Albany, NY -- (SBWIRE) -- 02/09/2017 -- The petrochemicals industry and its refineries from around the world are currently under the scanner for both efficiency improvement and emissions that can harm the environment. The regulations that control these factors are strengthening and as a result, the industry is calling for advanced flow meters to perform the required tasks with greater ease and high accuracy.

Apart from that, the manufacturers of flow meters are also finding better opportunities through the introduction of advanced flow meters to the market and the increasing amount of investments made into capital projects.

However, the flow meter market is still considerably hampered by the lack of skilled labor that can efficiently operate the advanced devices. Additionally, there is a major lack of specialized equipment that is needed to calibrate meters in the industries of aerospace, water management, and agriculture.

The revenue generated in the global flow meters market is expected to progress at a CAGR of 9.5% from 2015 to 2021. By the end of 2021, its revenue is expected to reach US$9.61 bn.

The key application industries of flow meters are the petrochemical and refining industries and the water management industry. Both industries already have a large presence in Asia Pacific and are expected to expand even further at an accelerated pace.

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China, Japan, and India are largely responsible for the rapid increase in flow meter demand over the recent years due to their rapid rates of industrialization. Additionally, the manufacturers of advanced flow meters are also benefitting from the large scale replacement of positive displacement flow meters with smart meters in multiple application industries. Another Asia Pacific industry expected to ramp up its demand for smart flow meters is food and beverages for food processing purposes.

By the end of 2021, Asia Pacific is expected to take up 39.4% of the total market value.

Water Management Holds Key Opportunities for Flow Meter Manufacturers

A large number of advanced and smart flow meters are getting introduced into the market currently. It is significantly improving the demand for flow meters in wastewater management facilities and even achieving an optimistic rate of investments on capital projects.

By the end of 2021, the share of water management flow meters in the overall market will by 15.8%. While it is a reduction in share since its 2014 value, there is a considerable growth in the size of the market. At the same time, even with the reduction in revenue share, flow meters for water management are expected to lead the market as an application group.

Wastewater management is a high priority industry in most regions owing to the rapid consumption and depletion of potable water. Flow meters are used to perform crucial tasks in wastewater management, such as dosing during water purification and the abstraction of water. Therefore, a growing demand for wastewater management will consequently apply a higher demand for flow meters.