To measure compressed gas flow rate you need to know the velocity of the gas, the density at a reference temperature, current temperature and current pressure.
In a residential application; density, pressure, and temperature are fairly constant, so all you need is a way to measure velocity. This is the sensing element in a flow meter, usually either a spinning turbine or a positive displacement type.
There are other more complicated ways to design a flow meter that you can easily google but these are the basics.
Source: am an industrial instrumentation tech
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