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The global Thermal Flow Meter Market size is forecast to reach $880.5 million by 2027, growing at a CAGR of 6.52% from 2022 to 2027. The mass flow of clean gases including air, nitrogen, hydrogen, helium, ammonia, argon, and other industrial gases is typically measured with thermal flow meters because thermal flow meters with data loggers can monitor compressed air consumption and waste. In addition, for stack gas monitoring (flue gas) or air emission monitoring, thermal mass flow meters are utilized in conjunction with continuous emissions monitoring systems. This continuous emission monitoring systems are mainly used as chart recorders as they continuously record, collect and report the required data related to emission of gasses through transmitters. In addition, stringent government regulations and policies to check environment pollution is creating the demand for continuous emission monitoring systems thereby driving the thermal flow meter industry. Further, the thermal flow meter market is primarily driven by the growth of the oil and gas industry. Also, thermal flow meters growing demand from the water and waste management industry is boosting its demand, which is further accelerating the growth of the thermal flow meter industry outlook. Furthermore, demand for technologically advanced thermal flow meters by end user industries is creating new opportunities for various players in the market there by increasing the thermal flow meter market share in the forecast period 2022-2027.
Thermal Flow Meter Market Segment Analysis- By Type
Based on product, insertion thermal flow meter segment is analyzed to grow with the highest CAGR of 7.5% during the forecast period 2022-2027. Insertion thermal flow meter is a form of a temperature measurement instrument that measures heat transfer across a portion is an insertion thermal flow meter. It is ideal for high-pressure and high-temperature applications such as oil and gas, chemical, and other comparable sectors, whereas other types, such as portable thermal flow meters, can not be utilized for such applications. Also, the ease of installation is one of the primary benefits of the insertion-type thermal flow meter. Thus, these factors are playing a major role in increasing the demand for insertion flow thermal flow meters, which is further benefiting the segmental growth of the market.
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Thermal Flow Meter Market Segment Analysis- By End-Use Industry
The oil and gas sector is anticipated to witness the fastest growth in the global thermal flow meter market with a CAGR of around 7.7% during 2022-2027. Thermal flow meters are widely utilized in oil and gas applications since thermal mass flow technology directly detects the flow of gases at the molecular level, it has become an industry standard for gas mass flow control. Hence, making it ideal for oil and gas application. Moreover, in the oil and gas industry thermal flow meter is used along with flow chart recorders to track the temperature, pressure, and flow of oil and gas. Moreover, the expanding new facility development related to the oil and gas industry to increase the production related to oil and gas is further accelerating the market growth. For instance, in October 2021, North Dakota has approved preliminary funding for a US$2.8 billion gas-to-liquids (GTL) plant planned for Trenton in Williams County, North Dakota, U.S, with construction set to begin in 2023. Hence, such oil and gas facility development to increase the oil and gas production is anticipated to boost the thermal flow meter demand, thereby, propelling the thermal flow meter market growth during the forecast period.
Thermal Flow Meter Market Segment Analysis- By Geography
Asia-Pacific region accounted for the largest share of around 33% in the global thermal flow meter market in 2021 and is also anticipated to have significant growth during the forecast period. In the Asia-Pacific region, the industrial sector such as oil and gas, waste and water, and other such industries are growing, owing to this it is expected that the demand for thermal flow meters will increase, which will further expand the market growth. For instance, according to Invest India, Under the Sustainable Alternative Towards Affordable Transportation (SATAT) scheme, the Indian government intends to build approximately 5,000 compressed biogas (CBG) facilities by 2023. With this, the oil and gas industry will get the benefit of increased production and the demand will be created for thermal flow meters to measure and monitor the liquid and gas pressure. Also, according to International Trade Administration (ITA), during 2021-2025, China’s strong governmental support and investment focus will present chances in sewage pipeline maintenance, treatment of black and odorous water bodies, and development of wastewater treatment facilities in second and third-tier cities. Therefore, these government measures are supporting the growth the oil and gas, water and waste, and other such industries in the Asia-Pacific region, further boosting the thermal flow meter market size.
Thermal Flow Meter Market Drivers
Growing water and waste industry
The thermal flow meter is utilized in conjunction with the pressure filter during the water treatment process. It can be put in a variety of locations, such as the inlet and outflow of the pressure filter, to measure water flow during water treatment. As a result, thermal flow meters bring enormous value to the effective monitoring and management of the water treatment process. The construction of water filtration plants around the world is expanding, which is expected to increase the thermal flow meter demand to test the water pressure. For example, the construction of a water filtration plant in Nowgam village, India, is scheduled to begin in 2021; this project would offer clean drinking water to nearly 40,000 residents in four villages in the Anantnag region. Furthermore, the Rose Valley Water Treatment Plant in West Kelowna is set to open in 2021, providing safe drinking water to nearly 18,000 households. As a result of the increased development of water treatment plants, the demand for thermal flow meters is increasing, resulting in the expansion of the thermal flow meter market.
Increasing power generation industry
In power generation facilities thermal power meter is utilized for heat input and temperature measurements in the transmitters to determine the fluid flow. The increasing electricity needs across the world will drive the power generation industry, which in turn will fuel the demand for thermal flow meters hence, creating an opportunity for market growth. For instance, according to U.S. Energy Information Administration (EIA), in the year 2020, the global net electricity generation to the grid was 24,993 billion watts, and it has been projected that by 2025, this will increase to 28,164 billion watts, an increase of 12.7%. Thus, the expanding electricity generation will accelerate the demand for components such as transmitters and since transmitters require frequent measurements, this will create an opportunity for the thermal flow meter market growth during the projected forecast period.
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Thermal Flow Meter Market Challenges
Diminishing sensitivity, composition change, and other factors are limiting the market growth
The thermal mass flow meter has decreased sensitivity at high velocities, which affects the thermal flow meter’s performance and accuracy. Furthermore, any change in gas composition reduces the thermal flow meter’s accuracy. The sensor buildup increases the bulk, slows response time, and lowers the thermal flow meter’s accuracy. Accurate flow measurement in big air ducts is also difficult since the flow profile is determined by pipe diameter, which necessitates very long straight lines that are often unavailable in these circumstances. Hence, these factors limit the performance and accuracy of thermal flow meters, restricting the growth of the thermal flow meter market.
Thermal Flow Meter Industry Outlook
Product launches, Partnerships, and R&D activities are key strategies adopted by players in the market. Thermal Flow Meter top 10 companies include:
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