A new study from Flow Research, Volume X: The World Market for Flowmeters, 9th Edition finds that the worldwide flowmeter market is strong and trending upward as the economy continues to grow and rising oil prices drive exploration and production.
Other forces, such as continued population growth and economic expansion are also fuelling growth.
The comprehensive new Flow Research study revealed that the worldwide market for all types of flowmeter technologies totalled $7.6 billion (€7 billion) in 2022 and $7.9 billion (€7.3 billion) in 2023, with revenues forecast to reach $9.6 billion (€8.9 billion) in 2027.
Coriolis and magnetic flowmeters are the revenue leaders in the market, with ultrasonic flowmeters projected to have the fastest growth rates throughout the forecast period.
Important role
Ultrasonic flowmeters are heavily dependent on the oil & gas industry, which is one of the reasons growth is being forecast in this market.
In fact, the oil & gas industry, including refining, accounted for more than 60% of revenues worldwide for inline ultrasonic flowmeters in 2022.
Ultrasonic flowmeters...
Growing flowmeter market
