Fast-Growing Ultrasonic Flowmeter Market to Exceed $700MM by 2012
The ultrasonic flowmeter market remains the fastest-growing market of any flowmeter type, according to a new market study from Flow Research. The study, The World Market for Ultrasonic Flowmeters, 3rd Edition, shows the worldwide ultrasonic flowmeter market at $440 million in 2007, up from $255 million in 2002, with a projected compound average growth rate (CAGR) of 9.8% through 2012. The study also finds that the number of companies entering the ultrasonic flowmeter market is rising and predicts that more companies will enter the market as ultrasonic flowmeter usage continues to grow.
The most important factor in the growth of the ultrasonic flowmeter market is the explosive growth in the market of multipath ultrasonic meters for custody transfer of natural gas. Approvals from industry organizations in Europe and the U.S. boosted wider use of multipath ultrasonic flowmeters. At the same time, the demand for natural gas, and the need to measure it, is increasing substantially. Ultrasonic flowmeters are also being more widely used to measure process gas and flare gas.
Technological improvements have improved the accuracy of ultrasonic transit time flowmeters, which has led to broader use in a wider variety of conditions. Ultrasonic flowmeters now account for more than 10 percent of the revenues generated by the entire worldwide flowmeter market.
According to Dr. Jesse Yoder, president of Flow Research, the future is highly promising for ultrasonic flowmeters, "The ultrasonic flowmeter market grew very rapidly over the past several years, and we see that trend continuing, particularly as the market for gas flow measurement using ultrasonic flowmeters continues to expand. Suppliers, including larger companies with deep pockets, are jumping on the ultrasonic bandwagon. And as more users have positive experiences with this relatively new technology and recognize its advantages for certain applications, we believe they will increasingly adopt ultrasonic flowmeters."