Ultrasonic Flowmeter Market – May See a Big Move by 2028
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.
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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 technology, it is segmented into transit-time, Doppler, and hybrid. The transit-time ultrasonic flowmeter accounted for the largest share in 2020. Transit-time ultrasonic flowmeters are more accurate than Doppler flowmeters, and are used mainly in custody transfer applications along with applications in other end-use industries. This segment is also projected to grow at the highest CAGR of 5.3%.
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.
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.
• Siemens AG
Region wise, Asia-Pacific accounted for the largest share of the ultrasonic flowmeter market in 2020, followed by Europe and North America. Presence of various end use industries of ultrasonic flowmeters in China and India have proved to be beneficial for the market growth.
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.
Key findings of the study
• Europe ultrasonic flowmeters market is projected to grow at the highest CAGR of around 5.3%, in terms of revenue, during the forecast period.
• By transducer type, the clamp-on segment accounted for the largest market share in 2020
• By technology, the transit-time segment of ultrasonic flowmeters held the largest market share in 2020
• On the basis of end user, the oil & gas segment garnered the largest market share in 2020.
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