The flowmeter market is now strong and trending upward as the economy regains its footing and rising oil and gas prices drive exploration and production. Historically, the worldwide flowmeter market size has followed the downward and now sharply upward fluctuations in oil prices.
The comprehensive new Flow Research study found that the market totalled $7.03 billion (€6.3 billion) in 2019 and $6.6 billion (€6 billion) in 2020, with revenues forecast to reach a projected $6.9 billion (€6.2 billion) in 2021 and $8.2 billion (€7.5 billion) by 2024.
Coriolis and magnetic flowmeters are the revenue leaders in the flowmeter market, with Coriolis meters projected to take over the lead more strongly by 2024, due largely to growing demand in the oil and gas industry for more accurate custody transfer. Coriolis flowmeters are the most accurate meters on the market today.
Coriolis, magnetic, and ultrasonic flowmeters drive the total flowmeter market, and the decreased demand and supply of oil and gas during the pandemic significantly affected the Coriolis and ultrasonic markets.
Going forward, however, the...
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