The worldwide market for Coriolis flowmeters, driven by greater user acceptance and custody-transfer applications in the oil and gas industries, is expected to grow at a compounded annual growth rate (CAGR) of 12% over the next five years, according to a study by ARC Advisory Group (www.arcweb.com). The market was $650 million in 2006, and ARC is forecasting it to be over $1.1 billion in 2011.
ARC says Coriolis flowmeters have gained greater acceptance in the process industries in recent years, as the advantages of the technology — such as no moving parts, low cost of ownership, low maintenance, no straight-run requirements, and direct mass measurement — coupled with falling average selling prices (ASP) have helped boost adoption rates. Most of the major field device suppliers have Coriolis meters in their flowmetering product portfolio, but a large portion of the market is consolidated in the hands of only a few suppliers. These suppliers, according to ARC, have found success in offering a broad, multi-tiered product line that fulfills many flow applications across multiple vertical industries. Smaller competitors have found opportunities by positioning their Coriolis flowmeters in niche applications to bolster their market shares by solving the most challenging flow measurement problems faced by users.
ARC says Coriolis flowmeter technology continues to advance to expand its suitability for a wider range of flow measurement applications. For example, ARC says many suppliers have made great strides in compensating for entrained gas in liquid flows, which improves measurement accuracy in such challenging flow applications. The ability to measure two-phase flow has great value at the wellhead, in particular.
Regionally, ARC says suppliers can expect to see the largest growth in Asia, where heavy investment in new plant construction continues in core sectors, such as chemical & petrochemical, oil & gas, and power. The Middle East, due to its high concentration of oil & gas activities, will continue to be fertile ground for automation and instrumentation suppliers alike. Europe, which is coming out of a long period of stagnation, will see heightened project activity in years to come. North America, by contrast, is showing signs that growth will slow in coming years. Latin America, home to several large-scale oil and natural gas projects, will see growth approaching double digits, but will remain a relatively small market for suppliers.
For more information on ARC’s Coriolis study, visit www.arcweb.com/res/coriolis.