New flow research study reveals resilient magnetic flowmeter market
The new study found that the worldwide magmeter market totaled $1.6 billion (€1.6 billion) in 2019, slightly ahead of the Coriolis market. In 2020, the magmeter market dropped slightly below the Coriolis market and continues to hover only slightly below that market, growing steadily, though less rapidly than Coriolis, ultrasonic, and vortex flowmeters.
Magmeters are among the most widely used types of meters for measuring the flow of water and other liquids. They are widely used in the water and wastewater and chemical industries, as well as in food and beverage. Since less than 8% of the magmeter market is in oil and gas applications, magmeters proved more resilient than other flowmeters during the height of the pandemic and the slump in oil prices.
Now magmeters are also benefitting as the market recovers and the oil and gas industry surges.
Magmeters are also increasingly in demand to more closely monitor water supplies and usage as water shortages and climate change highlight water as a precious commodity. Another major growth factor for magnetic flowmeters is their large installed base worldwide.
Magnetic flowmeters have many intrinsic advantages that help make them a revenue leader. They are non-intrusive, with no moving parts, provide a highly stable measurement, and do not cause pressure drop. They are also highly accurate and can be used for custody transfer applications.
Jesse Yoder said: “Now is the time for magnetic flowmeters to shine. With climate change and diminishing water supplies, the need to measure water is increasing around the world. The need for more clean water and wastewater treatment is growing with the population. Magmeters are one of the few flowmeter types that can effectively measure wastewater.”
The World Market for Magnetic Flowmeters, 7th Edition determines the regional and worldwide market size and market shares of the leading suppliers determines the regional and worldwide market size in 2019 and 2020 and forecasts market growth through 2024.