Cryogenic Meters Flow Market Size, Share, Growth, and Industry Analysis, By Type (Vortex Flow Meters, Turbine Flow Meters, & Other), By Downstream Industry (Custody Transfer, Food and Beverage, Petroleum, Water Treatment, & Other), and Regional Forecast to 2032

Updated On: 04 November 2024

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CRYOGENIC FLOW METERS MARKET OVERVIEW

The Cryogenic Flow Meters Market Size is Projected to be worth US$ 1025.02 Million in 2023. The market is likely to surpass US$ 1867.51 Million by 2032 at a CAGR of 6.1% During the Forecast period [2024-2032].

The cryogenic flow meter market is bound to grow, supported by great industrial demands for accurate measurement at ultra-low temperature operations. Measurement is required to ensure safe and efficient transferring, storing, and processing of cryogenic fluids. With increased advanced technological development in the study of the technology of flow measurement, there is greater precision and reliability under the severe conditions of cryogenic action. Energy, healthcare, and the chemical industry all hold huge uses for cryogenic flow meters, where exact fluid measurement serves as a premium factor in operational efficiency and safety.

COVID-19 IMPACT

"Cryogenic Meters Flow Industry Had a Negative Effect Due to supply chain disruption during COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic disrupted supply chain and lagged manufacturing of cryogenic flowmeters, while economic ambiguities and changes in industrial readiness and operations brought about changes in demand.

LATEST TREND

"Advancements in Digital Technology and Smart Instrumentation to Drive the Markets"

Other very recent phenomena, closely related to cryogenic flow meters, are developments in digital technology and smart instrumentation. All these definitely aim at enhancing accuracy and offering real-time data monitoring. There is increased integration of cryogenic flow meters with IoT and cloud-based systems for deep data analysis and remote management. There is created demand due to the expansion of LNG infrastructure and development in medical and aerospace for meters of wider ranges of cryogenic temperature and fluids.

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CRYOGENIC FLOW METERS MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into vortex flow meters, turbine flow meters, & other

• Vortex Flow Meters: These meters provide flow rates by sensing the vortices shed from an object placed in the flow stream. Because of their high degree of accuracy and capability for handling low-temperature fluids without moving parts, they can be useful in cryogenic applications.
• Turbine Flow Meters: Turbine flow meters record the number of rotations per given period by a turbine blade placed in the fluid stream to calculate the flow. Turbine flowmeters have high precision and are used with cryogenic liquids since they work with good reliability at low temperatures.
• Other: Various other specialized cryogenic flow meters employ different principles such as ultrasonic, electromagnetic, among others, depending on specific applications and requirements of handling cryogenic fluids.

BY DOWNSTREAM INDUSTRY

"Based on downstream industry, the global market can be categorized into custody transfer, food and beverage, petroleum, water treatment, & other"

• "Custody Transfer": The measurement in the custody transfer needs to be correct, which involves the transfer between parties. It is necessary in industries dealing with oil and gas to be very precise for trading and billing.
• "Food and Beverage": Cryogenic flow meters make sure that liquid measurement is done accurately in the manufacture and processing of foods and beverages. In this industry, both the quality and safety of these provisions have to be consistently maintained.
• "Petroleum": It measures the cryogenic liquids' flow in the petroleum industry, such as LNG. They allow handling the fuel very accurately and efficiently during the production, transference, and storage process.
• "Water Treatment": The meters have been employed in various cryogenic liquid-related processes at water treatment plants where they ensure that flow is accurately measured for effective treatment and purification of water.
• "Other": This segment caters to all other industries that use cryogenic flow meters for niche applications, such as in space and medical industries where cryogenic fluid measurement at high accuracy is pivotal.

MARKET DYNAMICS

"Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions."

DRIVING FACTORS

"Growing Demand for LNG and Other Cryogenic Fuels to Boost the Market"

The higher demand for LNG and other cryogenic fuels in energy and industry logically justifies remarkable penetrations in those fields. Increased expansion in the infrastructure of LNG around the world, including the addition of import and export terminals, logically requires a need for flow meters at cryogenic levels that must be reliable to ensure efficient transfer and storage. The demand for more precise measurement of cryogenic fluids, with industries seeking to have less carbon emission and cleaner fuel, enhances only optimization of processes and safety, further supporting the cryogenic meters flow market growth.

"Advancements in Measurement Technology to Expand the Market"

Technological changes in flow measurement, which involve advanced digital sensors, intelligent instrumentation, and IoT integration, promise radical changes in the field of cryogenic flow meters with respect to accuracy and reliability. Emerging possibilities of real-time data monitoring and remote management enable increased process control and maintenance. Therefore, more and more advanced cryogenic flow meters that guarantee high performance and adaptability to the change of condition are required due to increasing mechanization and automation going on in the industry.

