The global magnetic flowmeter market is expected to witness growth over the forecast period owing to rising demand for measuring volume, mass, linear & non linear flow rate in the oil & gas sector. Several factors such as cost efficiency and ease of installation may surge industry demand. Its premium use for detecting flaws and impurities is anticipated to provide avenues for growth. In addition, increasing investment to develop better instrument due to updation of certain standard norms for impurities may also contribute towards future growth. Advancement in electromagnetic technology may produce more accurate products, which may further increase demand over the next seven years.
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Major developments in industry are introduction of two wire mag meter and battery controlled, wireless mag meter. These developments have resulted into several benefits such as low installation cost, increased application in non-intrusive measurement and less complexity to install the product in remote places, which may further increase demand. Easy maintenance of these products is also estimated to spur industry demand over the forecast period. Growing population and its high-end application in waste water treatment may also catalyze growth. Further, integration of magnetic flowmeter with Liquid Crystal Display (LCD) alarm indicator bubble detection is expected to reduce noise, which may surge demand over the foreseeable future.
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Increasing raw material cost and inability to assess non-conductive liquid including hydrocarbons is anticipated to pose key challenge to industry expansion over the next seven years. The products are increasingly used in several applications such as the water & waste water treatment, chemicals, oil & gas, food & beverages, pharmaceutical, pulp & paper and metal & mining industries. Chemical and pharmaceutical industries are expected to emerge as prominent application segments owing to high number of chemical industries in developing regions.
Europe may emerge as dominant market for the product. However, rising population in Asia Pacific region resulting into substantial requirements in waste water treatment plant may increase the regional market share considerably. North America is also expected to witness growth over the forecast period owing to shale gas & oil expansion.
Key industry participants include Honeywell International Inc., Emerson Electric Company, Azbil Corporation, Endress+Hauser AG, Siemens AG, Omega Engineering Inc., Yokogawa Electric Corporation, Krohne Messtechnik, ABB Ltd., GmbH and Hitachi Ltd
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