WAKEFIELD, MA, Sept. 18, 2008 -- A new research study finds strong growth in the worldwide Coriolis flow meter market. The new study from Flow Research, "The World Market for Coriolis flow meters, 3rd Edition," finds that the worldwide flow meter market totaled $662 million in 2007, with a projected compound annual growth rate (CAGR) of 7.5% through 2012. By 2012, the worldwide Coriolis market is projected to reach $950 million. The highest growth rates will be in China and other Asian countries, the Middle East and Africa, and Latin America. The rapid growth in these regions is due to the need for high accuracy flow measurement in new process and power plants.
Coriolis meters, the highest accuracy flow meters on the market, are most widely used in the chemical industry. However, their usage is growing most rapidly in the oil & gas industry. Even though gas was previously a difficult application for Coriolis meters, now their use in gas flow measurement is widely accepted.
In addition, Coriolis flow meters are increasingly used in the custody transfer of petroleum liquids, where they are replacing positive displacement meters. The growing number of approvals by industry organizations, including the American Gas Association (AGA) and the American Petroleum Institute (API), is encouraging the use of Coriolis flow meters for custody transfer applications.
Another significant trend is the growth of Coriolis flow meters in large line sizes -- above six inches. More suppliers have entered this market. Coriolis flow meters are also beginning to be used for steam applications.
According to Dr. Jesse Yoder, president of Flow Research, multiple growth factors are driving this market: "Coriolis flow meters have a big following within the end-user community. Suppliers continue to make technological improvements to their Coriolis flow meters. Increased fuel costs put more emphasis on accuracy and reliability in fuel flow measurement, which increases the viability of Coriolis flow meters for these applications. Expect to see continued strong growth in this market."
Flow Research provides market data and strategies on flow meters and instrumentation products.