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Magnetic Flowmeter Market Size - By Type (In Line Magnetic Flowmeter, Insertion Magnetic Flowmeter, Low Flow Magnetic Flowmeter), By Capacity (Low, Mid, High), By Application, By Distribution Channel & Forecast, 2024 - 2032


Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery

Publisher : MIR | Format : PDF&Excel

Magnetic Flowmeter Market Size - By Type (In Line Magnetic Flowmeter, Insertion Magnetic Flowmeter, Low Flow Magnetic Flowmeter), By Capacity (Low, Mid, High), By Application, By Distribution Channel & Forecast, 2024 - 2032

Magnetic Flowmeter Market Size

Magnetic Flowmeter market was valued at USD 1.39 billion in 2023 and is estimated to grow at a CAGR of 4.7% from 2024 to 2032. With increasing industrialization across sectors like oil and gas, chemicals, water and wastewater treatment, pharmaceuticals, and food and beverages, there is a rising demand for accurate and reliable flow measurement solutions. Magnetic flowmeters find extensive applications in these industries for monitoring and controlling fluid flow rates, thereby driving market demand.

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The integration of magnetic flowmeters with digitalization and IoT (Internet of Things) technologies enables real-time monitoring, data analytics, and remote diagnostics capabilities. End-users leverage digital flow measurement solutions for predictive maintenance, asset optimization, and process automation, driving the adoption of magnetic flowmeters in smart manufacturing, Industry 4.0, and digital transformation initiatives. Regulatory mandates and industry standards, such as ISO 9001, ISO 14001, and FDA regulations, require accurate flow measurement and monitoring in various industrial processes. End-users invest in magnetic flowmeters to comply with regulatory requirements, ensure product quality, and maintain operational efficiency, driving market demand for flow measurement solutions that meet stringent regulatory standards.

Magnetic Flowmeter Market Report Attributes
Report Attribute Details
Base Year 2023
Magnetic Flowmeter Market Size in 2023 USD 1.39 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 4.7%
2032 Value Projection USD 2.09 Billion
Historical Data for 2021 - 2023
No. of Pages 487
Tables, Charts & Figures 428
Segments covered Type, Capacity, Application, Distribution Channel, Region
Growth Drivers
  • Preference for technological advancement solutions
  • Stringent environmental laws and regulations
  • Growing use of magnetic flowmeter in diverse range of industries
Pitfalls & Challenges
  • Higher initial costs as compared to other flowmeters
  • Presence of wide range of alternatives

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Higher initial costs compared to alternative flowmeter technologies pose a significant challenge for the magnetic flowmeter market. While magnetic flowmeters offer advantages such as accuracy, reliability, and suitability for a wide range of applications, their upfront investment can deter potential adopters, particularly in industries with limited budget constraints or cost-sensitive projects. End-users may opt for cheaper alternatives, such as mechanical meters or turbine flowmeters, to minimize capital expenditures, despite potential compromises in performance or longevity.

Moreover, the magnetic flowmeter industry faces the challenge of competing against a wide range of alternative flow measurement technologies available in the market. Depending on specific application requirements, end-users may consider various flowmeter options, including ultrasonic, vortex, positive displacement, and differential pressure flowmeters, each offering distinct features, benefits, and cost considerations.

Magnetic Flowmeter Market Trends

There is a growing demand for wireless magnetic flowmeter solutions that offer flexibility, ease of installation, and remote access capabilities. Wireless connectivity enables seamless integration with control systems, SCADA networks, and IIoT platforms, allowing for remote monitoring, data logging, and diagnostics without the need for physical wiring. Magnetic flowmeter manufacturers are developing smart flowmetering solutions with advanced features such as self-diagnosis, adaptive signal processing, and automated calibration.

Smart flowmeters offer enhanced accuracy, reliability, and self-monitoring capabilities, reducing the need for manual intervention and maintenance while improving overall system performance. With growing concerns over water scarcity, aging infrastructure, and regulatory compliance, there is an increased demand for magnetic flowmeters in water and wastewater management applications. Magnetic flowmeters offer accurate, reliable measurement of water flow rates, facilitating efficient water distribution, leakage detection, and water conservation initiatives.

