Magnetic flowmeters are running neck and neck with Coriolis meters as a revenue leader in the global flowmeter market, according to a new study from Flow Research, ‘The World Market for Magnetic Flowmeters, 7th Edition’.
The new study found that the worldwide magmeter market totaled US$1.6 billion in 2019, slightly ahead of the Coriolis market. In 2020, the magmeter market dropped slightly below the Coriolis market (to US$1.5 billion) and continues to hover only slightly below that market, growing steadily, though less rapidly than Coriolis, ultrasonic, and vortex flowmeters.
Magmeters are among the most widely used types of meters for measuring the flow of water and other liquids. Since less than 8% of the magmeter market is in oil and gas applications, magmeters proved more resilient than other flowmeters during the height of the pandemic and the slump in oil prices. Now magmeters are also benefitting as the market recovers and the oil and gas industry surges. Even though they don’t measure hydrocarbons, magmeters are used for fracking applications, including measuring water injected into oil and gas wells, and water flowing from them for capture, disposal, or recycling.
A major growth factor for magnetic flowmeters is their large installed base worldwide. Magnetic flowmeters were first introduced for commercial use in 1952, well before other new technology flowmeters, including Coriolis (1977), ultrasonic (1963), and vortex (1969). Magnetic flowmeters have had more time to penetrate the important large markets in Europe, North America, and Asia and perpetuate an advantage with users who tend to replace like with like.
Magnetic flowmeters have many intrinsic advantages that help make them a revenue leader. They are non-intrusive, with no moving parts, provide a highly stable measurement, and do not cause pressure drop. They are also highly accurate and can be used for custody transfer applications. Magmeters are available in a wide range of sizes, from less than ? in. to over 100 in., with insertion designs that can measure liquids in large line sizes at lower costs than inline models.
Technology improvements are helping magmeters expand their range of applications. Although magmeters will probably never measure nonconductive liquids, suppliers have succeeded in reducing the amount of conductivity required to measure flow, in part by creating a stronger signal through boosting the amount of power used to excite the magnetic coils.
Other improvements gaining acceptance include two-wire meters that use the loop-power supply to reduce wiring and installation costs; battery-powered and wireless models; and long-lasting lithium batteries.
‘The World Market for Magnetic Flowmeters, 7th Edition’ determines the regional and worldwide market size and market shares of the leading suppliers determines the regional and worldwide market size in 2019 and 2020, and forecasts market growth through 2024. The study reveals the effect of the pandemic on the magmeter market as well as the rebound that occurred in 2021 and that continues in 2022. It also analyzes products from all of the primary magmeter suppliers, profiles the significant worldwide suppliers, identifies the top industries and applications, and proposes market and product strategies.
Read the article online at: https://www.worldpipelines.com/special-reports/24112022/new-magnetic-flow-research-study-reveals-resilient-market/