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Ultrasonic Flowmeter Market Outlook, Opportunity and Demand Analysis Report by 2028
As per the report published by Allied Market Research, the global ultrasonic flowmeter market was pegged at $650.7 million in 2020, and is estimated to reach $959.8 million by 2028, growing at a CAGR of 5.1% from 2021 to 2028.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.
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The global ultrasonic flowmeter market is segmented on the basis of transducer type, technology, end-user industry, and region.
Based on transducer type, the clamp-on segment held the largest share in 2020, accounting for more than two-fifths of the market. Moreover, the segment is estimated to register the highest CAGR of 5.9% during the forecast period.
On the basis of technology, the transit-time segment dominated the market in 2020, contributing to more than four-fifths of the market. In addition, the segment is projected to manifest the highest CAGR of 5.3% from 2021 to 2028.
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.
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The global ultrasonic flow meter market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Europe is estimated to manifest the highest CAGR of 5.3% during the forecast period.
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.
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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
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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