Study projects market will grow to at least $5.5 billion by 2014
A new research study from Flow Research, Volume X: The World Market for Flowmeters, 3rd Edition, found that the worldwide flowmeter market totaled $4.6 billion in 2009 and is projected to grow substantially to exceed $5.5 billion by 2014.
The new-technology flowmeter markets, including ultrasonic and Coriolis, are showing the fastest growth, while positive displacement, turbine and variable area flowmeter markets are declining slowly. Flow Research projects a compound annual growth rate in revenues for the total worldwide flowmeter market of 3.7% through 2014. The most rapid growth is in China, the Middle East and developing Asian countries.
The search for energy sources is a major driver of the worldwide flowmeter market, with flowmeter growth strongest in the oil and gas industry. With crude oil selling in the $80-per-barrel range, measurement accuracy and reliability are becoming increasingly important. Ultrasonic and Coriolis flowmeters for custody transfer measurement are two of the fastest growing segments.
Flow Research contacted more than 365 people at 270 flow companies for the study, which includes all 14 types of commercial and industrial flowmeters used in the process industries, including the emerging technologies of sonar and optical.
“Although the global recession over the last two years took its toll on the flowmeter market, we see a strong future for the world flowmeter market. Many companies report that sales have already been higher this year, with an even brighter outlook for the second half of 2010 and on into 2011,” said Flow Research President Dr. Jesse Yoder. “This market is benefiting from the drive for new energy sources, including the search for more oil and gas, as well as increasing renewable energy development. The market is also continuing its shift from traditional flowmeters to new-technology flowmeters at a rate that exceeds 1% a year. Increased concerns with accuracy and reliability in measurement could accelerate that trend.”