Global Ultrasonic Flow Meter Market is expected to foresee significant growth. Asia-Pacific to lead the growth
- Himanshu Patni
- September 29, 2021
- ENERGY & POWER, NEWS
- Ultrasonic Flow Meter Market, Ultrasonic Flow Meter Market growth, Ultrasonic Flow Meter Market share, Ultrasonic Flow Meter Market size, Ultrasonic Flow Meter Market trend
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Global Ultrasonic Flow Meter Market stood at $xx million in 2020 and it is expected to reach to $xx million by 2030, showcasing a CAGR of xx% during the forecast period. Increasing demand for high accuracy flow measurement device in order to reduce the financial risk and increasing adoption of high accuracy and reliable flow measurement device in industries like chemical, food & beverage, and water & wastewater devices are some of the factors which drives the market.
Increasing demand of natural gas across the globe is fueling the market for ultrasonic flow meters as these devices plays a crucial role during custody transfer process. During the process, a small error can lead to financial burden either on the seller or the buyer depending upon the situation. Therefore, to mitigate the error, high accuracy flow measurement devices like ultrasonic flow meter is a necessity. As a result, after the approval from American Gas Association in 1998, these flowmeters have become widely used for custody transfer of natural gas. Moreover, these devices are used for custody transfer of petroleum liquids from the oil well through the refinery to the ultimate distribution point.
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Covid-19 has impacted almost every industry however its impact on oil & gas sector is among the severe, resulting in the drop in industries associated which are directly related to oil & gas. Since, ultrasonic flowmeter devices are used in oil & gas industry for both custody and non-custody transfer operations thus drop in the industry affected the demand of ultrasonic flowmeter. Moreover, stringent measures such as lockdown and border closure taken by the governments across the globe in order to curtail the spread of disease resulted in the factory closure, resulting in the low-demand of ultrasonic flow meter devices.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/ultrasonic-flow-meter-market/
- Based on technology, the market is categorized into transit-time, doppler, and hybrid. Among these, transit-time category held the largest revenue share in 2020 and is expected to retain its position during the forecast period. Owing to its high accuracy, it vastly used in industries like oil & gas and water & wastewater industries.
- Based on configuration, the market is categorized into clamp-on, in-transit, and others. Among these, in-line category held the considerable share and is likely to showcase significant growth rate during the foreseeable future to reach $xx million by 2027.
- Based on fluid, the market is trifurcated into liquid, gas, and steam. Among all, liquid category held the considerable share in the market owing to the large application area in industries like oil & gas, chemical, power generation, water & wastewater, and food & beverage.
- Based on end-user the market is divided into oil & gas, power generation, water & wastewater, chemical, food & beverage, and others. Among these, oil & gas sector held the largest revenue share in 2020 and is expected to hold its position during the forecast period as well owing to its high adoption rate due to requirement of accurate flow measurement at each step operation. Further, to reduce the financial risk associated with the industry, industries require utmost quality reliable devices which is fueling the demand of ultrasonic flow meters.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the market. Large base of industries along with large trading of commodity products like oil and natural helped the market in capturing the top position. Some of the major companies profiled in the report includes Danfoss S.A., Siemens AG, General Electric Company, Honeywell International Inc., KROHNE Group, Fuji Electric Co. Ltd., Badger Meter Inc., Endress+Hauser Group Services AG, Emerson Electric Co., and CMC Technologies Inc.
Global Ultrasonic flow meter Market Segmentation
Market Insight, by Technology
- Single transit-time
- Multiple transit-time
Market Insight, by Configuration
Market Insight, by Liquidity
Market Insight, by End-User
- Oil & Gas
- Water & Wastewater
- Power Generation
- Food & Beverage
Market Insight, by Region
- North America Ultrasonic flow meter Market
- United States
- Rest of North America
- Europe Ultrasonic flow meter Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Ultrasonic flow meter Market
- Rest of Asia-Pacific
- Rest of World Ultrasonic flow meter Market
Top Company Profiles
- Siemens AG
- Danfoss S.A.
- Fuji Electric Co. Ltd.
- Badger Meter Inc.
- General Electric Company
- Endress+Hauser Group Services AG
- Honeywell International Inc.
- KROHNE Group
- CMC Technologies Pty Limited
- Emerson Electric Co.