9 billion in 2021 and $8.2 billion by 2024. The revenue leaders in the flowmeter market are coriolis and magnetic flowmeters, with coriolis meters expected to have a much stronger position in the market by 2024, owing to increased need for more precise custody transfer in the oil and gas industry.
Customers are switching to new-technology meters in some circumstances as a result of user demands for enhanced accuracy, dependability and managed network capabilities. Product advances in both new and traditional flowmeters are contributing to the global market’s upward trend. These advancements include modern materials for meter parts or liners, extra line sizes, better accuracy and broader flow ranges. Additionally, advancements in technology like wireless monitoring and control, sophisticated sensors, and digital readouts are expected to boost market expansion. Smart metering solutions are increasingly using smart metering sensors to collect data automatically and remotely. The market is predicted to increase at a large rate from 2021 to 2028 as a result of such technical advancements in products.