The new report by Expert Market Research titled, ‘Global Magnetic Flowmeters Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global magnetic flowmeters market assessing the market based on its segments like components, product, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.5%
The rising need for mass, volume, linear, and nonlinear flow rate measurement in the oil and gas sector is likely to drive the worldwide magnetic flowmeter market forward. Demand may also be boosted by cost effectiveness and convenience of installation. Because of its advanced capabilities and the criteria, the product margin is considerable, making it the most profitable type of flowmeter on the market. Mag meters are another name for magnetic flowmeters.
Magnetic Flowmeters Industry Definition and Major Segments
A magnetic flow meter is a type of flowmeter that is used to determine the volume of bulk fluid movement. It is appropriate for wastewater applications as well as any conductive or water-based dirty liquid and has no moving parts.
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The industry can be broadly categorised based on its components into:
• Magnetic Coils
• Transmitters
• Sensing Electrodes
• Non-Magnetic Flow Tubes
The industry can be divided based on its product as:
• In-Line Magnetic Flowmeters
• Low Flow Magnetic Flowmeters
• Insertion Magnetic Flowmeters
The industry can be divided based on its application as:
• Water and Wastewater
• Chemicals and Petrochemicals
• Power Generation
• Metals and Mining
• Oil and Gas
• Food and Beverages
• Pulp and Paper
• Pharmaceuticals
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Magnetic Flowmeters Market Trends
Magnetic flow meters are widely utilized in a variety of applications, including paper and pulp, chemical, electricity, wastewater treatment, and metal and mining. The need for magnetic flow meters is steadily expanding, as market participants in the current magnetic flow meter industry place a greater emphasis on volumetric flow and minimizing conductivity. During the projected period, research and development is expected to play a significant role in the growth of the worldwide magnetic flow meter market.
Low flow meters, in-line, and insertion type installations are among the most prevalent. While magnetic flow meters are generally used to measure volumetric flow, they are increasingly being employed to assess mass flow, which is expected to drive the worldwide magnetic flow meter market growth throughout the forecast period. One of the primary factors expected to contribute to the overall growth of the magnetic flow meter market during the assessment period is the growing demand from the mining industry to monitor slurry flow. Magnetic flow meter applications continue to expand across numerous sectors as a growing number of businesses competing in the current magnetic flow meter market environment continue to invest resources in research.
Key Market Players
The major players in the market are ABB Ltd, Azbil Corporation, Endress+Hauser AG, Emerson Electric Corporation, General Electric (NYSE: GE), Honeywell International Inc., KROHNE Messtechnik GmbH, OMEGA Engineering, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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