Advent of integrated DP flowmeter solution to drive growth in the market. The adoption of the solution is expected to increase during the forecast period due to its unique functions and benefits. analysts have predicted that the flowmeter market will register a CAGR of close to 6% by 2023.
Benefits associated with flowmeters
The flowmeters are used in different end-user industries due to its several benefits. It is also used for educational purposes in university science and engineering programs.
Volatility in cost of raw materials
Any fluctuation in cost of raw materials has direct effect on the cost of production. Factors that influence the cost of raw materials include inflation, production, and availability.
For the detailed list of factors that will drive and challenge the growth of the flowmeter market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including ABB and Emerson Electric the competitive environment is quite intense. Factors such as the benefits associated with flowmeters and the advent of integrated DP flowmeter solution, will provide considerable growth opportunities to flowmeter manufactures. ABB, Emerson Electric, Honeywell, KROHNE, Landis+Gyr, and Siemens are some of the major companies covered in this report.