|The Coriolis flowmeter market will grow at a CAGR of 7.5 percent to reach $950 million by 2012.|
The worldwide Coriolis flowmeter market, which totaled $662 million in 2007, will grow at a compound annual growth rate (CAGR) of 7.5 percent to reach $950 million by 2012, according to a study by Flow Research (www.flowresearch.com). The study, titled The World Market for Coriolis Flowmeters, 3rd Edition, predicts 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 expected to be driven by a need for high accuracy flow measurement in new process and power plants.
Coriolis flowmeters have a reputation for high accuracy, and they are most widely used in the chemical industry, according to Flow Research. However, Flow Research says the use of Coriolis flowmeters is growing most rapidly in the oil & gas industry. Even though gas was previously a difficult application for Coriolis meters, the use of this technology in gas flow measurement is now widely accepted, according to Flow Research.
In addition, Coriolis flowmeters are increasingly used in the custody transfer of petroleum liquids, where Flow Research sees them replacing positive-displacement meters. The growing number of approvals by industry organizations, including the American Gas Association (AGA, www.aga.org) and the American Petroleum Institute (API, www.api.org), is encouraging the use of Coriolis flowmeters for custody-transfer applications, according to Flow Research.
For more information on The World Market for Coriolis Flowmeters, 3rd Edition, visit www.flowcoriolis.com.