The world market for flowmeters used in industrial and upstream custody transfer applications was worth almost $4 billion in 2008. That’s according to a new study from IMS Research “The World Market for Flowmeters -2010”.  

The report is a brand new study which looks to quantify the market for flowmeters designed for industrial process and upstream custody transfer applications.

According to the reports author, Daniel Welch “the largest markets in 2008 were for coriolis, differential pressure and magnetic flowmeter technologies, which accounted for around 65% of total revenues.”

The author continues “The need for increasing levels of accuracy throughout many of the industrial process and upstream custody transfer applications is driving the migration toward newer technologies and multivariable instruments. This is causing the more established technologies, such as turbine and positive displacement flowmeters to suffer.”

Increasing levels of environmental awareness, and the necessity for more widespread monitoring of carbon dioxide in large-scale industrial and power generation plant, is playing an increasing role in the flowmeter market, and will dictate the growing use of specific flowmeter technologies. According to the report, one such technology was thermal mass flowmeters, which defied the affects of the recession and recorded growth in 2009, driven by increasing levels of emissions monitoring throughout the industrial sector.