Wakefield, Massachusetts; August 25, 2023 (Flow Research release) — The Coriolis flowmeter market is one of the fastest growing flowmeter markets and the largest flowmeter market in terms of revenue, according to a new study from Flow Research, The World Market for Coriolis Flowmeters, 7th Edition (www.flowcoriolis.com). The newly released study finds that the worldwide Coriolis flowmeter market totaled $1.8 billion in 2022 and forecasts that it will reach $2.4 billion by 2027.
Coriolis meters, known for their high accuracy and reliability in liquids, are a mainstay in custody transfer of petroleum liquids. Growth is still strong in upstream, midstream, and downstream applications, as well as in liquefied natural gas (LNG). Improvements in Coriolis technology mean the meters can measure gases more easily, and most Coriolis suppliers now offer meters that measure gas flow. The study finds that custody transfer of natural gas is a rapidly growing market for Coriolis meters, especially with the increased popularity of natural gas as an energy source. However, it predicts that the fastest-growing gas application will be hydrogen dispensing. Several manufacturers are already offering high-pressure meters capable of measuring hydrogen.
“Suppliers are investing heavily in Coriolis research, and this steady improvement is expanding the number of applications suited for Coriolis meters across various industries,” says Dr. Jesse Yoder, president of Flow Research. “We think one of the most exciting growth areas is hydrogen, which spans both traditional and renewable applications, and is pivotal in the current transition to sustainable energy solutions.”
Coriolis meters still getting better
Technological improvements for Coriolis meters include higher ranges for flowrates, pressure, and temperature. Other enhancements include the use of titanium and other construction materials that make the meters stronger and longer lasting, and specialty flowtubes that accommodate specific applications.
Some meters can now measure volumetric flow, density, temperature, concentration, and other variables in addition to mass flow. Many Coriolis manufacturers are also incorporating self-diagnostics and integrated automation, measurement, and digital solutions, including various forms of wireless and wired connectivity, to enhance measurement accuracy.
Although most Coriolis flowmeters are still sold for line sizes below two inches, a number of companies have brought out Coriolis flowmeters for line sizes above six inches, with some manufacturers supplying meters for line sizes as large as 16 inches, primarily for the oil & gas industry. Some industry experts believe that it is only a matter of time until even larger Coriolis meters are built.
In general, Coriolis meters, the most accurate flowmeters on the market, are also the highest priced. Some manufacturers offer lower-cost, lower-accuracy Coriolis meters to increase market penetration. Although these lower cost meters represent a significant breakthrough in the industry, many users are still willing to pay top dollar for Coriolis meters’ accuracy – up to ±0.05% for liquids and ±0.25% for gases. Many users also distinguish between purchase cost and cost of ownership and believe Coriolis meters offer significant lifecycle savings due to low maintenance costs. Unlike turbine and positive displacement meters, for example, Coriolis meters do not have moving parts, apart from the vibrating tube, and their parts are not subject to wear in the way that orifice plates are.
The World Market for Coriolis Flowmeters, 7th Edition details market shares and the worldwide market size for Coriolis flowmeters in 2022 and forecasts market growth through 2027. It also includes segmentation worldwide and by region, in dollars and units for single and dual bent tube meters and for single and dual straight tube meters. The study also captures a wide variety of segments, including line sizes, fluid types, industries, liquid and gas applications, and many more. It features market shares for the leading Coriolis manufacturers worldwide and by region, and data from the leading Chinese manufacturers.
In a new chapter, the study outlines the history and development of Coriolis flowmeters and their principle of operation, along with frontiers of research for Coriolis technology. It contains market growth factors, profiles many supplier companies, and suggests competitive strategies for suppliers.
About Flow Research
Flow Research (www.flowresearch.com) is the only independent market research company whose primary mission is to research flowmeter and other instrumentation products and markets worldwide. Flow Research, founded in 1998 in Wakefield, Massachusetts, specializes in flow measurement devices, and conducts market research studies in a wide variety of instrumentation areas. These studies are developed through interviews with suppliers, distributors, and end-users, including multiple on-site visits. Topics include all the flowmeter technologies – both new and conventional – as well as temperature sensors, temperature transmitters, level products, and pressure transmitters. The company has a special focus on the energy industries, especially on oil and gas production and measurement.