A research study from Flow Research, Inc. has revealed that the global flow meter market totalled $7.06bn in 2018 and is projected to approach $8.85bn by 2023.

The worldwide flow meter market has followed the trends of fluctuations in oil prices. Five years ago, when multiple oil and gas exploration projects were postponed or cancelled, associated industries experienced a ripple effect.

In 2015, for the first time in many years, new-technology flow meter markets showed a decline. In February 2016, oil price began recovering and the global flow meter market is now back on an upward track.

Coriolis and ultrasonic flow meters are projected to experience the fastest growth rates over the next four years.

“It’s an exciting time for the world flow meter market. Oil prices have stabilised and projects requiring new flow meters are in full swing,” said Dr. Jesse Yoder, President of Flow Research.

Product improvements in both new and traditional technology flow meters are also contributing to the growing trend in the market.

“Adding to that, suppliers are introducing new product features that are revitalising the market. Chief among these are enhanced accuracy, reliability, and redundancy. Last year was a banner year for the flow meter market, and this trend is continuing into 2019,” Yoder continued.

“There is also a burst of merger and acquisition activity that is almost certain to continue as companies position themselves to compete more effectively in an expanding market.”

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