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Totalizing Fluid Meter And Counting Device Market:
WiseGuyReports.com adds “Global Totalizing Fluid Meter And Counting Device Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
Major companies in the totalizing fluid meter and counting device industry are using smart technology to enhance decisions making abilities and thus drive profits. The companies in this industry use technology in order to optimize the payment methods, subscription management, optimizes enforcement and allows the end-user companies to analyze the usage. Counting devices such as parkin meters have been revolutionized with the advent of smart technologies. Companies such as IPS Group, a US based company, announced its latest app called Park Smarter in 2017. The app allows drivers to connect directly to a physical parking meter with their smartphone and pay through cashless transactions. Other companies such as ParkiFi are also investing in making parking meters “smarter” through the use of big data and sensors.
The totalizing fluid meter and counting device market consists of sales of totalizing fluid meters and counting device and related services such as, measuring linear, nonlinear, mass or volumetric flow rate of a liquid or a gas. Totalizing flow meter and counting devices are the instruments used to measure the volume or mass of a gas or liquid. Some examples of the totaling fluid meters and counting devices are gas consumption meters, water consumption meters, parking meters, taxi meters, and gauges for motor vehicles and equipment for collecting fare.
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Rising geopolitical tensions and trade protectionism are expected to have a negative impact on the totalizing fluid meter and counting device market during the forecast period. Repercussions of geopolitical tensions included sanctions on Russia, trade protectionism and heightened military tensions in the Middle East. Many countries placed trade restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe. The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US imposed 25% tariff on steel and 10% tariff on aluminum, in 2018, leading to cost inflation for totalizing fluid meter and counting device. Continued violence and terrorism in the Middle East and other parts globally are also expected to have a negative impact on the market.
The totalizing fluid meter and counting device market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the totalizing fluid meter and counting device market in 2019. China region is expected to be the fastest growing region in the totalizing fluid meter and counting device market in forecast period.
The global totalizing fluid meter and counting device market was worth $21.64 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.68% and reach $30.19 billion by 2023.
The totalizing fluid meter and counting device market covered in this report is segmented by type into differential pressure flow meters, positive displacement flow meters, velocity flow meters, mass flow meters, and open channel meters. It is also segmented by end-use industry into water & waste water, refining & petrochemicals, oil & gas, chemicals, power generation, pulp & paper and metals & mining.
The increasing demand from automotive manufacturing companies contributed to the market growth of flow meter and counting devices manufacturers. Emerging market growth for automotive manufacturing companies was aided by growing popularity of public transportation and rapid growth in number of vehicles. According to a study in 2017, the total global vehicle population stood at 1.32 billion cars and trucks, which was nearly double the volume when compared to 1996 volumes. In 1996, the total vehicles-in-operation totaled 670 million. Therefore, the increasing demand from automotive manufacturers is expected to drive the market for flow meters and counting devices such as parking meters, taxi meters, and gauges for motor vehicles and equipment for collecting fare.
In December 2019, Honeywell, a publicly-traded conglomerate that produces commercial and consumer products, engineering services and aerospace systems has acquired Rebellion Photonics for an undisclosed amount. Rebellion Photonics will join Honeywell’s Safety and Productivity Solutions business, which offers gas detection technologies, safety equipment, mobility solutions and software. This acquisition complements Honeywell’s portfolio of process technology, automation and gas detection systems and speeds up our transformation into software industrial company. Rebellion Photonics, a US based company is involved in manufacturing monitoring solutions for oil, gas, petrochemical and power industries.
Major players in the market are Honeywell International Inc., Emerson Electric Co., General Electric, Siemens, Emerson Electric Co, and ABB Group .Totalizing Fluid Meter and Counting Device Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global totalizing fluid meter and counting device market market.
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