According to a market study by Global Market Insights Inc., the global flow meter market  valuation will surpass USD 15 billion by 2032. Increasing pharmaceutical production in response to the COVID-19 pandemic, government efforts towards geographically diversifying semiconductor production, and ongoing expansion of the oil & gas and wastewater industries have been identified as some key growth-driving factors.

Flow meters are commonly used in high-revenue application avenues such as oil & gas, semiconductors, and pharmaceuticals among others. In the backdrop of post-COVID-19 healthcare and pharmaceutical sector consolidation efforts, the ongoing energy crisis and semiconductor shortage have created business conditions that are highly conducive for the growth of the flow mater market.

Flow Meters Market Report Coverage -

Listed below are brief overviews of some key factors shaping the flow meter industry growth:

Projected rise in oil & gas production and consumption

The oil & gas sector has been a prominent growth facilitator to the flow meter industry. These meters are extensively used across extraction platforms to calculate the volumetric flow rate or mass flow rate of the gases, fluids, and liquids being extracted. The recent energy crisis, which has been further exacerbated by the Russia-Ukraine conflict, has pushed many world governments to commission new fossil fuel exploration initiatives to protect their energy future. These conditions are likely to augment the demand for flow meters through 2032.

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According to the IEA, the demand for oil is globally set to rise to 101.9 mb/d in 2023, mainly driven by the Asia-Pacific region, as consumption resurges in China, which is freshly coming out of its strict zero-COVID policy-driven lockdowns.

Meanwhile, with air traffic picking up again following the reopening of international borders, Jet fuel or kerosene consumption is expected go up by more than 1.1 mb/d, reaching 7.2 mb/d, which is 90% of the 2019 levels.

Geographical diversification of semiconductor production capacities

As it did to several markets, the COVID-19 pandemic also had a severely negative impact on the global semiconductor industry. It was responsible for starting the semiconductor shortage in 2021, after South Korea and Taiwan were hit by numerous waves and variants. This constrained supply in such a significant manner that its far reaching impacts are holding back global economic recovery today.

To remedy this flaw and to make semiconductor production more resilient to future pandemics, many government agencies and industry players are taking efforts to both scale and diversify the manufacturing capacities. This is subsequently expected to benefit flow meter market by creating opportunities for a higher product demand from the sector.

Recently in March of 2023, Samsung Electronics announced plans to invest more than USD 230 billion to construct five new foundry and memory fabs in its home-country of South Korea. The move comes under the South Korean government’s ambitious vision of establishing a large-scale semiconductor hub on the outskirts of Seoul.

Meanwhile, back in 2022, the electronics giant had also floated the prospect of making an investment of over USD 200 billion in 11 new chip-making facilities in Texas through the next twenty years. Samsung made this announcement just before the US Congress passed the CHIPS and Science Act, which proposed a new funding of over USD 280 billion to boost domestic production and research into semiconductors.

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Rising pharmaceutical production in response to the COVID-19

Recent advances in technology and science have pushed the research-based pharmaceutical sector into a promising new era of medicines development. Pharmaceutical research methods are rapidly evolving, bring many lucrative prospects on the horizon, with industry-leading gene and cell therapies being more easily available.

In general, there are numerous direct opportunities for the use of flow measurement devices across all steps of the pharmaceutical manufacturing process, including raw material handling, API extraction, purification, fermentation, and production of active pharmaceutical ingredients.

With several global economies investing heavily towards their pharmaceutical independence to effectively tackle future pandemics, the need for flow maters for these purposes is likely to rise in a notable manner. According to the IBEF, the FDI inflows in the India’s pharmaceuticals and drugs sector have reached USD 19.90 billion between April 2000 and June 2022.

The three trends outlined above collectively hold enough momentum to impel the flow meter market into a period of strong growth through 2023-2032. Going ahead, the industry’s rising presence in the renewable energy sector is also likely to create strong revenue flows for the market.

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