The global Magnetic Flowmeter Market is poised to reach $3.1 Billion by 2026, advancing at CAGR 4.4% during the forecast period 2021-2026. Magnetic Flowmeters are used for flow measurmeent of liquids or liquid slurries and works on Faraday’s Law of Electromagnetic Induction to determine the velocity of liquids in a pipe. The demand for electromagnetic Flowmeter increases in recent years across various industries such as mining, oil & gas and so on to monitor specific pipeline to ensure optimal functionality of Magnetohydrodynamics , act as a major driver for the growth of the market during the forecast period. Moreover, pharmaceutical and food & beverage industries need high sanitation, thus various sensors are incorporated with magnetic flowmeter to obtain the desired outcome, boost the demand for Magnetic Flowmeters.
Magnetic Flow meter Market Segment Analysis - by Product Type
By Product Type, the In Line Magnetic Flowmeter Market dominated the segment with a share of 46.2% in 2020. Many countries are facing water scarcity issues, thus pushing the countries to invest in water sustainable projects. This led the manufacturing companies to manufacture a new monitoring source to manage water management, thus boost the demand for magnetic flowmeter over the forecast period. In February 2020, McCrometer Inc, an international leader in flowmeter manufacturing, announced the launch of McMag 2000 Magnetic Flowmeter, designed primarily for water management industries and best fitted for applications such as well monitoring and surface water management.
Magnetic Flow meter Market Segment Analysis - by Application
By Application, the Magnetic Flowmeter Market is segmented into Water & wastewater treatment, Chemicals, Oil & Gas, Food & Beverage, Pharmaceutical, Metal & Mining and Others. Water & wastewater treatment in Magnetic Flowmeter segment is growing at a CAGR of 6.8% during the forecast period 2021-2026. In Wastewater treatment plants, Magnetic Flowmeters are used to measure treated and untreated sewage, chemicals and raw water. Population growth, economic development and urbanization are the factors that generate more volume of wastewater. As the demand for wastewater treatment increases owing to environmental regulations, many countries are investing lump sum amount on setting up new wastewater treatment plants.
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Magnetic Flowmeter Market Segment Analysis - by Geography
APAC dominated the Magnetic Flowmeter Market by a market share of more than 34% in 2020, owing to increasing water and wastewater management plants. Increasing population and water scarcity issues are the primary factors that lead to the rise of growing water management plants, thereby boosting the demand of magnetic flowmeters. According to Water Environment Partnership in Asia, improvement in water environment can only be done by providing necessary information and knowledge for the enactment of water environment governance. Furthermore, According to Israel’s Ministry of Strategic Affairs & Public Diplomacy, nearly 90% of wastewater in Israel is recycled and thus making Israel, the world leader in water recycling in 2020.
Magnetic Flow meter Market Drivers
Growing adoption of Magnetic Flowmeter for mining and mineral processing applications
As mineral processing technology is rapidly evolving, mining companies are adopting Magnetic Flowmeter to measure process water, process slurry flow and heavy media flow with certain liners to decrease abrasion. The Magnetic Flowmeter is extremely essential to fulfill environmental protection regulations as it measures the volume of pulp going into the dump. In December 2019, Emerson Electric Co introduced Emerson’s Rosemount MS Slurry Sensor with the Rosemount 8782 Slurry Transmitter is a slurry magnetic flowmeter, specially designed for high noise and slurry applications in mining as well as pulp & paper industries. Slurry Magnetic Flowmeter helps in product quality improvement, reduction in raw material cost and minimization of waste.
Growing adoption of Magnetic Flowmeter for irrigation applications
Adoptions of Magnetic Flowmeters are gaining popularity in irrigational applications. Compared to other flowmeters, Magnetic Flowmeter provides greater enhanced accuracy and repeatability throughout their operation life with uncertainty of _+ 1% reading. As there is no moving part, they do not suffer from problems such as wear and tear, minimizing maintenance and require no upstream strainers to filter out sediments. Certain linings such Ceramic linings are chosen for further protection against abrasive flows. Magnetic Flowmeters helps in minimizing the piping of the meters which in turn reduce the time and cost of installation. In May 2020 McCrometer Inc, an international leader in flowmeter manufacturing, announced the expanded line size of existing products i.e. Wafer Style Dura Mag and Ultra Mag Magnetic Flowmeters. Wafer Style Dura Mag is designed with 2- and 3-inch line sizes and is ideal for drip irrigation, surface water and other agricultural flow applications. Hence these factors drive the market growth.
Magnetic Flow meter Market Challenges
Incapability to measure non-conductive fluids
Though Magnetic Flowmeter has lot of diverse benefits but its inability to measure non-conductive fluids is the major restraining factor for the growth of the market. It can only measure the liquid flow rate of conductive medium and cannot measure the flow rate of non conductive medium such as hydrocarbons for heat treatment. Moreover installation and commissioning of magnetic flowmeter is much more complex than other flow meters. Hence these factors decelerate the market growth during the forecast period.
Magnetic Flow meter Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Magnetic Flowmeter Market. The top companies in the Magnetic Flowmeter Market are Emerson Electric Co, Endress + Hausan AG, ABB Ltd, Krohne Messtechnik GmbH, Badge Meter Inc, General Electric Co, McCrometer Inc, Honeywell International Inc, Toshiba Corporation and Siemens AG.
Acquisitions/Technology Launches
In March 2021, Krohne Messtechnik GmbH, a leader in global manufacturer of flowmeters, announced the launch of new AF-E400 Ultra-Compact Magnetic Flowmeter, specially designed for utilities and industrial automation. It is perfect choice for applications with conductive fluids in tight spaces.
In August 2020, McCrometer Inc, global leader in manufacturing flowmeters, announced the launch of telemetry offering for their existing magnetic flowmeters to fulfill the increasing demand for magnetic flowmeters with telemetry services. Telemetry services enable a user’s magnetic flowmeter to send the flow rate and totalize data to the user, thereby obstructing the need to visit the flowmeter to record data and manage water usage.
Key Takeaways
The top companies in the Magnetic Flowmeter Market are Emerson Electric Co, Endress + Hausan AG, ABB Ltd, Krohne Messtechnik GmbH, Badge Meter Inc, General Electric Co, McCrometer Inc, Honeywell International Inc, Toshiba Corporation and Siemens AG.
Water & wastewater treatment is analyzed to hold highest share at CAGR of 6.8% during the forecast period 2021-2026, owing to wide range of applications.
APAC dominated the Magnetic Flowmeter in 2020 with a share in excess of 36%, owing to growing water management plants.
Relevant Report Titles
A. Flow Sensors Market
https://www.industryarc.com/Report/191/Flow-Sensors-Market-Forecast.html
B. Heat Flow Meters Market
https://www.industryarc.com/Report/15963/heat-flow-meters-market.html
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