Global Flowmeter market growth 2024, Forecast To 2033

The flowmeter market has experienced rapid growth, progressing from $9.02 billion in 2023 to $10.03 billion in 2024, showcasing a compound annual growth rate (CAGR) of 11.2%. The historic period attributes this growth to an increased emphasis on process optimization and efficiency in industries, a rise in the demand for measurement and monitoring of fluids, the expansion of process industries such as oil & gas, chemical, and petrochemical, the adoption of automation and instrumentation in industrial processes, and a focus on water resource management and conservation. Expectations for continued strong growth are set at $14.44 billion in 2028, with a CAGR of 9.5%. This growth is associated with the demand for non-invasive and clamp-on flow measurement technologies, the integration of flowmeters in IoT and Industry 4.0 applications, the adoption of flowmeters in biopharmaceutical and life sciences industries, the growth in renewable energy sources and biofuels production, and increased investment in research and development for next-generation flow measurement. Key trends in the forecast period include the use of ultrasonic flowmeters for non-invasive measurement, integration with industrial Internet of Things (IIoT), the incorporation of advanced sensor technologies for improved accuracy, wireless and battery-powered flowmeters, and a focus on smart diagnostics and predictive maintenance.