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Ultrasonic Flowmeter Market Potential and Revenue Growth Forecast Report 2021 – 2028

08-11-2021 02:24 PM CET | Energy & Environment

Press release from: Allied Analytics LLP

Ultrasonic Flowmeter Market Potential and Revenue Growth

Global ultrasonic flowmeter market was valued at $650.7 million in 2020, and is projected to reach $959.8 million by 2028, growing at a CAGR of 5.1% from 2021 to 2028. Ultrasonic flowmeters are flow measuring devices based on ultrasonic technology that calculates flow rate of a process fluid by processing ultrasonic signals. It is used in measuring liquids and gases; liquids include water, corrosive chemicals, crude oil, while gas includes steam and natural gas. On the basis of working principle, ultrasonic technology is of two types: Doppler and transit-time. Doppler type flowmeters are ideal for measuring fluids with suspended solid particles while transit-time flowmeters are used for measuring solids and bubble free fluids.

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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.

In addition, the increasing use of ultrasonic flowmeters in wastewater management and chemical industries will drive the growth of the ultrasonic flowmeter market during the forecast period. On the contrary, availability of other types of flowmeters such as turbine and electromagnetic flowmeters hamper adoption of ultrasonic flowmeters during the forecast period. Factors such as higher upfront costs and substance limitations are factors that lead to use of substitute flowmeters.

Ultrasonic Flow Meter Market opportunity is expected to be high through product development and product launches in the coming years. Developments could be in the components of the flowmeter or software that increases its reliability. In 2020, Emerson released Daniel T-200, a titanium-housed transducer, for its gas ultrasonic flow meter product line. It was made by the use of metal 3D printing to improve acoustic performance of ultrasonic flowmeters in custody transfer applications. In addition, transducers improve reliability, uptime, and safety.

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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.

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
• Baker Hughes Company
• Endress+Hauser AG
• Faure Herman
• Fuji Electric Co. Ltd.
• Badger Meter Inc.
• Spectris PLC
• Honeywell International Inc.
• Emerson Electric Co.
• Krohne
• Siemens AG

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. 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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