The global magnetic flowmeters market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global magnetic flowmeters market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global magnetic flowmeters market size is the effectiveness of magnetic flowmeter in the process industry. The growing need for an uninterrupted production process and increasing labor cost have shifted the focus of end-users from mechanical flow measuring devices to electronic flowmeters. Some of the challenges faced by mechanical measurement devices included the accuracy and reliability of measurement and high maintenance costs. Thus, there is a high demand for magnetic flowmeters as they are effective in measuring thickened sludge and liquid with high solid content and heavy coating. Moreover, they are equipped with abrasion-resistant liners, which increase the effectiveness of measuring erosive fluids and slurry. The effectiveness of magnetic flowmeters is expected to boost their adoption in the process industry, thereby, fueling market growth during the forecast period.
As per Technavio, technological innovations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global magnetic flowmeters market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Magnetic Flowmeters Market: Technological Innovations
The magnetic flowmeters market has been witnessing significant technological advances over the last few years, which has led to the emergence of smart magnetic flowmeters. Smart magnetic flowmeters provide an uninterrupted flow of information, even in remote locations for better process control. These flowmeters are easier to install, and they also eliminate the need for flow computers. Smart flowmeters use edge-computing technology with enhanced flow computer functionality. Such advantages of smart magnetic flowmeters are expected to fuel their demand during the forecast period.
“Apart from technological innovations, other factors such as the increasing focus on preventive maintenance, and the rising public-private partnerships in wastewater industry will have a significant impact on the magnetic flowmeters market growth during the forecast period,” says a senior analyst at Technavio.
Global Magnetic Flowmeters Market: Segmentation Analysis
This market research report segments the global magnetic flowmeters market by end-user (water and wastewater, chemicals, mining and metals, food and beverages, and others), and geographic regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the magnetic flowmeters market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the magnetic flowmeters market in APAC can be attributed to several factors such as the strong industrial growth, and the rising demand for magnetic flowmeters due to increasing investments in the power, water, and wastewater treatment, and food and beverages industries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- 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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