The worldwide flowmeter market is experiencing strong growth, driven by factors such as rising oil prices, economic expansion, population growth, and increased demand in the oil & gas industry. Flow Research’s latest study, Volume X: The World Market for Flowmeters, 9th Edition, reveals that the market reached $7.9 billion in 2023 and is projected to grow to $9.6 billion by 2027.
Ultrasonic flowmeters are leading the growth in the market, especially in the oil & gas industry, due to their high accuracy, reliability, and ability to measure large line sizes. New-technology flowmeters, including Coriolis, magnetic, ultrasonic, vortex, and thermal flowmeters, are outpacing conventional flowmeters, with advancements in product improvements driving the market forward.
Magnetic flowmeters are widely used in industrial and municipal water & wastewater industries, with new industry standards increasing their adoption for water utility measurement. Coriolis and ultrasonic flowmeters have received industry approvals for custody transfer applications, further boosting their market growth.
The rise in fuel prices, driven by global energy supply concerns and geopolitical tensions, has led to increased revenues in the oil & gas industry, benefiting flowmeter suppliers. Despite challenges such as the COVID-19 pandemic and economic downturns, the flowmeter market has rebounded strongly and is on a positive trajectory.
Dr. Jesse Yoder, president and founder of Flow Research, highlights the favorable conditions for the flowmeter market, especially for ultrasonic, Coriolis, turbine, differential pressure, and positive displacement flowmeters. These meters are crucial for accurately measuring high-value products in industries such as oil and gas.
Volume X: The World Market for Flowmeters, 9th Edition provides valuable insights and data for companies looking to develop strategies and products in the flowmeter market. It offers a comprehensive view of the market, including revenue comparisons, growth factors, and forecasts for different types of flowmeters.
Flow Research, founded in 1998, specializes in researching flow measurement devices and other instrumentation products worldwide. The company conducts in-depth market research studies through interviews with suppliers, distributors, and end users, focusing on various instrumentation areas such as flowmeters, temperature sensors, level products, and pressure transmitters.
Overall, the flowmeter market is in a period of growth and opportunity, driven by technological advancements, industry standards, and market demand. As the global economy continues to recover and expand, the flowmeter market is poised for continued growth and innovation.
Source link
