Global multiphase flowmeter market outpaces all others, study indicates
WAKEFIELD, Mass. — Multiphase flowmeters are the fastest growing flowmeter type, outpacing ultrasonic and other technologies, according to a new study from market research firm Flow Research, Inc.
The study, titled “The World Market for Multiphase Flowmeters,” found the multiphase flowmeter market totaled $240.0 million in 2011. The market is projected to increase at a compound annual growth rate (CAGR) of 14.5 percent through 2016 until it reaches $472.2 million.
According to Dr. Jesse Yoder, president of Flow Research, the multiphase flowmeter market holds tremendous opportunities for suppliers.
“Although it is one of the most complex applications to address, successful multiphase measurement holds the promise of large benefits for both suppliers and end-users,” Yoder said. “Companies are putting money into developing multiphase meters not so much because the meters do the measurement so well, but because the measurement is so valuable. There is a critical need to be able to accurately measure all the fluids that come out of a well. Only a very small percentage of the world’s 1,000,000+ wells are equipped with multiphase flowmeters today — despite a 30-year history of multiphase metering — so there is ample room for market expansion.”