Flowmeter Market Growth Prediction

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Flowmeter Market Growth Prediction

New Flow Research Study Finds that the Worldwide New-technology Flowmeter MarketWill Grow to Exceed $5.7 Billion by 2018

New-technology flowmeters include Coriolis, magnetic, ultrasonic, vortex, and thermal flowmeters. All these flowmeter types were first introduced after 1950 and are currently the subject of intense product development by suppliers.

The Coriolis and ultrasonic flowmeter markets are showing the fastest growth, while the vortex, magnetic, and thermal flowmeter markets are growing more slowly but still showing significant growth. Flow Research , projects a compound annual growth rate (CAGR) in revenues for the total worldwide ultrasonic flowmeter market of 9.0 percent through 2018. The projected CAGR for the new-technology flowmeter market is 7.5 percent from 2013 to 2018.The most rapid growth is in China, the Middle East, and in developing Asian countries.

The search for energy sources is a major driver of the worldwide flowmeter market, with flowmeter growth strongest in the oil & gas industry. With crude oil selling in the $100-per-barrel range, measurement accuracy and reliability are becoming increasingly important. Ultrasonic and Coriolis flowmeters for custody transfer measurement are benefiting from this need. Suppliers of ultrasonic flowmeters have brought out new multipath ultrasonic meters with enhanced features for custody transfer of natural gas and petroleum liquids. And four Coriolis suppliers have introduced new Coriolis flowmeters designed for pipes with 8-16 inch diameters. There new Coriolis meters target measurement of natural gas and petroleum liquids and are mainly designed for custody transfer applications.

The expanded search for oil and natural gas is also benefiting other new-technology flowmeters. Thermal flowmeters are widely used to measure the flow of gases through large pipes, stacks, ducts, and chimneys that dispose of gases created by a combustion process. Other flowmeter types used in these applications include ultrasonic and differential pressure using averaging Pitot tubes. Vortex flowmeters are benefiting from a draft standard first approved by the American Petroleum Institute (API) for use in custody transfer applications. Custody transfer for steam flow has been a major beneficiary of this API approval.

While magnetic flowmeters are not widely used in the oil & gas industry, they do represent the largest flowmeter market. Magnetic flowmeters are non-intrusive, and are known for their reliability. They have a variety of liners that make them useful for a wide variety of liquids, and they are an especially good solution for sanitary applications. This makes them widely used in the chemical, food & beverage, and pharmaceutical industries. New product developments are vitalizing this market. And growth in the water & wastewater industry worldwide is further fueling growth in the magnetic flowmeter market.

Flow Research sent questionnaires to more than 400 people at over 250 flow companies for the study, which includes all 12 types of commercial and industrial flowmeters used in the process industries, including the emerging technologies of sonar and optical.

Source; PR Web

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