Ultrasonic Flowmeter Market Exceeds $600 Million Worldwide, According to Flow Research Studies
Wakefield, MA (PRWEB) May 31, 2014 -- According to a recent series of studies from Flow Research, the market for ultrasonic meters totaled $632 million in 2011, and is projected to grow at a compound annual growth rate of 9.6 percent through 2016. Growth in this market is driven by the use of ultrasonic flowmeters for custody transfer applications and the resulting product development of multipath meters. Inline ultrasonic meters account for two-thirds of revenues, with the remainder divided between clamp-on and insertion meters. In addition to gas flow, ultrasonic flowmeters are used to measure the flow of petroleum and non-petroleum liquids.
Flowmeter manufacturers are focusing a great deal of attention on ultrasonic flowmeters. Much of their research and development effort is currently going into these meters, perhaps at the expense of other meters such as vortex and turbine. Suppliers have made significant progress in enhancing the accuracy and reliability of ultrasonic flowmeters. This has mainly been done by increasing the number of paths, thereby increasing the number of measurement points, and also by adding greater diagnostic capability. The enhanced diagnostic capability can reduce the need for upstream piping, and also increases the ability of the ultrasonic meter to determine sources of error. Lately, new and more accurate meters have been developed for custody transfer of petroleum liquids as well as for custody transfer of natural gas.
Ultrasonic flowmeters are also being more widely used to measure process gas and flare gas. The use of ultrasonic meters for gas flow measurement has evolved substantially from the late 1970s and early 1980’s, when this was first attempted. The use of wetted sensors provides greater accuracy. Insertion meters are used to measure flare gas in stacks, and ultrasonic flowmeters are used more widely in the chemical and refining industries. While the growth of ultrasonic meters to measure process and flare gases is not as rapid as is the growth of multipath meters for custody transfer of natural gas, it is still an important factor in the overall growth of ultrasonic meters.
The development of multipath transit time flowmeters, which uses more than one ultrasonic signal or “path” in calculating flowrate, has been important for ultrasonic flowmeters. Each path requires a pair of sending and receiving transducers. By using more than one path, the flowmeter measures flow at more than one location in the flowstream, leading to greater accuracy. Multipath flowmeters have been especially important in the use of transit time meters to measure natural gas flow. In June 1998, the American Gas Association approved the use of multipath ultrasonic flowmeters for custody transfer of natural gas applications. Since that time, there has been a substantial increase in the use of these meters for natural gas measurement, especially for custody transfer.
Flow Research has released a series of three studies on the worldwide ultrasonic flowmeter market. The series is called The World Market for Ultrasonic Flowmeters, 4th Edition. One study focuses on inline meters, while the second study includes both clamp-on and insertion meters. The third study provides extensive data on the entire ultrasonic flowmeter market, including market size, forecasts, and market shares..
According to Dr. Jesse Yoder, president of Flow Research, growth in the energy markets is a major factor driving growth:
"Natural gas is increasingly seen as a cleaner alternative to oil and petroleum liquids. It is also being seen as a long-term bridge to renewables. Ultrasonic flowmeters are ideal for pipeline applications involving custody transfer of natural gas. Here they compete with differential pressure (DP) and turbine flowmeters. However, ultrasonic meters have distinct advantages over the competition, since they have no moving parts and are extremely reliable. The need for gas flow measurement can only increase as the need for energy increases. Ultrasonic flowmeters are also widely used to measure petroleum and non-petroleum liquids."
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.
For more information, visit http://www.flowresearch.com or call +1 781 245-3200. For information on the ultrasonic flowmeter studies, visit http://www.flowultrasonic.com.
Jesse Yoder, FlowResearch, +1 7812453200, [email protected]
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