Rising demand for measuring mass, volume, linear & non linear flow rate in the oil & gas sector is expected to be a key driver for the global magnetic flowmeter market growth. In addition, cost efficiency and ease of installation may also catapult demand. Advance capabilities with aforementioned factors make the product margin high, making it the largest type of flowmeter market by revenue. Magnetic flowmeters are also referred to as mag meters.
Magnetic flowmeter is an instrument which can measure water-based or conductive volumetric flow including pulp & paper slurries and black liquor. It is also used in detecting flaws and impurities, which is expected to provide avenues for market growth over the next seven years. In addition, development and updation of certain standard norms for impurities may instigate manufacturers to develop better instrument, thereby contributing towards future growth. Advancement in electromagnetic technology is expected to make the product better and more accurate, which may further increase demand. Continuous technological improvement has resulted into introduction of two wire mag meter that utilizes available power from the loop-power supply, which reduces wiring costs resulting into low installation cost. Furthermore, their application in non-intrusive measurement may also increase the industry demand. Development of battery controlled and wireless mag meter is also expected to drive the future market growth. This improvement has reduced complexity involved in installment of instrument at remote places. It is ideal for applications where low maintenance and low pressure drops are required. The instruments are easy to maintain, thereby reducing the maintenance cost which may also be key growth factor over the forecast period. Water shortage and growing population in countries such as China and India may result into substantial growth in water treatment industry, thereby providing avenues for growth over the foreseeable future. Several suppliers are integrating advanced technology to their products, for instance an adhesion diagnostic level function in the product that monitors the working condition of electrodes. This further increases their application level, which may spur demand. Mag meters when equipped with LCD alarm indicator bubble detection may reduce noise, which may further catalyze the industry demand.
Inability to measure non conductive liquids such as hydrocarbons is expected to be a main challenge to the industry expansion. Mag meters are classified into in-line, insertion and low flow magnetic flowmeter. Rising raw material cost may also pose a challenge to industry growth over the next seven years. The products are increasingly used in several applications such as water & waste water treatment, chemicals, oil & gas, food & beverages, pharmaceutical, pulp & paper and metal & mining industries. They are increasingly used in the water & waste water treatment and oil & gas industry. Chemical and pharmaceutical industries are expected to emerge as prominent application segments owing to high number of chemical industries in developing regions.
Europe remains the largest market; however due to increasing requirements in waste water treatment plants, Asia Pacific may gain considerable share over the foreseeable future. Middle East & Africa region may also witness high growth due to substantial rise in the oil & gas industry. Shale gas & oil expansion in North American region is also expected to impel demand over the forecast period.
Key industry participants include Emerson Electric Company, Honeywell International Inc., Endress+Hauser AG, Azbil Corporation, Omega Engineering Inc., Siemens AG, ABB Ltd., Yokogawa Electric Corporation, Krohne Messtechnik GmbH and Hitachi Ltd. The industry is witnessing merger, partnership and acquisitions among the prominent players in order to establish themselves as key suppliers. New product development is expected to be centered on sanitary applications due to rising need for waste water treatment.