Oil & gas growth spurs growth for peripherals
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Manufacturing News, Source : The Manufacturer US
Published : 12 Oct 2006 23:44
Strong growth in the oil & gas industry has goosed the market for field device technology, and the worldwide market for ultrasonic flowmeters is expected to grow at a compounded annual growth rate (CAGR) of 9.6 percent over the next five years.
This according to a new ARC Advisory Group study. The market was $275 million in 2005 and ARC forecasts over $434 million in 2010.
Ultrasonic flowmeters are fast becoming the metering technology of choice for flow measurement applications, particularly in the hydrocarbon industries. "While ultrasonic flow measurement technology has been available for decades, it has largely been limited to niche applications. That is starting to change as users have begun to realize the many benefits ultrasonic meters offer, including high accuracy, obstruction-free measurement, and low total cost of ownership (TCO)," according to Automation Analyst Allen Avery.
Almost all of the growth in the ultrasonic flowmeter market in recent years has been due to increased shipments to the oil & gas industry, which nearly doubled over previous levels.
The largest growth rates for this equipment will be elsewhere - particularly in in Asia and the Middle East regions. China and India are expected to make robust investments in basic infrastructure and new manufacturing plants. As energy-poor China seeks fuel for its rapid economic growth, it will ramp up its oil & gas infrastructure, building pipelines to connect it to Russia and other regional suppliers. The Middle East will continue to be fertile ground for ultrasonic meter suppliers, due to its role in oil & gas production. The region will also see investment in several large-scale power generation and desalinization plants. Growth in North America will be more modest in comparison, but still healthy due to investment in oil & gas infrastructure and industrial automation.
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