Flowmeters

The Flowmeters Market Research Study delivers current market analysis plus a five year market and technology forecast.  The study also takes a closer look at upcoming market and technology trends related to flowmeters.  It is available in multiple editions including worldwide, all regions, and most major countries.

Need for Accuracy, Safety, and Stability Drive the Flowmeters Market

ARC’s market research on the total flowmeters market reveals that the four flowmeter technologies, Coriolis, ultrasonic, electromagnetic, and vortex, present many benefits over traditional technologies, such as positive displacement, turbine, and differential pressure. These newer technologies continue to replace traditional flowmeters for many applications. With the benefits of Industrial IoT (IIoT) becoming evident, suppliers are looking to integrate connected field devices in their portfolios. The focus now is on instrument efficiency, accuracy, safety, and stability. End user consolidation and the globalization of engineering contractors are increasing the size of customer entities.

Flowmeters Strategic Issues

In addition to providing a five-year market forecast, the Flowmeters Market Research Report provides detailed quantitative, current market data and addresses key strategic issues as follows:

Digitize Water Management    

By 2030, the demand for fresh water is projected to outpace supply by almost 40 percent. Water utilities are being challenged to operate more efficiently, lower operating costs, and enhance customer satisfaction. Water scarcity has become a universal issue and reducing water usage has reached critical mass at utilities worldwide. This is particularly true in arid regions that rely on costly desalinated water as their primary source of potable water. Manufacturers and suppliers can help address the threat of this water shortage by minimizing water consumption and wastage–not only to increase their efficiency and reduce costs but also to help reduce the environmental and social impact of water wastage.

Accessing data from field devices is one of the main ways of dealing with the above issues. IoT and data analytics can enable this and drive change from two directions: gathering and analyzing data to improve production processes and then using the aggregated data to create solutions with a good business value proposition. Using IoT platforms and the Cloud, users can connect to thousands of sensors in facilities worldwide. This way they can monitor, collect, and analyze real-time water usage data; improve efficiency; and reduce water, energy, and operational costs.

Use Industrial IoT to Address Skills Gap    

End user organizations continue to face a shortfall of qualified personnel, as fewer new workforce entries perceive process automation, process engineering, chemical engineering, or similar technical fields as attractive career paths. Furthermore, it can take up to two years to train a new hire effectively in the field of automation, and once trained, it may be difficult to retain that individual. This “brain drain” is a major challenge for end user organizations, and advanced technology and automation—such as Industrial IoT can play a key role in filling this skills gap.

Forward-looking suppliers are investing to bring Industrial IoT to the field device level. Various Industrial IoT capabilities, such as remote monitoring and remote services, can help establish a more collaborative relationship between end users and suppliers. Industrial IoT solutions are now available for horizontal integration along the value creation chain, for consistent engineering from planning to maintenance, and for vertical integration from the field to the control level.

However, Industrial IoT may not be available directly for two-wire devices, due to the high electricity consumption for transmitters. End users can leverage the expertise of suppliers to help manage plant assets across their entire lifecycle; suppliers can go beyond being just automation providers, enhance their overall project revenues, and enjoy long-term revenue streams through customer service relationships.

Use Ethernet Connectivity for Greater Process Insight    

Ethernet connection is generating a lot of interest in both the user and supplier communities. Ethernet offers many benefits—lower total cost of ownership (TCO), improved adaptability, better security, widespread availability, and market familiarity. It offers improved connectivity and functionality, allowing for easier access to measurement information.

In recent years, networking technology has also overcome many of its disadvantages that hindered adoption in the industrial world. Using fiber-optic cables, Ethernet can be deployed for longer distances. Ethernet switches for hazardous areas are available and users also have the option of Power over Ethernet (PoE), so there is no need to run additional lines for power supply. In the process world, Ethernet can now connect a wide range of field instruments, including flowmeters, to a central control system.

Suppliers are now offering Ethernet modules to allow easy integration of their flowmeters into Ethernet/IP control systems. Several suppliers are also offering native Ethernet connectivity with Ethernet ports directly integrated in the device with no need for extra converters or adapters. The Ethernet connection aids easy configuration, monitoring, and maintenance. Users can use a web server to remotely view device data, conduct diagnostics, and configure the flowmeter. As owner-operators strive to simplify operations and achieve higher efficiency, ARC sees a rising adoption of industrial Ethernet.