As per our research report, the global bulk flow meter for process control market size is estimated to be growing at a CAGR of 14% from 2023 to 2030.
To detect how much liquid, gas, or vapor is moving through a pipe or conduit, a flow meter (also known as a flow sensor) monitors linear, non-linear, mass, or volumetric flow rates. For many industrial applications, monitoring the flow of liquids and gases is essential because flow control is usually essential. Depending on the application, a variety of flow meter types can be used. At road and railcar tanker loading stations, bulk flow metering systems are suitable for top or bottom loading designs. The horizontal measuring device is easy to install in facilities with limited space due to its reasonable size. For high-speed fuelling on retail tank trucks or truck loading racks, bulk flowmeters are widely employed. Fuel meters are used for a variety of fuels, including kerosene, petrol, diesel, and heating oil. In many industrial applications, liquid flow monitoring is a necessity. In some operations, the ability to quantify flow accurately is essential and can be the difference between a profit and a loss. In other circumstances, adopting the wrong actions or not acting at all might have poor (or even devastating) consequences.
The market for flow meters was adversely affected by the COVID-19 outbreak. The lockdown has resulted in several limitations on foreign commerce, which has led to a shortage of raw materials in many countries. Bulk flow meter demand also declined as a result of the downturn in industrial activity, which resulted in negative growth for flow meters in 2020. A fall in consumer demand, issues with the supply chain, and trade restrictions led to a temporary halt in production in several end-use sectors, including oil and gas, paper and pulp, and chemicals. The effect was made worse by the drop in the price of oil and gas, the large supply-demand mismatch, the fluctuating market prices of raw materials, and the growing cost of those resources.
It is anticipated that the need for high-performance flow meters in the oil and gas and power generation industries would support the expansion of the flow meter market. These facilities need for flow meters with increased control, reliability, performance, precision, and compatibility with different monitoring methods. Participants in the market are making significant investments to deliver state-of-the-art goods and solutions to track the flow rate of liquids, gases, and vapors. They are mostly concentrating on the oil and gas sector.
Manufacturing facilities are emphasizing automation to reduce lead times, waste, and unplanned downtime. Rapid industrialization, the use of measuring technologies, and tool deployment are becoming more prevalent in the oil and gas sector and the production of electricity. The use of goods would be especially significant in the oil and gas, chemical, and petroleum refinery sectors given the recent finding of shale gas resources in North America, Europe, and the Asia Pacific. During the projected period, technological improvements in fields including wireless monitoring and control, advanced sensors, and digital readouts are expected to drive market expansion. More and more product makers are utilizing IoT sensors for smart metering solutions. In addition, industry players continually invest in R&D to produce distinctive products.
The building material and operational range affect flow meter pricing. Flow meters may be made from a variety of materials, including metal, polymers, and alloys. The price (MoC) of flow meters is determined by their operating range and construction type. Among other materials, metal, polymers, and alloys are employed in the fabrication of flow meters. Cost-increasing problems for flow meters include the difficulties OEMs have locating high-quality raw materials and managing supply schedules imposed by suppliers. The worldwide supply chain was disrupted by the COVID-19 pandemic, which affected the cost of raw materials. As a result, it is difficult to fulfill commitments, and manufacturers incur large losses.
Concerns about labor skills needed to operate smart systems and high initial costs connected to these cutting-edge technologies are a few of the obstacles that could limit the growth of the flow meter industry. In general, devices without moving parts require less maintenance than flow meters do. But eventually, all flow meters require some upkeep. Due to the sizeable pipes, valves, and fittings needed to link the primary elements to the secondary elements of differential pressure flowmeters, maintenance may be required often in these configurations. Because they can corrode or clog, impulse lines need to be cleaned or replaced. For flowmeters with moving components, regular inside examination is required, especially if the liquid being measured is viscous.
Based on the application, The oil and gas category is predicted to expand at the quickest rate with a CAGR of 6.6 % over the projected period. Additionally, it is anticipated that the growth of shale gas reserves would increase demand for the product in the oil and gas (O&G), chemical, and petroleum refinement industries.
Based on the region, the North American Bulk Flow meter for Process Control Market accounted for the maximum share of the global market. Continuous oil and gas exploration has increased the demand for flowmeters in this region. The bulk flow meter for the process control market in Asia-Pacific is predicted to develop at the quickest rate during the forecast period.
Companies playing a leading role in the global Bulk Flow meter for Process control profiled in this report are Honeywell International Inc., Siemens Group, Emerson Electric Co., ABB Ltd., Yokogawa Electric Corporation
For More Info, Request Sample Copy Of This Report @ https://virtuemarketresearch.com/report/bulk-flow-weter-process-control-market/request-sample
Analyst Support
Every order comes with Analyst Support.
Customization
We offer customization to cater your needs to fullest.
Verified Analysis
We value integrity, quality and authenticity the most.