welcome to
Press Release on Volume X
Global
Flowmeter Market to Expand to $3.4 Billion by 2007
Wakefield,
Massachusetts; May 1, 2003 — Sales of flowmeters worldwide totaled $3.1
billion in 2002, according to a new market study from Flow Research (www.flowresearch.com).
The worldwide flowmeter market is projected to expand to $3.4
billion by 2007, with a compound annual growth rate (CAGR) of 2.1 percent.
The new study, called The World Market for Flowmeters, is the
culmination of three years of research into the worldwide flowmeter
market. This is the first
time in ten years that comprehensive data has been available on all
flowmeter technologies in a single study.
Flowmeters are widely used in many process and other industries to
measure the flowrate of liquids, gases, and steams.
While
much has been made of the switch from traditional technology flowmeters to
new-technology meters, The World Market for Flowmeters quantifies this
change. New-technology
flowmeters include Coriolis, magnetic, ultrasonic, vortex, and
multivariable differential pressure (DP).
While sales of new-technology flowmeters accounted for 47 percent
of total flowmeter sales in 2002, they are projected to account for 57
percent of flowmeter sales in 2007. Revenues
from new-technology flowmeters are projected to grow at a CAGR of 6.2
percent through 2007. Traditional
technology meters include DP, positive displacement, turbine, open
channel, thermal, and variable area flowmeters.
End-users
are continuing to make the switch to new-technology meters, especially
ultrasonic and Coriolis, due to their higher accuracy and reliability.
Much of the growth in the ultrasonic flowmeter market is driven by
high growth in the market for custody transfer of natural gas.
Growth in the Coriolis flowmeter market is due to the high accuracy
of Coriolis flowmeters, together with strong customer loyalty.
Magnetic flowmeters will continue to show growth, due to a large
installed base and their nonintrusive measurement capabilities.
While
the trend is toward new-technology flowmeters, traditional meters are
holding their own in many applications.
In some cases, traditional meters are the only ones approved for
custody transfer. Their large
installed base means that DP, positive displacement, and turbine
flowmeters will be around for many years to come.
And suppliers are bringing out product improvements that make
traditional technology meters more accurate and reliable.
Unlike
other research studies, The World Market for Flowmeters includes all ten
flow technologies. The study
is based on eight previously published studies that focus on individual
flow technologies. Data is
based on detailed interviews with both suppliers and end-users, including
a worldwide survey of flowmeter users that is published as a separate
volume. In addition to market
size and market share information, this study includes product analysis,
growth forecasts, strategies, and profiles of 50 leading flowmeter
companies. The study includes
flowmeters used for commercial and industrial, but not residential,
applications. More
information is available at www.flowresearch.com.
Flow
Research, Inc.
Flow
Research is a market research company that specializes in providing market
data and strategies on flowmeters and other measurement devices.
Dr. Jesse Yoder, who has 16 years’ experience as a writer and
analyst in process control, founded Flow Research in 1998.
The company recently completed a series of eight market studies on
the worldwide flowmeter market, including The World Market for Flowmeters.
The most recent of these studies, released in March 2003, are
updates on the worldwide Coriolis, magnetic, ultrasonic, and vortex
flowmeter markets.
Flow
Research is partnering with Ducker Worldwide (Bloomfield Hills, MI) to
produce a series of ten market studies on flowmeters, covering all the
flow technologies. The World
Market for Flowmeters is the tenth in this series.
Ducker Worldwide has 40 years’ experience researching industrial
and business markets, and has offices throughout the world.
Another
service provided by Flow Research is the Worldflow Monitoring Service.
This Worldflow service includes monthly reports on the flow and
process industries. These
reports include the Market Barometer, Process Industry Monitor, and User
Perspective. The service is
designed to provide up-to-date information between market studies.
Flow Research can provide charts and graphics from The World Market for Flowmeters upon request.