Global flowmeter market report released

According to the report, the global flowmeter market reached a value of US$6 billion in 2017. Owing to the below factors, the market is further expected to reach a value of US$9 billion by 2023, growing at a CAGR of 6.8% during 2018 - 2023.

The demand for flowmeters has been primarily influenced by developments in major end-use industries. Over the last few years, several mining and oil refining facilities have witnessed an expansion worldwide, driven by enhanced demand for minerals and petrochemicals. Another major factor facilitating the market growth is the introduction of new flowmeter technologies. Digital meters with improved accuracy and response rate along with self-diagnostic features and latest communication protocols have been replacing conventional flowmeters, boosting the market growth.

The report has segmented the global flowmeter market on the basis of key applications, covering residential, industrial and commercial sectors. Currently, the residential sector is the largest application area, accounting for the majority of the total share.

Based on types, analogue flowmeters dominate the market, followed by smart flowmeters.

The market is also segmented on a regional basis, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, North America represents the largest market, followed by Europe.

An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are ABB Group, Emerson Electric, Siemens, Schneider Electric and Saison Information Systems Co., Ltd.

Read the article online at: https://www.worldpipelines.com/equipment-and-safety/16042018/global-flowmeter-market-report-released/