Research
study predicts strong growth for Coriolis flowmeters
Posted: 24 September 2003
The Coriolis flowmeter market continues to grow, despite the economic
woes of the past several years.
This is one finding in a new market study from Flow Research called
The World Market for Coriolis Flowmeters (www.flowresearch.com).
Worldwide sales of Coriolis flowmeters totaled $435 million in
2002. Revenues are projected to grow at a CAGR (compound annual
growth rate) of 7.6 percent through 2007, when they are expected
to reach $627 million. This makes Coriolis flowmeters the second
fastest growing flowmeter, behind only ultrasonic meters.
Despite projections for strong Coriolis flowmeter growth, sales
of Coriolis flowmeters were up by only six per cent in 2002 from
their year 2000 value. This represents an average annual growth
rate of only three per cent per year, which is modest growth for
what is normally a fast-growing flowmeter.
This shows that Coriolis flowmeters were not exempt from the effects
of the economic downturn that has afflicted many of the instrumentation
and process control markets over the past several years. Projections
for stronger future growth for Coriolis meters are based in part
on the improving economic climate.
Accuracy and reliability are still the strongest driving forces
behind the worldwide Coriolis flowmeter market. While Coriolis flowmeters
typically have a higher purchase price than almost any other type
of flowmeter, they earn this back over time through reduced installation
and maintenance costs.
Unlike positive displacement and turbine meters, they do not have
moving parts that are subject to wear over time, apart from their
vibrating tube. And unlike pressure transmitters with orifice plates,
they do not have components that can be knocked out of position
or are intrusive to the flowstream in the way that orifice plates
are.
Coriolis flowmeters remain the most accurate flowmeter. This is
why they are often the meter of choice for custody transfer applications.
A number of organizations have written standards that apply to
the use of Coriolis flowmeters for custody transfer and billing
applications. If end-users need or simply want very high accuracy,
they will often select a Coriolis flowmeter.
Coriolis flowmeters are more accurate than most other new-technology
flowmeters, including magnetic, ultrasonic, and vortex.
Users also select Coriolis flowmeters when they want a mass flow
measurement. This is often the case in the chemical industry, and
in other process industries. Coriolis meters give a direct, rather
than an inferred, mass flow measurement. In some cases, users may
also select a turbine meter along with a densitometer to compute
mass flow measurement. Another option is to use a multivariable
differential pressure transmitter that also measures pressure and
temperature and computes mass flow.
Size restrictions remain the most severe limitation of Coriolis
flowmeters. Coriolis meters larger than two inches become expensive
and unwieldy. While some six-inch Coriolis flowmeters are sold,
move than 90 percent of all Coriolis meters sold are of size two
inches or smaller. Until this size problem is solved, Coriolis flowmeters
will remain more complementary to than competing with ultrasonic
flowmeters. Ultrasonic flowmeters perform best in line sizes of
four inches and above.
Flow Research, Inc.
Flow Research is a market research company that specializes in providing
market data and strategies on flowmeters and other measurement devices.
Dr. Jesse Yoder, who has 16 years’ experience as a writer
and analyst in process control, founded Flow Research in 1998.
The company recently completed a series of ten market studies on
the worldwide flowmeter market, including The World Market for Coriolis
Flowmeters. Other studies are individual volumes on the worldwide
ultrasonic, magnetic, vortex, positive displacement, and turbine
flowmeter markets.
Volume IX, The World Market for Pressure Transmitters, will be
published in the next few weeks. Volume X, The World Market for
Flowmeters, includes all ten flow technologies.
Flow Research is partnering with Ducker Worldwide (Bloomfield Hills,
MI) to produce a series of ten market studies on flowmeters, covering
all the flow technologies. Ducker Worldwide has 40 years’
experience researching industrial and business markets, and has
offices throughout the world.
Another service provided by Flow Research is the Worldflow Monitoring
Service. This Worldflow service includes monthly reports on the
flow and process industries. These reports include the Worldflow
Barometer, Worldflow Monitor, and Worldflow Perspective. The service
is designed to provide up-to-date information between market studies.
Posted by Richard Price,
Editor Pipeline Magazine
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