0

Ultrasonic Flowmeter Market is projected to reach $959.8 million by 2028

 
2022
Ultrasonic Flowmeter Market

Report Code : A10592

quote ultrasonic flowmeters form an integral part of process instrumentation in various process industries such as oil & gas and chemicals as it allows real time measurement of fluid flowrates accurately and reliability. Hence, growth in the process industry around the globe is expected to offer numerous opportunities for the global ultrasonic flowmeter market. Flowmeters help to monitor quantity of various fluids, thereby increasing safety and economy of a plant. Investments in the oil & gas industry, wastewater management, and chemical industry, in terms of new plants or plant upgrades, are expected to be conducive for growth of the ultrasonic flowmeter industry during the forecast period quote

Eswara Prasad
Manager, Materials & Chemicals at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled," ultrasonic flowmeter market by transducer type, technology, and end user industry: global opportunity analysis and industry forecast, 2021-2028," Global ultrasonic flowmeter market was valued at $650.7 million in 2020, and is projected to reach $959.8 million by 2028, growing at a CAGR of 5.1% from 2021 to 2028. 

Ultrasonic flowmeters are flow measuring devices based on ultrasonic technology that calculates flow rate of a process fluid by processing ultrasonic signals. It is used in measuring liquids and gases; liquids include water, corrosive chemicals, crude oil, while gas includes steam and natural gas. On the basis of working principle, ultrasonic technology is of two types: Doppler and transit-time. Doppler type flowmeters are ideal for measuring fluids with suspended solid particles while transit-time flowmeters are used for measuring solids and bubble free fluids. 

Increase in demand for accurate flowrate measurement for process optimization is a key ultrasonic flowmeter market trend as it offers high accuracy, easy installation, and less maintenance. Compared to mechanical flowmeters, ultrasonic flowmeters maintain their accuracy across a wide range of applications. Absence of any moving parts results in low cost of installation and ownership. Use for ultrasonic flowmeters has witnessed a surge in the oil & gas industry, where it is used in custody transfer applications for accurate measurement of hydrocarbons. In addition, the increasing use of ultrasonic flowmeters in wastewater management and chemical industries will drive the growth of the ultrasonic flowmeter market during the forecast period. On the contrary, availability of other types of flowmeters such as turbine and electromagnetic flowmeters hamper adoption of ultrasonic flowmeters during the forecast period. Factors such as higher upfront costs and substance limitations are factors that lead to use of substitute flowmeters. 

Ultrasonic Flow Meter Market opportunity is expected to be high through product development and product launches in the coming years. Developments could be in the components of the flowmeter or software that increases its reliability. In 2020, Emerson released Daniel T-200, a titanium-housed transducer, for its gas ultrasonic flow meter product line. It was made by the use of metal 3D printing to improve acoustic performance of ultrasonic flowmeters in custody transfer applications. In addition, transducers improve reliability, uptime, and safety.  

The global ultrasonic flowmeter market analysis is done on the basis of transducer type, technology, end user industry, and region.

By transducer type, the global ultrasonic flowmeter is segmented into spool piece, inline, clamp-on, and others. The clamp-on segment held the largest revenue share in 2020 and is projected to be the fastest growing segment at a CAGR of 5.9% during the ultrasonic flowmeter market forecast period. Clamp-on flowmeters are portable and require less time for installation as compared to other flowmeters. Unlike inline flowmeters, clamp-in types are mounted on external surface of the pipe, thus reducing pipe downtime.  

By technology, it is segmented into transit-time, Doppler, and hybrid. The transit-time ultrasonic flowmeter accounted for the largest share in 2020. Transit-time ultrasonic flowmeters are more accurate than Doppler flowmeters, and are used mainly in custody transfer applications along with applications in other end-use industries. This segment is also projected to grow at the highest CAGR of 5.3%.

By end-user industry, it includes water and wastewater management, oil and gas, chemical, power generation, pharmaceuticals, aerospace, and others. The oil & gas segment accounted for the largest ultrasonic flowmeter market share in 2020; ultrasonic flowmeters are increasingly being used in custody transfer of crude oil and natural gas. The water and wastewater management segment is projected to be the fastest growing segment at a CAGR of 6.7%.  Growth in need for wastewater management in domestic and industrial setups have increased demand for flow rate measurement systems and non-invasive ultrasonic flow meters are ideal solutions for accurate and reliable wastewater measurement.

Region wise, Asia-Pacific accounted for the largest share of the ultrasonic flowmeter market in 2020, followed by Europe and North America. Presence of various end use industries of ultrasonic flowmeters in China and India have proved to be beneficial for the market growth.

Europe is projected to be the fastest growing region in the global ultrasonic flowmeter market. Growth in chemical, power generation, oil & gas industry and wastewater management industries is expected to offer fresh opportunities for the regional ultrasonic market growth.

Major companies operating in the ultrasonic flowmeter market include Badger Meter Inc., Baker Hughes Company, Emerson Electric Co., Endress+Hauser AG, Faure Herman, Fuji Electric Co. Ltd., Honeywell International Inc., Krohne, Siemens AG, and Spectris PLC. Product launches and business expansion are key developmental strategies adopted by key players to increase their presence in the flowmeter market. For instance, Endress+Hauser AG, Emerson, and Siemens launched new models of ultrasonic flowmeters in 2020, 2019, and 2018, respectively. Products are developed to offer more accuracy, reliability, and less maintenance.  

Key findings of the study

  • Europe ultrasonic flowmeters market is projected to grow at the highest CAGR of around 5.3%, in terms of revenue, during the forecast period.
  • By transducer type, the clamp-on segment accounted for the largest market share in 2020
  • By technology, the transit-time segment of ultrasonic flowmeters held the largest market share in 2020
  • On the basis of end user, the oil & gas segment garnered the largest market share in 2020.

Impact Of Covid-19 On The Global Ultrasonic Flowmeter Market

  • The COVID-19 pandemic negatively disrupted the major end-users of ultrasonic flowmeters, thus reducing demand for new flowmeters. 
  • The oil & gas industry was one of the worst hit sectors during the pandemic, as restrictions on transportation decreased the demand for crude oil products from automotive and aerospace industries.
  • Decline in demand for petrol and diesel decreased oil & gas custody transfer activity in major countries. 
  • Developments in wastewater management projects such as new sewage treatment plants had to be halted due to scarcity of human resources.
  • All such factors are expected to hamper the ultrasonic flowmeter market size during the forecast period 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Ultrasonic Flowmeter Market by Transducer Type (Spool Piece, Inline, Clamp-on, and Others), Technology (Transit-Time, Doppler, and Hybrid), and End User Industry (Water and Wastewater management, Oil and Gas, Chemical, Power generation, Pharmaceuticals, Aerospace, and Others): Opportunity Analysis, and Industry Forecast, 2021–2028 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Nov 2024

Plush Toy Market

Download Sample

Buy Full Version
"Ultrasonic Flowmeter Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers