According to a new market research report published by MarketsandMarkets, revenue for the global intelligent flowmeter market is estimated to grow from $5083.65 million in 2014 to $7098.79 million in 2020 at a CAGR of 5.72 percent from 2014 to 2020.

The intelligent flowmeter market incorporates measurement products used in a wide range of industrial applications, such as water & wastewater, oil & gas, food & beverage, chemicals, power generation, metals & mining, pulp & paper, pharmaceuticals and more.

Electromagnetic flow sensors hold the maximum share in the global intelligent flowmeter market and this trend is expected to be same in the forecast period, according the report.

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The report finds the petroleum industry is fueling the growth of intelligent flowmeters, especially in custody-transfer applications. The segment for ultrasonic flowmeters is expected to grow at a CAGR of 9.66 percent, heralded by oil & gas, chemical & petrochemical, and the food & beverage industry.

The report segments the intelligent flowmeter market on the basis of the different types, technology, applications and geographies. Flowmeter types included are electromagnetic, Coriolis, differential pressure, vortex, ultrasonic, thermal, variable area, differential pressure & turbine. Various technologies are also accounted for, including Profibus, Modbus, Fieldbus, HART and others.

To learn more about the MarketsandMarkets report, click here.