According to IMS Research (now part of the IHS Inc.), the Asia Pacific region will this year become the world’s largest market for flowmeters, with sales revenue of US$ 1.7 billion.
The same region is also forecast to be the fastest expanding for flowmeter sales from 2011 – 2017, with a compound annual growth rate (CAGR) of 10.5%. This high growth has been attributed to Greenfield investment, coupled with an increasing need for greater flow measurement accuracy.
China and India will play a large role in generating the shift, as they continue their efforts to invest in infrastructure capable of addressing the needs of the growing population.
Many of the factors driving revenue growth in China and India are also evident globally; with a growing focus on environmental conservation, the monitoring of greenhouse gas emissions is becoming increasingly important to businesses. Another important application is custody transfer; rising energy costs have driven the need for greater flow measurement accuracy given that small percentage errors can result in significant costs.
According to IMS Research, as China and India begin to realise the benefits of investing in more efficient flowmeters, these more advanced products will begin to drive growth in the flowmeter market in the region.
Adapted from press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/31052013/asia_pacific_set_to_become_largest_flowmeter_market/