Research firm Coherent Market Insights has released a new report analysing the global market for intelligent flow meters. The report forecasts market growth of 5.1% between 2020 and 2027.
Revenue generation within the market is expected to reach $9.3 billion by 2027 as the demand for intelligent flow meters spikes owing to the need by various industries such as water and power generation seeking to accurately measure flow rate.
The players in the market are investing aggressively to manufacture innovative solutions and products to measure the flow rate of liquids, gases, and vapors. Technology companies within the market are increasingly integrating their offerings with Internet of Things capabilities, as the race to digitalisation intensifies and as smart metering becomes the standard in the metering segment. Technology firms are launching new and innovative products with new features and capabilities to strengthen their product portfolio or to gain a competitive edge in the market.
Factors such as growing populations, increasing urbanisation and the need to conserve resources are driving technological advancements within the market. Increasing emphasis on real-time data analysis and enhanced visibility is expected to provide major growth opportunities for the meters market.
Moreover, an increasing number of utilities are becoming aware of the benefits of using intelligent flow meters in regard to management of distribution networks and revenue collection. Intelligent flow meters are smarter, more accurate, and have a better diagnostic approach than traditional flow meters, hence more utilities are opting for them.