RESTRAINING FACTOR

"High Cost of Advanced Measurement Technology May Potentially Restrain Market Growth"

One of the key growth restrainers in the Cryogenic Flow Meters Market growth is the high price of advanced measurement technology. Cryogenic flow meters incorporate digital sensors, smart instrumentation, and IoT integration-all those require very expensive manufacturing and maintenance due to their sophisticated technology and special materials capable of withstanding extremely low temperatures. This high cost principally limits the circle of adoption, especially in developing regions and smaller companies for which budget allowance is very critical. Furthermore, complications during installation and calibration at cryogenic conditions may also further create more barriers for the potential users, thus depressing the overall market growth.

OPPORTUNITY

"Expansion of LNG Infrastructure to Create Opportunity in the Market"

The growing energy demand of different countries is encouraging the investment in the LNG terminals, storage facilities, and transportation pipelines inside a country. The emergence of more LNG projects will increase the demand for cryogenic flow meters because their deployment will be considered in this industry for measuring LNG with a high degree of accuracy. Therefore, demand for cryogenic flow meters that are accurate and reliable will increase and drive the growth of the Cryogenic Flow Meters Market share.

CHALLENGE

"High Initial Investment and Maintenance Costs Could Be a Potential Challenge for Consumers"

The Cryogenic Flow Meters Market is not without challenges, however. High initial investments and maintenance costs are one of the key challenges to advanced flow measurement technologies. A meter would require production expenses on special materials and components to make it work with high accuracy at very low temperatures. Secondly, the complexities of installation and calibration in cryogenic environments add to the operational costs, which can further hamper the adoption in cost-sensitive industries and regions.

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CRYOGENIC FLOW METERS MARKET REGIONAL INSIGHTS

• "NORTH AMERICA"

The North American region leads the Cryogenic Flow Meters Market due to the strong oil and gas industry in the region, while projects on LNG development are under consideration. Besides that, growing demands for accurate and reliable measurement of flow in industries like energy, healthcare, and chemicals further support market growth. This will enable the United States Cryogenic Flow Meters Market to be among the leading technologies with regard to innovation and adoption of cryogenic measurement solutions, with much strong focus on research and development.

• "EUROPE"

Stringent regulatory standards, further assisted by the increasing adoption of clean energy sources like LNG across the region, are driving the Cryogenic Flow Meters Market in Europe. The industrial base is well-set, especially in leading countries such as Germany and the UK, which, in turn, aids in driving demand for high-precision flow meters in a variety of applications. Additionally, commitment to carbon emission reduction and energy efficiency enhancement in the region drives the demand for advanced cryogenic flow measurement technologies across the energy, healthcare, and food and beverage industries.

• "ASIA"

The Cryogenic Flow Meters Market is gaining rapid momentum in Asia because of the ever-extending LNG infrastructure, which increases the demand for cryogenic gases through industries like energy, chemical, and healthcare. Countries such as China and India have huge investment plans in the LNG projects to cater to the energy requirements; these factors increase demand for accurate flow measurement solutions in these regions. This growing focus on industrial modernization and technological development throughout the region further supports the use of sophisticated cryogenic flow meters, thus positively impacting the overall market outlook.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Competition among major big players in the Cryogenic Flow Meters Market, like Yokogawa, Emerson Process Management, and KROHNE, has been targeted toward product development and enhancement in technology, especially for achieving higher accuracy and reliability in their measurement solutions for extreme cryogenic applications. For example, a newly developed kind of an advanced cryogenic flow meter, which Yokogawa has just released to handle low-temperature liquids, underlines the commitment of this company to meeting the changing face of industry demands for precise measurement of cryogenic fluids. Efforts like these were made to strengthen positions in the market by capturing the growth opportunities that were arising.

"LIST OF TOP CRYOGENIC FLOW METERS COMPANIES"

• Loeser Messtechnik (Germany)
• Sierra Instruments (United States)
• Hoffer Flow Controls (United States)
• KROHNE (Germany)
• Turbines Incorporated (United States)
• Emerson Process Management (United States)
• Yokogawa (Japan)
• Litre Meter Limited (United Kingdom)
• Liquid Controls (United States)

KEY INDUSTRY DEVELOPMENT

"June 2023": Yokogawa Reports the Development of Its Latest in Advanced Cryogenic Flow Meters for the Measurement of Very-Low-Temperature Liquids, Such as LNG and Liquid Nitrogen. Both higher accuracy at cryogenic conditions and reliability have been achieved with this model series, applicable to various industries. This development secures Yokogawa's position in the Cryogenic Flow Meters Market with an expanded product portfolio that caters to the fast-growing demand for cryogenic measurement solutions.

REPORT COVERAGE

The report covers the in-depth analysis of size, share, growth, and trends of the industry segments of the Cryogenic Flow Meters Market. The types comprise vortex and turbine flow meters, among others; it also outlines the applications of each type in industries such as energy, food and beverage, petroleum, water treatment, and others. It also underlines major dynamics of the market comprising driving factors, opportunities, challenges, and restraining factors that will impact the market.

Regional outlooks are given by listing North America, Europe, and Asia, where respective factors drive the growth of the market in those regions. It showcases an overview of the competitive landscape with major companies such as Yokogawa, Emerson Process Management, and KROHNE. The forecast also goes up to the year 2032, while the report highlights technological development, market trend, and influences of events occurring across the world.