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Flowmeter Market Tops $660 Million, Finds New Flow Research Study
Wakefield, Massachusetts; September 18, 2008—A new research study finds strong growth in the worldwide Coriolis flowmeter market. The new study from Flow Research (www.flowresearch.com), The World Market for Coriolis Flowmeters, 3rd Edition, finds that the worldwide flowmeter market totaled $662 million in 2007, with a projected compound annual growth rate (CAGR) of 7.5% through 2012. By 2012, the worldwide Coriolis market is projected to reach $950 million. The highest growth rates will be in China and other Asian countries, the Middle East and Africa, and Latin America. The rapid growth in these regions is due to the need for high accuracy flow measurement in new process and power plants.
Coriolis meters, the highest accuracy flowmeters on the market, are most widely used in the chemical industry. However, their usage is growing most rapidly in the oil & gas industry. Even though gas was previously a difficult application for Coriolis meters, now their use in gas flow measurement is widely accepted.
In addition, Coriolis flowmeters are increasingly used in the custody transfer of petroleum liquids, where they are replacing positive displacement meters. The growing number of approvals by industry organizations, including the American Gas Association (AGA) and the American Petroleum Institute (API), is encouraging the use of Coriolis flowmeters for custody transfer applications.
Another significant trend is the growth of Coriolis flowmeters in large line sizes – above six inches. More suppliers have entered this market. Coriolis flowmeters are also beginning to be used for steam applications.
According to Dr. Jesse Yoder, president of Flow Research, multiple growth factors are driving this market:
“Coriolis flowmeters have a big following within the end-user community. Suppliers continue to make technological improvements to their Coriolis flowmeters. Increased fuel costs put more emphasis on accuracy and reliability in fuel flow measurement, which increases the viability of Coriolis flowmeters for these applications. Expect to see continued strong growth in this market.”
Flow Research (www.flowresearch.com) provides market data and strategies on flowmeters and instrumentation products. Recent projects include market studies on the world flowmeter market, steam flow, ultrasonic flowmeters, Coriolis flowmeters (www.flowcoriolis.com), and mass flow controllers. Flow Research also publishes quarterly reports on the flowmeter and energy markets as part of the Worldflow Monitoring Service (www.worldflow.com).
chart below shows the projected growth of the Coriolis flowmeter market
from 2007 to 2012.
Total Shipments of Coriolis Flowmeters Worldwide
(Millions of Dollars)
2007 - 2012
Compound Annual Growth Rate (CAGR) = 7.5%