A research study from Flow Research, Inc. has revealed that the global flow meter market totalled $7.06bn in 2018 and is projected to approach $8.85bn by 2023.
The worldwide flow meter market has followed the trends of fluctuations in oil prices. Five years ago, when multiple oil and gas exploration projects were postponed or cancelled, associated industries experienced a ripple effect.
In 2015, for the first time in many years, new-technology flow meter markets showed a decline. In February 2016, oil price began recovering and the global flow meter market is now back on an upward track.
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