New York, US, July 18, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Coriolis Meters Market Analysis by Application (Signs & Displays, Oil & Gas, Chemicals and Petrochemicals, Food and Beverage, Others) Fluid Type (Liquid, Gas) Forecast 2030” valuation is poised to reach USD 2,232.56 Million by 2030, registering an 10.54% CAGR throughout the forecast period (2022–2030).
Coriolis Meters Market Overview
The rising use in the oil & gas industry will offer robust opportunities for the market over the forecast period. Coriolis metres are used in the oil & gas industry to measure fluid mass flow. With natural & shale gas production on the rise and investments in deep water projects on the rise, the market all is set to expand. With rising energy demand, the market for Coriolis flow meters is expected to expand rapidly in the coming years. Growing demand for energy, particularly oil and natural gas, is focusing attention on the flow measurement technologies and customer transfer measurement offering significant growth potential in the market. Investments in oil & gas projects, in particular, have increased in developing regions such as Asia-Pacific and the Middle East, because governments seek to address rising energy demand, providing a positive outlook for the market.
Coriolis Meters Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 2,232.56 Million |
| CAGR (2022-2030) | 10.54% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fluid Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Ge Measurements and Control, Honeywell, Brooks Instruments, Yokogawa Electric Corp, Siemens A.G., Emerson, ABB Limited, Tricor Coriolis Technology, and Foxboro |
| Key Market Opportunities | Rising Use in Oil & Gas Industry to offer Robust Opportunities |
| Key Market Drivers | Increasing Adoption in Food & Beverage Industry to Boost Coriolis Meters Market |
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Drivers
Increasing Adoption in Food & Beverage Industry to Boost Market Growth
The increasing adoption of coriolis meters in the food & beverage industry will boost market growth over the forecast period. Coriolis meters are used to measure the flow of liquids in the Food and Beverage industry. These instruments utilize ultrasonic waves which are deflected the moment these come in contact with obstacles, enabling them to measure the change in speed. Because the frequency of these waves is high enough, they can pass through solids & gases sans being affected by density, making this technique applicable to a variety of liquids.
Fluctuating Price of Raw Material to act as Market Restraint
The fluctuating price of raw material may act as a market restraint over the forecast period. Metal, alloys, & polymers, among other materials, are used to make Coriolis metres. The fluctuating costs of such raw materials make it difficult for OEMs to obtain high-quality raw materials and manage supplier-mandated delivery schedules, which raise the price of flow metres.
High Installation and Calibration Cost to act as Market Challenge
The high installation and calibration cost coupled with dearth of skilled workforce may act as market challenges over the forecast period.
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Coriolis Meters Market Segments
The global coriolis meters market is bifurcated based on application and fluid type.
By application, the coriolis meters market is segmented into food and beverage, chemicals and petrochemicals, oil and gas, signs and displays, and others.
By fluid type, the coriolis meters market is segmented into gas and liquid.
Coriolis Meters Market Regional Analysis
APAC to Head Coriolis Meters Market
The market is expected to account for the largest share in terms of value, with growth in the Asian region owing primarily to key player collaboration, high demand end-use industries, and capacity expansion. The Asia-Pacific market offers significant opportunities for growth for manufacturers and is expected to grow at the fastest rate. The APAC market will develop at the fastest during the forecast period, for the development of the oil and energy industry and rising energy demand in the region's emerging economies. Manufacturing plants are focusing on automation to reduce waste, lead times, & unplanned downtime. Growing industrialization, rising living standards worldwide, and a large population base in the Asia Pacific region have prompted companies to locate their operations there.
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North America to Have Admirable Growth in Coriolis Meters Market
When compared to other regions, North America will have an admirable growth. This is for the growing need for innovative technologies especially in oil and gas industries, as well as the development of shale gas production in the region's countries. The eminent players Canada and the US, which have significantly contributed to the growth of the Coriolis Meter market in the region, are primarily responsible for the growth in the North America Coriolis metre market. Owing to the discovery of vast reserves of shale gas and the subsequent increase in demand for the metres in the industry, the US represents a promising market for the Coriolis metres. Shale gas discoveries too are having a positive impact on the chemical & petrochemical sectors, driving up demand for the market.
COVID-19 Analysis
The rapid spread of COVID-19 epidemic has caused significant disruption in a variety of industries around the world. The oil and gas, food and beverage, and other industries were among the major end-users who were severely impacted by the pandemic.
According to the Coriolis Meters Market Report, the COVID-19 outbreak has gradually impacted the market's value chain. For a short time, industries like oil and gas, chemicals, pulp and paper, metals and mining, & food and beverages saw declining demand for their products due to the global slowdown and customers' declining purchasing power.
The pandemic that began in 2020 had a significant impact on the Coriolis Meters market due to significant capacity increases and slow demand growth. The novel coronavirus had an uneven impact on Coriolis metre demand across value chains having sharp drops in applications and increasing need for medical applications.
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Coriolis Meters Market Competitive Analysis
The global coriolis meters market is both fragmented as well as competitive on account of the presence of multiple international along with domestic industry players. Such players have used myriad innovative strategies for staying ahead and also sufficing to the customers surging need including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and much more. Besides, they are also incorporating in myriad research &development activities.
Dominant Key Players on Coriolis Meters Market Covered are:
- Ge Measurements and Control
- Honeywell
- Brooks Instruments
- Yokogawa Electric Corp
- Siemens A.G.
- Emerson
- ABB Limited
- Tricor Coriolis Technology
- Foxboro
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