Coriolis Meter Market Synopsis:
According to the MRFR analysis, the global Coriolis Meter market size is projected to reach USD 2,232.56 million by 2030 at a CAGR of 10.54%.
Coriolis meters are majorly used to measure the mass flow rate of liquids, even though they have also been used in some gas-flow measurement applications. These meters are used to measure the flow with such high accuracy, so they are widely used to measure high value products. As they measure mass flow, the measurement is not affected by fluid density changes. This meter finds their application in oil gas, chemicals and petrochemicals, food and beverage sector. Increasing use in oil gas and water wastewater industries is one of the major drivers of the market. However, raw material price fluctuations restraint on rinse-off products, and the ongoing COVID-19 pandemic affect market growth.
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Coriolis Meter Market Segmentation:
- Oil Gas: The segment holds largest market share in the global Coriolis meter market. Coriolis meter are used mainly to oil and gas industry. The oil and gas industry has recovered strongly throughout 2021, with oil prices reaching their highest levels in last six years.
- Chemicals and Petrochemicals: This segment holds the second largest market share in the global Coriolis meters market. Chemicals and Petrochemicals are derived from many chemical compounds, majorly from hydrocarbons. These hydrocarbons are derived from natural gas crude oil.
- Food and Beverage: The food and beverages industry involves in processing raw food materials, packaging, and distributing. This includes alcoholic and nonalcoholic beverages, fresh food, prepared foods as well as packaged foods.
- Others: The others segment covers Water wastewater Power Generation, etc
By Fluid Type
- Liquid: The segment holds largest market share in the global Coriolis Meter market. The liquid flow meter is a device which is used to measure the mass, volumetric, linear and nonlinear flow rate of a liquid. The flow rate has been calculated by measuring the liquid’s velocity.
- Gas: A gas flow meter is a precision instrument which is used to measures a pipe’s gas flow rate. The working principle of gas flow meters is the use of a vibrating tube where the flow of gas can cause changes in frequency, or phase shift proportional to the mass flow rate.
- North America: The growth in the North America Coriolis meter market is mainly attributed to the key players in the US and Canada, which has significantly contributed to the growth of Coriolis Meter market in the region.
- Europe: Implementing the growth in this region can be mostly attributed to technological advancements.
- Asia-Pacific: Asia-Pacific is expected to emerge as the fastest-growing regional market due to various factors. China and India are anticipated to dominate the Asia-Pacific market over the forthcoming years.
- Latin America: The Latin American Coriolis meter market continues to be the key growth area due to increasing demand for innovative technology in oil gas application, which is backed by new investments.
- Middle East Africa: Increase in government investments is fueling the demand for Coriolis Meter in the region.
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Coriolis Meters Market Report Overview:
The Coriolis Meters market is segmented by application, fluid type and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Coriolis Meters emerging and fast-growing segments, regions, and countries.
Coriolis Meter Market Competitive Landscape:
The global Coriolis Meter market is highly fragmented and consists of many organized and unorganized industry players. Manufacturers focuses mainly on expansion of production capacities, continuous product launch, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include Ge Measurements and Control, Honeywell, Brooks Instruments, Yokogawa Electric Corp, Siemens A.G., Emerson, ABB Limited, Tricor Coriolis Technology, and Foxboro.