Ultrasonic Flowmeter Market 2022
Ultrasonic Flow Meter Market Segmented By Inline, Clamp-On, Insertion Type with Transit Time-Single/Dual Path, Transit Time-Multi Path, Doppler, Hybrid Technology in Analog, Digital Output Display
The market for ultrasonic flow metres is now valued at around US$ 1.73 billion and is expected to grow at a 6.5% CAGR to reach US$ 3.45 billion by 2031.
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The term “flow metre” refers to a device that measures the quantity or rate at which a gas or liquid moves through a conduit. Utilizing an ultrasonic flow metre, one may determine the fluid velocity and, consequently, the motion of any moving liquid or gas. The flow metre uses ultrasonic transducers to detect the average velocity. The temperature, density, and viscosity of the fluid have an impact on these ultrasonic flow metres.
Tokyo Keiki originally introduced the ultrasonic flow metres in Japan. Due to their wide range of applications, cost-effective technology, and demand from specialised industries like oil and gas, these ultrasonic flow metres are thus anticipated to grow in popularity throughout the projected period of 2017–2027.
Company Profiles-
- Emerson Electric Co.
- Siemens AG
- Endress+Hauser Management AG
- Fuji Electric Co., Ltd.
- General Electric Company
- Greyline Instruments
- HONDA ELECTRONICS Co., Ltd.
- Honeywell International Inc.
- Hontzsch GmbH & Co. KG and more
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Global Ultrasonic Flow Meter Market: Dynamics
The growth in the energy markets is a principal factor driving the global ultrasonic flow meter market. The factors fuelling the growth of global ultrasonic flow meters include growing demand from the custody transfer applications and the recent development of multipath meters. The rapid growth of the market is majorly contributed by the approval of standards by the regulatory authorities such as American Gas Associations, American Petroleum Institute and International Organization of Legal Metrology. Ultrasonic flow meters are now widely used in the chemical and refining industries to measure processed gasses.
Ultrasonic meters have a distinct advantage that they perform well in large pipe sizes, as size is also advantageous for ultrasonic meters as they have more scope for the ultrasonic signal to cross. Ultrasonic flow meters are also used to measure the flow of petroleum and non-petroleum liquids, thus contributing larger share in the global market growth. Moreover, the suppliers developed accurate and reliable ultrasonic flow meters through increasing number of paths, resulting into growing number of measurement points.
To its support, the flow meter manufacturers are more inclined towards the ultrasonic flow meters. The growth of ultrasonic flow meter is majorly contributed by the multipath meters for the custody transfer of natural gas. Natural gas being the better alternative to oil and petroleum liquids, is a potential market which helps the global ultrasonic flow meter market to gain traction. The ultrasonic flow meters are gaining traction in the flow meter market owing to reliability and non-availability of moving parts. Ultrasonic flow meters are expected to gain prominence in the global market due to hydrocarbon industry applications.
Moreover, the precise accuracy, reliability, obstruction-free measurements, and wide industrial use favors the global ultrasonic flow meter market and is expected to grow with significant CAGR in the forecast period. However, the major factor affecting the global ultrasonic flow meter market availability of the broad range of flow meters in the market. The manufacturers implementing traditional flow meters avoid bearing risk and switch to the latest technology. This attitude can affect the market dynamics for the global ultrasonic flow meter market.
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Global Ultrasonic Flow Meter Market: Regional Outlook
Geographically, the global ultrasonic flow meter market is segmented into Japan, Asia Pacific, Eastern Europe, North America, Western Europe, Latin America and the Middle East and Africa. Though Europe remains the largest regional market for ultrasonic flow meters, Asia Pacific is expected to be the potential market owing to the rising demand for high quality and reliable tools from wide range of industries, increased demand from the oil & gas and water treatment applications, growing industrial development, water recycling facilities, and processes is growing the demand for ultrasonic flow meters market in the region.
Due to oil & gas activities, the Middle East and Africa is projected to have the significant share in the overall market. Thus the global market for the ultrasonic flow meter is expected to grow with significant CAGR and is anticipated to have a positive outlook in the forecast period 2017-2027.
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