Global flowmeter market expected to reach $3.4 billion by 2007
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.
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 has been available on all 10 flowmeter technologies in one document.
Worldwide flowmeter sales
(In millions of $)
Source: Control Engineering with data from Flow Research Inc. (Wakefield, MA), located at www.flowresearch.com
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). Traditional technology meters include DP, positive displacement, turbine, open channel, thermal, and variable area flowmeters.
Due to the greater accuracy and reliability of new-technology flowmeters, the study found that end-users are continuing to switch to them, especially to ultrasonic and Coriolis types. Much of the increase in ultrasonic flowmeter sales is driven by growth in the custody transfer of natural gas market. Growth in the Coriolis flowmeter market is due to their high accuracy combined with strong customer loyalty. The study adds that sales of magnetic flowmeters will continue to grow due to their large installed base and that technology's nonintrusive measurement capabilities.
Despite the trend toward new-technology flowmeters, the study further shows that traditional meters are holding their own in many applications. In some cases, traditional meters are the only type approved for custody transfer. Their large installed bases also mean that DP, positive displacement, and turbine flowmeters will be around for many years to come. In addition, suppliers are implementing product improvements that make traditional technology meters more accurate and reliable.
Control Engineering Daily News Desk
Jim Montague, news editor