According to the research report titled ‘Global Coriolis Flow Meter Market Size study with COVID-19 impact, by Fluid Type (Gas, Liquid), by Application (Oil & Gas, Chemicals & Petrochemicals, Food & Beverages, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global Coriolis flow meter market generated revenues worth USD 1.9 billion in the year 2019 and is expected to grow with a CAGR of 10.5% between 2020 and 2027.
 

Technological advancements coupled with affordable nature of the product are key factors augmenting the growth of global Coriolis flow meter market. Advent of new communication protocols and interface have allowed users to gather additional data from Coriolis flowmeters, which along with advanced authentication functionalities are propelling the product demand.
 

For those unfamiliar, Coriolis flow meters are used for measuring volume and concentration in process applications. These meters assess the mass flow of caustics, chemicals, water, acids, and gases. The device evaluates the flow with exceptional accuracy, hence are widely adopted for gauging high value products including fluids or hydrocarbons.
 

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Increasing number of energy related projects in consort with growing demand for advanced flow meters are stimulating global Coriolis flow meter industry outlook. In fact, according to IEA (International Energy Agency), global demand for crude oil reached 100.6 million barrels in the year 2019, which grew from 96.2 million barrels in 2016.
 

Rising adoption of the product across wastewater plants as well as oil & gas industry are further aiding the market expansion. However, high cost of installing and maintaining the product may hamper the worldwide Coriolis flow meter industry revenues.
 

The COVID-19 pandemic has negatively impacted the automation, sensor, and control vertical. Additionally, delay in capital investment among leading companies in automation technology and sluggish material & consumer demand owing to the coronavirus outbreak are likely to inhibit Coriolis flow meter market expansion in the forthcoming years.
 

Considering the geographical landscape, North America presently accounts for a significant market share and is estimated to record similar growth in the ensuing years. Growing demand for technologically advanced products in oil & gas applications in tandem with high concentration of major players are swaying the business dynamics in North America.
 

Alternatively, Asia-Pacific market is poised to garner notable returns and witness the highest CAGR during the forecast period. Rapid expansion of water and wastewater management industry vertical is augmenting the regional demand for Coriolis flow meters.
 

The major contenders in global Coriolis flow meter market are Endress + Hauser Group, FMC Technologies Inc., Tricor Coriolis Technology, ABB Ltd., Emerson Electric Co., Siemens AG, Yokogawa Electric Corporation, Brooks Instruments, Honeywell International Inc., and GE Measurement & Control among others.