Intelligent flowmeters are used for making fluid measurements in a broad range of industries, including water & wastewater, oil & gas, food & beverage, chemicals, power generation, metals & mining, pulp & paper and pharmaceuticals. The market is strong, and is expected to grow by $2 billion from 2014 to 2020.

A new report from MarketsandMarkets puts the value of the intelligent flowmeter market at $5,083.65 million in 2014 and forecasts that it will show a compound annual growth rate (CAGR) of 5.72 percent through the end of the decade, reaching $7,098.79 million in 2020.

Various types of intelligent flowmeters are available, including coriolis, electromagnetic, vortex and ultrasonic. Electromagnetic and coriolis flowmeters are the two major type of intelligent flowmeter available today, but ultrasonic models are in great demand and this segment of the market is expected to grow by 9.66 percent, driven by the oil & gas, chemical & petrochemical and food & beverage industries.

Still, electromagnetic flowmeters are likely to account for the biggest share of the global market throughout the forecast period.

Overall, MarketsandMarkets found that the intelligent flowmeter market is highly competitive with a few leading market players, including mid-tier companies and start-up firms.

Major players include U.S.-based Emerson Electric Co. and Honeywell International Inc., Germany's Endress+Hauser AG and Siemens AG, Japan's Yokogawa Electric Corporation and Swiss-based ABB Ltd.

The market is supplier driven, which means that the bargaining power of suppliers is high and that of buyers is low, the research firm said.