Expansion of the oil industry brings huge flowmeter market
With the vigorous development of the oil extraction industry, Coriolis flowmeters are more used to measure liquid petroleum. In fact, the compound annual growth rate (CAGR) of the new technology liquid petroleum flowmeter market from 2011 to 2016 is expected to reach 10.7%. According to FlowResearch research, the growth rate of traditional liquid oil flow meters is only 2.4%. In total, the global flowmeter market used to measure liquid petroleum in 2011 totaled $956 million, and is expected to rise to about $1.4 billion by 2016. Even in 2001, new technology instruments accounted for more than half of the total.
Coriolis flowmeters are widely used in the downstream delivery and transfer of liquid petroleum applications, and form a competition with positive displacement flowmeters. In addition, they are also widely used in the process measurement and distribution measurement of liquid natural gas. Crude oil was once sold at a price of about one hundred dollars per barrel, and such a high price prompted the demand for flowmeter measurement with high accuracy and reliability. The Coriolis flowmeter can meet this demand well.
Ultrasonic flowmeter also plays an important role in the measurement of liquid petroleum. Ultrasonic flowmeters account for more than half of the total industry revenue in the oil and gas industry and the refining industry, and can be used for petroleum process measurement and delivery and transfer. Although the use of ultrasonic flowmeters in oil flow measurement is not as wide as in natural gas flow measurement, the role they play in this important measurement is still crucial.
According to the analysis of FlowResearch, the Middle East and Africa are the main regions for crude oil production. In 2011, the region’s crude oil production accounted for 41.3% of the world’s total, and crude oil reserves accounted for more than 60% of the world. On the contrary, Japan, China and the Asia-Pacific region accounted for only 10% of the world’s crude oil production in 2011, and in terms of crude oil reserves, these regions are even more pitiful, accounting for less than 3% of the world’s crude oil reserves in 2011.
Analysis report said that the lack of crude oil extraction and crude oil reserves in Asia has created a good opportunity for the oil-rich Middle East, the United States and Europe. Similarly, imbalances in natural gas production and reserves still exist in many parts of Asia, because many Asian countries are surrounded by water, and most imported natural gas is imported in liquid form. It has brought business opportunities for the transfer and measurement of natural gas and liquefied natural gas. Some companies have begun to vigorously develop shale oil and shale gas to increase exports to Asia-Pacific countries.
High-priced crude oil has also contributed to the continuous increase in demand for higher accuracy and more reliable flow measurement. In the past three months, West Texas Intermediate Crude Oil (WTI) crude oil has been sold at a price of one hundred dollars per barrel, while Brent crude oil is more expensive. This makes oil extraction in many places more profitable, and also creates more opportunities for the development of upstream flow measurement. Ultrasonic Coriolis flow meters will benefit from it.
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