Flowmeters vital for oil and gas industry

A new research study from Flow Research, Flowmeters in the Oil and Gas Industry, found that worldwide revenues for all flowmeters sold to the oil and gas industry in 2019 amounted to $1.64 billion (€1.446 billion) and forecasts a solid compound annual growth rate (CAGR) of 2.6% over the next five years, for a total annual revenue exceeding $1.860 billion (€1.639 billion) in 2024. The oil and gas industry is one of the largest industries for flowmeters and the flowmeter market tends to parallel its ups and downs. Both the flowmeter market — and oil and gas prices — had a very strong year in 2018. Though oil and gas prices declined in 2019, they were strong enough to help support a modest increase in flowmeter sales that year. However, sales of all types of flowmeters dropped in 2020 due to a decline in oil prices, the effects of the Covid pandemic, and a decline in demand for energy products....