Steam Flow Meters Market Size, Share, Growth, And Industry Analysis, By Type (Orifice Plate Flowmeters, Variable Area Flowmeters, Spring Loaded Variable Area Flowmeters, Direct In-Line Variable Area (TVA) Flowmeters, Ultrasonic Flowmeters, Vortex Shedding Flowmeters, Others) By Application (Chemical, Oil & Gas, Pharmaceutical, Power, Others) and Regional Forecast to 2028

Updated On: 13 November 2023

Report Overview

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The global steam flow meters market size was USD 519.43 million in 2022. As per our research, the market is expected to reach USD 763.92 million by 2028, exhibiting a CAGR of 6.64% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over. 

A steam flow meter is a device that measures the rate of steam flow in a pipe or duct. It is used in a variety of industries, including power generation, petrochemicals, and food processing, to accurately monitor and control steam flow rates. The flow meter helps to improve process efficiency, optimize energy usage, and ensure safety and compliance with regulatory requirements. There are several types of steam flow meters available, including differential pressure (DP) meters, vortex meters, and thermal mass meters. Each type has its own advantages and disadvantages, and the choice of meter will depend on the specific application requirements. Steam flow meters offer several benefits over other types of flow meters. They are highly accurate, with typical accuracies of +/- 1% of the measured value.

Steam flow meters are essential tools for accurately measuring and controlling steam flow rates in a variety of industrial applications. They offer high accuracy, repeatability, and a wide turndown ratio, making them suitable for a wide range of flow measurement applications. However, care must be taken to ensure that the meter is properly installed and calibrated, and that its limitations are understood and accounted for in the measurement process. The increasing demand for steam flow meters from industries such as oil and gas, chemical, and power generation is driving the growth of the market.

COVID-19 Impact: Lockdown Resulted in Slowdown of the Global Economy Hampered the Market Growth

The Covid-19 pandemic has had a significant impact on the steam flow meters market. The pandemic has resulted in a slowdown in the global economy, leading to a decline in industrial production and manufacturing activities. This has resulted in a decline in the demand for steam flow meters from end-use industries. However, the impact of the pandemic has not been uniform across all regions and industries. Some industries, such as healthcare and food processing, have experienced an increase in demand, which has led to an increase in the demand for steam flow meters. The pandemic has also led to an increased focus on remote monitoring and control of industrial processes, which has led to an increase in the adoption of wireless steam flow meters.

Latest Trends

"Increasing Adoption of Smart Steam Flow Meters to Boost the Market Development"

The steam flow meters market is witnessing several trends that are expected to drive the growth of the market in the coming years. One of the major trends is the increasing adoption of smart steam flow meters. Smart steam flow meters are equipped with advanced features such as wireless communication, remote monitoring and control, and real-time data analysis. These features enable better monitoring and control of steam systems, leading to improved efficiency, reduced downtime, and lower operating costs. Another trend is the increasing adoption of non-invasive steam flow meters. Non-invasive steam flow meters do not require any modification or interruption of the steam flow, leading to reduced installation and maintenance costs.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into orifice plate flowmeters, variable area flowmeters, spring loaded variable area flowmeters, direct in-line variable area (TVA) flowmeters, ultrasonic flowmeters, vortex shedding flowmeters, others. orifice plate flowmeters being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into chemical, oil & gas, pharmaceutical, power, others. chemical being the leading segment of the market by application analysis.

Driving Factors

"Increasing Demand from The Oil and Gas Industry to Drive the Market Growth"

The oil and gas industry are one of the major end-users of steam flow meters. Steam is used in various processes in the oil and gas industry, such as steam-assisted gravity drainage (SAGD) and enhanced oil recovery (EOR). The increasing demand for oil and gas, particularly in emerging economies, is driving the growth of the steam flow meters market. Additionally, the increasing adoption of steam as a cleaner and more efficient alternative to traditional fossil fuels is expected to boost the demand for steam flow meters.

"Growing Demand from The Power Generation Industry to Drive the Market Development"

The power generation industry is another major end-user of steam flow meters. Steam is used to generate electricity in power plants, and steam flow meters are used to measure the rate of steam flow in the boilers. The increasing demand for electricity, particularly in emerging economies, is driving the growth of the steam flow meters market. Additionally, the increasing adoption of renewable energy sources such as solar and wind power, which require steam for certain processes, is expected to boost the demand for steam flow meters.

Restraining Factors

"Increasing Competition from Alternative Measurement Technologies to Impede the Market Growth"

The increasing competition from alternative measurement technologies such as ultrasonic flow meters and vortex flow meters is negatively impacting the market. These measurement technologies offer advantages such as higher accuracy, wider measuring ranges, and lower installation costs, which are driving their adoption in various end-use industries. Additionally, the lack of standardization in the steam flow measurement industry is also a challenge, as it leads to inconsistencies in measurement accuracy and reliability.

Regional Insights

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"High Demand for Steam Flow Meters in The Oil and Gas and Power Generation Industries in North America to Bolster the Market Development in the Region"

The North American steam flow meters market is driven by the high demand for steam flow meters in the oil and gas and power generation industries. The increasing adoption of smart and wireless steam flow meters is also contributing to the growth of the market in the region. The United States is the major market in North America, owing to its strong presence in the oil and gas industry and the increasing investments in the development of shale gas.

The Asia Pacific steam flow meters market is expected to witness significant growth during the forecast period, driven by the increasing investments in the power generation and oil and gas industries in countries such as China, India, and Japan. The rapid industrialization and urbanization in these countries have led to a rise in demand for electricity, which is driving the growth of the power generation industry. Steam flow meters are widely used in power plants for the measurement and monitoring of steam flow, which is expected to boost the demand for steam flow meters in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled Players

• Rosemount (Emerson) (U.S.)
• Siemens (Germany)
• Tecfluid (Spain)
• ABB (Switzerland)
• Spirax Sarco (U.K.)
• Yokogawa (Japan)
• Sierra Instruments (U.S.)
• EMCO Controls (U.S.)
• Krohne (Germany)
• GE (U.S.)
• Systec Controls (U.S.)
• ONICON (U.S.)
• Aalborg Instruments (Denmark)
• Endress+Hauser (Switzerland)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.