Ultrasonic Flowmeter Market Estimated to Exceed US$ 2 Billion Globally By 2024: IMARC Group

The global ultrasonic flowmeter market has witnessed strong growth over the past few years. This can be attributed to the applications of ultrasonic flowmeters in numerous industries coupled with the introduction of advanced variants with improved software.

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According to the latest report by IMARC Group, titled “Ultrasonic Flowmeter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global ultrasonic flowmeter market reached a value of around US$ 1 Billion in 2018. An ultrasonic flowmeter is an instrument which measures the velocity of a gas or liquid flowing through the pipe with the help of ultrasonic transducers. Their principle of operation is dependent upon the speed at which high-frequency sound propagates. These flowmeters are used with corrosive and abrasive liquids as they do not obstruct the flow of liquid passing through the pipelines. As a result, they have gained acceptance in applications where chemical compatibility, and low maintenance and pressure drop are required. In recent years, manufacturers have developed ultrasonic flowmeters incorporated with latest technologies, such as hybrid and portable ultrasonic flowmeters, to improve the accuracy of measurement.

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Market Trends:

Ultrasonic flowmeters are inexpensive, easy to install, and highly accurate and sensitive. They also have bi-directional flow capability, good measurement repeatability, and require less maintenance than conventional meters. Owing to these economic and operational advantages, they are increasingly being used in the water and wastewater treatment to measure the dosage of chemicals, monitor methane discharge, and evaluate large volumes of fluid carrying sludge by-products, suspended solids and other materials. Apart from this, advancements in the ultrasonic technology and computing capabilities have helped in enhancing flowmeter performance and measurement in continuous industrial processes and detecting secondary flow in pipelines. For instance, manufacturers are introducing advanced ultrasonic flowmeters integrated with multi-path ultrasonic sensing capabilities using improved software. Looking forward, the market value is projected to reach US$ 2 Billion by 2024, expanding at a CAGR of 8.6% during 2019-2024.

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Insights on Market Segmentation:

Breakup by Product Type:

1. Spool Peice

2. Insertion

3. Clamp-On

4. Others

Based on the product type, spool piece is the most popular type of ultrasonic flowmeter across the globe. Other major product types include insertion, clamp-on and others.

Breakup by Number of Paths:

1. 3-Path Transit Time

2. 4- Path Transit Time

3. 5- Path Transit Time

4. 6 or More Path Transit Time

On the basis of the number of paths, the market has been segregated into 3-path transit time, 4-path transit time, 5-path transit time and 6 or more path transit time.

Breakup by Technology Type:

1. Transit Time - Single/Dual Path

2. Transit Time - Multipath

3. Doppler

4. Hybrid

Based on the technology, the market has been segmented into transit time single/dual path, transit time – multipath, doppler and hybrid.

Breakup by Distribution Channel:

1. Direct Sales

2. Independent Representatives

3. Distributors

4. Online

On the basis of the distribution channel, the market has been divided into direct sales, independent representatives, distributors and online.

Breakup by Application:

1. Natural Gas

2. Non-Petroleum Liquid

3. Petroleum Liquid

4. Others

The market has also been classified on the basis of application into natural gas, non-petroleum liquid, petroleum liquid, and others. Currently, natural gas represents the largest application segment.

Breakup by Region:

1. Asia Pacific

2. North America

3. Europe

4. Middle East and Africa

5. Latin America

Region-wise, Europe enjoys the leading position in the global ultrasonic flowmeter market. Other major regions are North America, Asia Pacific, Middle East and Africa, and Latin America.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Asea Brown Boveri Ltd., Badger Meter Inc., Emerson Electric Co., Emerson Process Management, Faure Herman SA, General Electric, Hach/Marsh McBirney Inc., Honeywell International Inc., Index Corporation, Invensys Process Systems, Rockwell Automation Inc., Siemens AG, Teledyne Isco Inc., Yamatake Co. and Yokogawa Electric Co.

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