The magnetic flowmeter market is the largest of any type of flowmeter market. Multiple factors are driving growth, including greater need for water measurement, product improvements by suppliers, and the accuracy and reliability of magnetic flowmeters.
Wakefield, MA (PRWEB) May 31, 2014
According to a new study from Flow Research, the magnetic flowmeter market is the largest of any type of flowmeter market. The world market for magnetic flowmeter exceeded $1.4 billion in 2013, and is projected to grow at a compound annual growth rate (CAGR) of 6.1 percent through 2018. By 2018, the market is projected to approach $2 billion. The story is somewhat different in terms of units, however. More differential pressure and variable area flowmeters are sold annually than magnetic flowmeters. Despite this, the higher average selling price of magnetic flowmeters enables them to generate more revenues annually than these other types of meters.
Most flowmeters do their best work in clean liquids or gases. This is true, for example, of turbine, Coriolis, ultrasonic transit time, and vortex meters. Magnetic flowmeters, by contrast, thrive on dirty liquids. Magnetic flowmeters and Doppler ultrasonic meters are the only two of the main types of meters that do well in dirty and impure liquids, although DP meters can also measure dirty liquids if they have the right kind of primary element. Magnetic flowmeters are used to measure the flow of conductive liquids and slurries, including pulp and paper slurries and black liquor. Their main limitation is that they cannot measure hydrocarbons (which are nonconductive), and hence they are not widely used in the petroleum industry.
While the magnetic flowmeter market is a mature and stable one, there are some new product developments in the magnetic flowmeter market, and these new developments favor continued growth. One recent development is the advent of two-wire magnetic flowmeters. Four wire meters have a dedicated power supply. Two wire meters use the power available from the loop power supply. This reduces wiring costs, and can result in lower installation costs. These meters are becoming more popular with users, due to the cost savings involved. While two-wire meters still represent only a small percentage of the total magnetic flowmeters sold, their use grew significantly from 2008 to 2013.
Another important development is growth in battery operated and wireless magnetic flowmeters. Battery operated meters make it possible to install magnetic flowmeters in hard to reach places. And wireless meters can transmit a receivable signal where the use of wires is impractical. Both of these segments represent fast-growing areas of the magnetic flowmeter market.
A research study from Flow Research, The World Market for Magnetic Flowmeters, 5th Edition, provides market size worldwide and by geographic region. It also looks at the use of magnetic flowmeters by industry. Magnetic flowmeters are widely used in the process industries. These include the chemical, food & beverage, pharmaceutical, and pulp & paper industries. Magnetic flowmeters will increasingly be seen as an alternative to differential pressure flowmeters. They are widely used in the food & beverage and pharmaceutical industries, where special liners enable them to be used in sanitary conditions. Some 29 percent of magnetic flowmeter revenues are from sales to the water & wastewater industry, which has the highest percentage of magnetic flowmeter sales of any of the process industries.
According to Dr. Jesse Yoder, president of Flow Research, there are multiple factors currently driving this market:
"A steady stream of new products has kept the magnetic flowmeter market vibrant with growth. The development of insertion meters gives more options to end-users who may hesitate to pay the high prices for large line size magnetic flowmeters. Suppliers have brought out a wide variety of liners to handle sanitary and caustic liquids. Advanced diagnostics are making magnetic flowmeters both more intelligent and more reliable. And water flow measurement is increasingly important as populations within countries increase and water shortages become more common."
About Flow Research
Flow Research, with headquarters in Wakefield, Massachusetts, is the only independent market research company whose primary mission is to research flowmeter and other instrumentation products and markets worldwide. Flow Research specializes in flow measurement devices, and conducts market research studies in a wide variety of instrumentation areas that can be purchased by anyone interested in the topics. These studies are developed through interviews with suppliers, distributors, and end-users. Topics include all of the flowmeter technologies - both new and traditional - 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.