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Process Automation to aid in Market growth of Vortex Flow Meters
According to research estimates, Vortex Flow Meters Market is predicted to witness CAGR to the tune of 4.5-5% during 2021-2031. The market for this product is expected to grow due to a focus on growth of end use industries such as food & beverages, chemicals and petrochemicals. Changing consumer preferences towards buying behaviours might have a substantial impact on the market growth.
What is Driving the Demand of the Device?
Due to the need for mass production, process automation has become a strong trend in the vortex flow meters market of late. The market is shifting towards Industry 4.0 norms, leading to the promotion and almost universal adoption of new technologies.
Recent developments to digitize flow meters have given a boost to process automation in vortex flow meters. The automation of processes necessitates the use of precise flow measurement tools in order to carry out effective manufacturing processes, so that the manufacturing is efficient and effective, which makes vortex flow meters an ideal tool.
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New Greenfield Investments from Prominent Manufacturers to Support Market Growth
The demand for advanced flow measuring technologies is rising in order to fulfill the requirements of prominent manufacturing organizations. This is expected to drive the global vortex flow meter market considerably.
For instance, the demand for metering devices from power generation, oil and gas companies, food and beverage companies, chemicals manufacturing units, etc. has witnessed a reasonable growth during the historical period and is expected to grow substantially in the forecast period too. Hence, this key factor is anticipated to push the global vortex flow meters market significantly.
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North America Demand Scenario
North America market growth is attributed by the focus on increase in applications of gas measurements, process control and coupled with growing demand from water and wastewater treatment. U.S. and Canada are expected to utilize the device extensively with different features, standards, and specifications. North America vortex flow meters market is expected to grow at a moderate rate in the forecast period.
Growing investment in renewable energy and surged support for sustainable energy has propelled the sales of this flow meters. Key development activities carried out by local as well as leading manufacturers will see a cumulative change in the market in terms of volume as well as value sales.
South Asia & Pacific Market Growth Outlook
In recent years, new and amended designs with digitalization and automation of the device have been bought in the market by several market players, on back of potential sales of vortex flow meter in the global manufacturers are announcing products that are manufactured to last and need low maintenance during the period of their usage.
The ASEAN countries also have abundant local manufacturers, and reveal high availability of aftersales, which mark them to a growth to a healthy extent.
Moreover, ASEAN countries hold more than 3% of market share in oil & natural gas production for 2019. Surging demand from upcoming as well as ongoing oil & gas contracts or projects in the region will have an excessive claim for the device, and will last to do so over the next years.
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Who are the Key Manufacturers and Suppliers of Vortex Flow Meters?
Some of the leading manufacturers and supplier of the device includes
- Badger Meter Inc.
- Emerson Electric Co.
- Endress+Hauser Management AG
- Siemens
- Schneider Electric
- Krohne Messtechnik