Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||901939|
|Published||Content info||486 Pages
Delivery time: 1-2 business days
|Published: September 1, 2020||Content info: 486 Pages||
The global market for Coriolis Meters is projected to reach US$2.7 billion by 2025, driven by the ubiquitous importance of liquid/fluid flow measurement in a wide range of industries including oil and gas, fluid transport, fluid storage, mining, water & wastewater treatment, power & utilities, marine, and process industries such as chemicals, food & beverage, pulp & paper, among others. While there are various fluid flow measurement technologies such as differential pressure flow meters, magnetic flow meters, ultrasonic flow meters, positive displacement flowmeters, turbine flowmeters, variable area flowmeters, vortex & thermal flow meters flowmeters, Coriolis flowmeters are the most popular and widely preferred. Coriolis meters rely on the earth`s Coriolis Effect to measure fluid mass flow rates. The Coriolis Effect is based on simple mathematical physics that surmises all moving and flowing bodies on the surface of the earth to drift sideways due to the eastward rotation of the planet. While in the northern hemisphere the movement of liquids/fluid is to the right, in the southern hemisphere the movement is towards the left. This principle dictates the tidal activity of oceans and also influences weather patterns of the planet. Key benefits of Coriolis flowmeters driving their adoption rates include multi-parameter measurement capability i.e. liquid temperature and density; high degree of accuracy as the Coriolis Effect is unaffected by fluid characteristics such as pressure, temperature, viscosity, conductivity and gravity; ability to operate in forward and reverse flow direction; requires no inlet and outlet sections; lower maintenance loads; and ability to handle difficult fluids.
A key trend in the market is the growing popularity of straight-tube Coriolis flowmeter designs as compared to the conventional U-tube Coriolis flowmeter design. Rising focus on food safety and sanitary manufacturing conditions is especially driving demand for straight-tube Coriolis flowmeter in the food and beverage and pharmaceutical industry, where bent tubes results in stagnant process fluids causing hygiene issues and raising the risk of contamination. Another industry also in the spotlight as a key revenue generator for Coriolis meters is the oil and gas industry. Efficient and reliable oil and gas flow measurement is important for both offshore and inland applications. Oil drilling requires continuous measurement and monitoring of drilling fluids. Maintaining optimum fluid volumes and density is vital in ensuring efficiency and safety of drilling operations. Real-time measurement of density and flow rates are therefore emerging as key parameters for rig control as they help lower drilling costs by eliminating nonproductive time (NPT). Stable growth in the number of oil wells drilled worldwide coupled with the rise in hydraulic fracturing in-line with the robust exploitation of shale reserves in North America bodes well for market growth. Under this scenario, Micro Motion Coriolis flowmeters are poised to witness strong demand growth. Coriolis flowmeters are optimized for drilling applications as they are measure mass rates and are not affected by fluid type. They are therefore compatible with a wide range of drilling fluid types with vastly different base and fluid properties. Absence of in-stream mechanical, moving components make Coriolis flowmeters suitable for the erosive fluids, harsh environments and process conditions. In addition, ongoing digitalization of oilfields enables easy interfacing of micro motion Coriolis sensors to data logging systems. The United States, Europe and Latin America represent large markets worldwide with a combined share of 55.4% of the market. China ranks as the fastest growing market with a CAGR of 12.2% over the analysis period supported by the country`s growing manufacturing industry.
Competitors identified in this market include, among others,