Magnetic Flowmeter Market Analysis

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Based on material, the in line magnetic flowmeter segment accounted for over USD 600 million in 2023 and is expected to reach USD 900 million by 2032. In-line magnetic flowmeters are known for their high accuracy and reliability in measuring flow rates of conductive liquids. Industries with stringent accuracy requirements, such as water and wastewater treatment, food and beverage processing, and pharmaceutical manufacturing, demand in-line magnetic flowmeters for precise flow measurement and process control.
Insertion magnetic flowmeters offer a cost-effective alternative to in-line magnetic flowmeters for applications where full-pipe installation is not feasible or economical. Low-flow magnetic flowmeters offer high precision and sensitivity in measuring low flow rates of conductive liquids, making them ideal for applications with low-flow requirements, such as laboratory research, pharmaceutical production, and chemical dosing processes.

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Based on capacity, the mid capacity magnetic flowmeters segment held the dominant market share of 46% in 2023. Mid-capacity magnetic flowmeters are deployed in water distribution networks, municipal water supply systems, and irrigation networks for measuring water flow rates, detecting leaks, and optimizing water distribution. Their accuracy, reliability, and versatility make them essential instruments for ensuring efficient water management and conservation. Low-capacity magnetic flowmeters are used in medical diagnostic equipment, such as infusion pumps, dialysis machines, and blood analyzers, for monitoring and controlling fluid flow rates in healthcare settings.

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North America magnetic flowmeter market size surpassed USD 300 million in 2023 and is expected to reach USD 400 million by 2032. The oil and gas industry in North America relies on magnetic flowmeters for various applications, including crude oil and natural gas production, pipeline transportation, refining, and petrochemical processing. The chemical and petrochemical industry in North America utilizes magnetic flowmeters for measuring flow rates of corrosive chemicals, solvents, and hydrocarbons in production processes, storage tanks, and distribution networks. North America faces challenges related to aging water infrastructure, water scarcity, and stringent environmental regulations, driving the demand for advanced flow measurement solutions in water and wastewater management.

Magnetic Flowmeter Market Share

Magnetic Flowmeter industry seem to be highly fragmented in nature due to presence of local and global players across the globe. In 2023, the market players such as ABB Ltd., Emerson Electric Co., Siemens AG, Krohne Group, Yokogawa Electric Corporation, Endress+Hauser AG, Honeywell International Inc., Schneider Electric SE collectively held around 15%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.

Magnetic Flowmeter Market Companies

Major players operating in the magnetic flowmeter industry are

  • ABB Ltd.
  • Azbil Corporation
  • Badger Meter, Inc.
  • Brooks Instrument LLC
  • Emerson Electric Co.
  • Endress+Hauser AG
  • Fuji Electric Co., Ltd.
  • Honeywell International Inc.
  • Krohne Group
  • McCrometer, Inc.
  • Omega Engineering, Inc.
  • Schneider Electric SE
  • Siemens AG
  • Tianjin U-ideal Instrument Co., Ltd.
  • Yokogawa Electric Corporation

Magnetic Flowmeter Industry News

  • In March 2023, ATO Flow Meter, a global leader in flow measurement technology, announced the official launch of two new products as part of the company's lineup - a magnetic flow meter and an ultrasonic flow meter.
     
  • In September, 2022, Yokogawa Electric Corporation (TOKYO6841) announced the release of the OpreXTM Magnetic Flowmeter CA Series. The product series succeeded the ADMAG CA Series and was released as part of the OpreX Field Instruments family.

Thos magnetic flowmeter market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion)(Million Units) from 2021 to 2032, for the following segments

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Market, By Type

 

  • In Line Magnetic Flowmeter
  • Insertion Magnetic Flowmeter
  • Low Flow Magnetic Flowmeter

Market, By Capacity

  • Low (upto 2 mps)
  • Mid (2-6mps)
  • High (6-10mps)

Market, By Application

  • Water and wastewater
  • Oil & Gas
  • Chemicals & Petrochemicals
  • Food and Beverage
  • Pharmaceuticals
  • Others (Power, Paper & Pulp)

Market, By Distribution Channel

  • Direct
  • Indirect

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )