Wakefield, MA— The worldwide flowmeter market is projected to grow at a 2.1% compound annual growth rate (CAGR) from $3.1 billion in 2002 to $3.4 billion in 2007, according to a three-year study, "The World Market for Flowmeters," released May 1 by Flow Research Inc. The firm states that its study is the first time in 10 years that comprehensive data have been available on all 10 flowmeter technologies in one document.

While much anecdotal attention has been paid to the switch from traditional flowmeters to new-technology meters, the study quantifies these changes. For example, while sales of new-technology flowmeters accounted for 47% of flowmeters sold in 2002, they're projected to account for 57% of flowmeter sales in 2007. Meanwhile, revenue from new-technology flowmeters are projected to grow at a 6.2% CAGR through 2007. New-technology flowmeters include Coriolis, magnetic, ultrasonic, vortex, and multivariable differential pressure (DP).

Despite the trend toward new- technology flowmeters, the study further shows that traditional meters are holding their own in many applications. Traditional technology meters include DP, positive displacement, turbine, open channel, thermal, and variable area flowmeters.