Research of The World Market for Flowmeters to 2023
2019-05-27
A research study from Flow Research, Volume X: The World Market for Flowmeters, 7th Edition, finds that the worldwide flowmeter market totaled $7.06 billion in 2018 and is projected to approach $8.85 billion by 2023.
The worldwide flowmeter market size has followed the upward and downward fluctuations in oil prices. When oil prices began dropping five years ago and many oil and gas exploration projects were postponed or cancelled, associated instrumentation industries experienced a ripple effect.
This downturn especially impacted the Coriolis, ultrasonic, differential pressure, positive displacement, and turbine flowmeter markets. In 2015, for the first time in many years, new-technology flowmeter markets showed a decline.
The only exception was a small revenue increase for magnetic flowmeters, which cannot measure the flow of hydrocarbons and therefore are not widely used in the oil & gas industry.
In addition to growth factors related to the oil & gas industry, product improvements in both new and traditional technology flowmeters are contributing to the upward trend in the worldwide market. Some product improvements include modern materials for meter parts or liners, additional line sizes, increased accuracy, and broader flow ranges. Suppliers are also making battery powered units, smaller meter bodies for tight spaces, multivariable meters, and self-monitoring or self-recalibrating meters.