Market Trends of Intelligent Flow Meter Industry
This section covers the major market trends shaping the Intelligent Flow Meter Market according to our research experts:
Food and Beverages Industry to Witness the Highest Growth
- Raw material measurement and control are crucially significant in the food and beverage manufacturing business. Flow meters for the food industry reduce costs while increasing output. In the food sector, specific processes necessitate sanitary conditions. These include dairy goods, wine, drinks, syrup, chocolate, edible oil, etc. Food-grade automation equipment is required in the food and beverage industry. Ascertain hygienic and safe conditions. The equipment can be sterilized without disassembly using a food-grade flow meter.
- Food grade flow meters can be used to measure edible oil. Many steps in the edible oil manufacturing process necessitate the use of a flow meter to measure the volume and weight of oil flowing out of the pipeline. Flow meters are required for data on the crude oil that is originally refined and the essential oil that is finally refined by companies that produce and process edible oils.
- The beverage industry includes beer, fruit juice, etc., and the flow of big pipes is usually measured with electromagnetic flowmeters. It can be precisely quantified in a large beverage manufacturing facility. Similarly, these meters are also used in breweries, syrup manufacturing, and so on.
- Many industries are going to significant lengths to identify production-enhancing insights from data in the advent of Industry 4.0. These insights aid in enhancing operational efficiency, increasing uptime and lowering maintenance costs, and acceptance in the food and beverage industry. This is bolstering the demand for intelligent flow meters in the food and beverage industry.
- In May 2021, Ecolab Inc., the prominent in water, hygiene, and infection prevention solutions and services, launched Water Flow Intelligence, a digital tool that offers industry real-time awareness of water usage at the enterprise, site, and asset levels. Water Flow Intelligence combines smart water meters and sensors with advanced water flow measurement and monitoring, asset performance insights, and machine learning to help food and beverage producers identify opportunities to improve water management across their operations, meet sustainability goals, and reduce operational costs.
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Asia Pacific to Emerge as the Fastest Growing Market
- The Asia Pacific region is expected to continue occupying a significant share of the flowmeter market. Countries such as China, India, Japan, South Korea, Indonesia, Australia, and Singapore continue to impact the global market significantly. The number of investments in water & wastewater, energy and power, refining, chemicals, and industrial infrastructure activities is increasing in the developing economies such as China and India, which drives the demand for integration of IoT, which requires the implementation of intelligent flow measurement solutions for accurate and cost-effective measurement of liquid, gas, or steam flowing through or around the flow meter sensors.
- Japan has been a pioneer in transforming into an automated industrial economy in the Asia-Pacific region. The Industrial version 4.0 is being adopted at a faster pace. The region has emerged as a significant manufacturing hub for automation and digital solutions and is also supplying them to other markets in the Asia-Pacific region alongside international markets.
- India holds the potential to emerge as a global manufacturing hub, with an annual contribution to the global economy of more than USD 500 billion by 2030. Natural gas output climbed by 18.9%, coal by 18.7%, petroleum refinery output by 6.7%, fertilizers by 0.5%, steel by 9.3%, cement by 21.8%, and electricity by 9% in July 2021.
- The cumulative FDI inflows, between April 2000 and June 2021, into manufacturing subsectors, reached USD 100.35 billion, according to the Department for Promotion of Industry and Internal Trade (DPIIT). India received total foreign direct investment (FDI) inflows of UD$ 81.72 billion in FY21, up 10% Y-o-Y. Therefore, the growing manufacturing sectors in the region, alongside the significant adoption of automation, are analyzed to boost the intelligent flow meters market growth rate during the forecast period.
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