The biggest restraint faced by flow meters market is the economic slowdown and declining oil prices. Owing to the COVID-19 pandemic, the demand from the industrial sector had declined sharply in Q1 and Q2 2020. This impact was further intensified with the declining oil & gas prices and the massive gap between supply and demand. According to the US Energy Information Administration (EIA), the global oil demand reached 99.9 million barrels/ day in 2020, down by 90,000 barrels/day from 2019. In order to mitigate the impact and recover the oil prices, the OPEC countries and Russia had decided to slash output by 9.7 million barrels/day in May and June 2020. Thus, this decline in the oil & gas industry across the globe will, in turn, result in a decline in the demand for flow meters
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