The global vortex flowmeter market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing demand for multivariable vortex flowmeters. The development of a dual sensor and multivariable vortex flowmeters has reduced the effect of vibration and provided the ability to monitor both temperature and flow measurement using a single device. The use of multivariable flowmeters reduces the need for multiple devices for flow measurement, which provides an economical option to the end-user industries. In addition, the advances in technology have led to the use of resistance temperature detector (RTD) in multivariable vortex flowmeters, which provides high accuracy in flow measurement by overcoming challenges such as changes in process temperature. Hence, the increasing need for measuring steam flow has increased the demand for multivariable vortex flowmeters, which will drive market growth during the forecast period.
As per Technavio, the growing demand for smart vortex flowmeters will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vortex flowmeter market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global vortex flowmeter market: Growing demand for smart vortex flowmeters
A smart vortex flowmeter is an advanced flowmeter technology with additional analog input for energy or flow measurement. The major focus of smart vortex flowmeters is to provide an uninterrupted flow of information even in remote locations to deliver streamlined process control. These flowmeters are easy to install and also eliminate the need for inputs from discrete flow computers. Unlike conventional vortex flowmeters, smart vortex flowmeters use edge-computing technology with enhanced flow computer functionality. They can be connected with the help of HART connectivity communication protocols, which aid real-time monitoring in a remote configuration. These flowmeters are suitable for oil and gas, mining, power generation, and other industries. Furthermore, the increasing demand for smart vortex flowmeters is expected to encourage vendors to develop smart vortex flowmeters, which can cater to high flow rates applications with accurate flow rate data and minimize downtime in end-user industries.
Along with the growing demand for smart vortex flowmeters, the increased focus on accuracy and reliability in flow measurement process is another factor that is driving the growth of the global market. Vortex flowmeters have low due to limited moving parts, which, in turn, ensures improved performance for a longer duration. Also, their high accuracy in measuring the flow rate of medium property, such as conductivity and density, and low calibration requirement make them an efficient option for flow measurement in various end-user industries, says a senior analyst at Technavio.
Global vortex flowmeter market: Segmentation analysis
This market research report segments the global vortex flowmeter market by end-user (oil and gas industry; power industry; chemical and petrochemical industry; Food and beverage industry; and others), and geographical regions (Europe, APAC, North America, South America, and MEA).
Europe led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to high revenue contributions from several major end-users such as oil and gas, power, water and wastewater treatment, and food and beverage industries.
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- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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