Ultrasonic Flow Meter Market Analysis, Demand, Recent Market Development, Market Overview by 2024
According to the new market research report by MarketsandMarkets that the Ultrasonic Flow Meter Market is projected to reach USD 2.1 Billion by 2024 from an estimated USD 1.5 Billion in 2019, at a CAGR of 6.5%. The growth of this market is driven by the rise in shale gas exploration activities in the US and increasing green field investments in China. The ultrasonic flow meter is used to determine the velocity of a fluid flowing in a pipe using sound waves. It helps in accurate measurement, high temperature resistance, and low maintenance cost. It can also be used when there are air bubbles and solid particles in the fluid stream which blocks the sound wave reaching across the pipe to measure its transit- time.
The leading players in the ultrasonic flow meter market are
- Siemens (Germany),
- Danfoss (Denmark),
- Fuji Electric (Japan),
- Badger Meter (US),
- GE (US),
- Endress+Hauser (Switzerland),
- Honeywell (US),
- KROHNE (Germany).
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Asia Pacific is estimated to be the largest growing market for ultrasonic flow meters during the forecast period. The market has been segmented, by region, into Asia Pacific, Europe, the Middle East & Africa, North America, and South America. The growth the Asia Pacific region is primarily driven due to the countries such as China, India & Japan. The number of investments in the water & wastewater, energy and power, refining, chemicals, and industrial infrastructure activities is increasing in the developing economies such as China and India which drives the demand for measuring instruments, which has contributed significantly to the growth of the ultrasonic flow meter market in this region.
The ultrasonic flow meter market, by implementation type, is segmented into clamp-on, inline, and others (wall-mounted & hand-held). The clamp-on is the largest market and is projected to grow at the highest CAGR during the forecast period. Clamp-on ultrasonic flow meter measures the flow without any interruption in the process which is expected to drive its demand. The inline segment, by implementation type, is the second largest market because of the demand for precise flow measurement by industries such as oil & gas and water & wastewater.
Browse 70 market data Tables and 34 Figures spread through 135 Pages and in-depth TOC on “Ultrasonic Flow Meter Market”
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The ultrasonic flow meter market, by measurement technology, is segmented into transit-time, doppler, and hybrid. The transit-time is the largest market and is projected to grow at the highest CAGR during the forecast period because of its bi-directional and precise flow measurement advantages.
The ultrasonic flow meter market, by number of paths, is segmented into 1 path transit-time, 2 path transit-time, and 3 and above path transit-time. The 1 path transit-time is accounted to be the largest market for ultrasonic flow meter because of its cost-effective flow measurement. Major end-users for 1 path transit-time are water & wastewater, food manufacturing, and power generation industries. Some of the key players for 1 path transit-time are Endress+Hauser, Fuji Electric, and Emerson.
- Need for Accurate Measurement
- Growing Demand in Oil & Gas and Water & Wastewater Industries
- Ease of Operation
- High Initial Cost of Ultrasonic Flow Meters
- Inaccurate Measurements in the Vertically Downward Flow Line
- Increasing Demand for Smart and Intelligent Flow Meters
- Lower Adoption Rate Compared to Traditional Flow Meters
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The report segments the ultrasonic flow meter market, by end-user, into oil & gas, power generation, water & wastewater, and others (chemical, food & beverage, pharmaceutical, and paper & pulp industries). The oil & gas is accounted to be the largest market for ultrasonic flow meter because of its precise flow measurement and other applications such as pump testing & inspection, methanol & water injection metering, verification of in-line meters, and water measurements. Power generation is projected to grow at the second fastest CAGR because of the ease of operation of ultrasonic flow meters in power plants which is likely to increase its demand.
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