Ultrasonic Flow Meter Market Growth Analysis and Trends Forecast to 2024
Ultrasonic flow meter market is anticipated to grow on account of increasing demand for petroleum products along with various government standards toward flow rate measurement. These devices are used to measure flow of liquids across water, molten, sulphur, cryogenic liquids and chemicals. In addition, rapid development of infrastructure coupled with robust industrial activities will positively influence the product penetration.
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Increasing demand for reliable and high-quality tools across wide range of applications including wastewater management, oil & gas, power generation, chemicals and food & beverage industries will boost the ultrasonic flow meter market growth. In addition, growing manufacturing sector along with increasing investments toward shale gas exploration will complement the business outlook.
Growing need for energy efficient management systems along with economic development in the emerging economies will fuel the ultrasonic flow meter market. Accelerating need for high-quality portable water primarily across residential, commercial and industrial sector will boost the industry growth. Advancements in product design and development along with integration of IoT technology will positively influence the product demand.
High temperature resistance, accurate measurement and low maintenance cost when compared with available alternatives are some of the key parameters which will boost the product penetration. In addition, the increasing investments toward modernization and expansion of refinery facilities will fuel the ultrasonic flow meter market. For instance, reliance industries in 2017, has planned an expansion of its Jamnagar refinery by increasing the capacity by 30 million tons per year.
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The North America ultrasonic flow meter market is dynamically driven by the evolution of the manufacturing sector and increasing need for sustainable power generation in the region. In addition, favorable regulatory policies pertaining to the development of low emission systems have substantially widened the deployment spectrum of these devices. Technological advancement relating to the product innovation and rise in disposable income has positively influenced the product demand.
Key players operating across the ultrasonic flow meter market includes Danfoss, Siemens, General Electric, Honeywell, Fuji Electric, Endress+Hauser, Emerson Electric, Yokogawa Electric, Yamatake Co., Rockwell Automation Inc., Index Corporation, Badger Meter Inc and Faure Herman SA.
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