Magnetic flowmeter market to reach $650 million by 2007
Dedham, MA—The worldwide magnetic flowmeter market is projected to increase at a compound annual growth rate (CAGR) of just under 2% from nearly $590 million in 2002 to $650 million by the end of 2007, according to a recent study by ARC Advisory Group.
Dedham, MA— The worldwide magnetic flowmeter market is projected to increase at a compound annual growth rate (CAGR) of just under 2% from nearly $590 million in 2002 to $650 million by the end of 2007, according to a recent study by ARC Advisory Group .
'The magnetic flowmeter market is facing serious challenges on several fronts, but has stability due to the inherent strengths of its technology. Magnetic flowmeters have no moving parts, a flow path without obstructions, and low maintenance,' says Paula Hollywood, an ARC senior analyst and author of its 'Magnetic Flowmeter Worldwide Outlook.'
The study explains that a lack of capital investment due to manufacturing overcapacity and a downturn in cyclical industries, such as chemical, pulp and paper and mining, have combined with an overall sluggish economy to inhibit growth prospects for magnetic flowmeters. However, she adds that increasingly stringent environmental regulations will positively impact growth in the water and wastewater industry. Also, hybrid industries are expected to provide new opportunities for magnetic flowmeters as the food and beverage and pharmaceutical industries grow.
Hollywood says that mature markets in Europe and North America have become replacement markets because they're saturated and are experiencing little organic growth. Meanwhile, the Asian market, mostly in China and India, presents the best opportunities for magnetic flowmeters because the two nations are building service infrastructure and an industrial base. China and India are also emerging as low-cost manufacturing centers for suppliers.
The report adds that process industries, particularly chemical, pulp and paper, and water and wastewater, have come under intense scrutiny by regulatory authorities due to stringent environ-mental regulations. This is expected provide a boost to magnetic flowmeters and increase unit volumes. Also, privatization of municipal water and wastewater services is a global trend that is generating new investments in upgrading aging water and sewer systems.
Multivariable magnetic flowmeters, which can measure temperature and pressure in addition to flow, are commercially available. While shipments in 2002 of these meters were negligible, they are expected to increase throughout the forecast period, according to Hollywood. Their added measurement capabilities will enable users to purchase fewer devices; require fewer process penetrations; and reduce the number of potential leak paths. Also, magnetic flowmeters suitable for flow measurement in partially filled pipes; enhanced electrodes to improve signal-to-noise ratios; and non-contact electrodes are all examples of product innovations that should attract users of magnetic flowmeters.
Traditionally, magnetic flowmeters require four wires for power and signal operation. Two-wire devices that can reduce wiring costs and simplify installation will be more popular in newer plants with fieldbus capabilities. While use of two-wire magnetic flowmeters will increase during 2002-2007, the majority of shipments are expected to be four-wire for use as direct replacements.
For more information, visit www.arcweb.com/research/auto/magnetic.asp
Control Engineering Daily News Desk
Jim Montague, news editor