Magnetic Flowmeter Market Size, Share, Growth Analysis, By Application(Metal & Mining, Chemicals, Oil & Gas, Food & Beverage), By Type(electric, solar and battery-powered), By Region - Industry Forecast 2024-2031

Magnetic Flowmeter Market size was valued at USD 8.87 billion in 2022 and is poised to grow from USD 9.38 billion in 2023 to USD 14.61 billion by 2031, growing at a CAGR of 5.70% in the forecast period (2024-2031).

The market is anticipated to increase over the course of the forecast period as a result of the rising demand for flow rate measurement in O&G management applications worldwide. Over the projection period, additional industries like water and wastewater, power generation, and pulp and paper will also start to utilize measurement technology and instruments more widely.

Due to the recent discovery of shale gas deposits in North America, Europe, and the Asia Pacific, the adoption of goods would be particularly significant in the oil and gas, chemical, and petroleum refinery industries. As smart measurement solutions have been introduced as a result of IoT integration, it is anticipated that demand for intelligent systems would rise in the near future. Because of the Coriolis flowmeter's improved smart capabilities to measure the rate more precisely, it is predicted that demand for them will rise.

The market's participants are actively investing in order to deliver cutting-edge products and solutions to measure the flow rate of liquids, gases, and vapours. They are mostly focusing on the oil and gas industry. Additionally, one of the major applications generating fruitful potential for Coriolis and ultrasonic flowmeters is custody transfer in the oil and gas industry. The instruments are simple to maintain, lowering maintenance costs, which may be a key growth factor over the forecast period. Water scarcity and rising population in countries such as China and India may result in significant growth in the water treatment industry, opening up new opportunities in the near future. Several suppliers are incorporating cutting-edge technology into their products, such as an adhesion diagnostic level function that monitors the working condition of electrodes.

US Magnetic Flowmeter Market is poised to grow at a sustainable CAGR for the next forecast year.