Ultrasonic Flowmeter Market 2021 - Development Status & Growth Projection to 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.

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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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.

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.

Major companies operating in the ultrasonic flowmeter market include Badger Meter Inc., Baker Hughes Company, Emerson Electric Co., Endress+Hauser AG, Faure Herman, Fuji Electric Co. Ltd., Honeywell International Inc., Krohne, Siemens AG, and Spectris PLC. Product launches and business expansion are key developmental strategies adopted by key players to increase their presence in the flowmeter market.

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Covid-19 scenario:
• The Covid-19 pandemic and lockdown across several countries disrupted the supply chain for the major end-users of ultrasonic flowmeters.
• The oil & gas industry was one of the worst-hit industries during the pandemic, as there were strict restrictions on transportation, and the demand for crude oil products from the aerospace and automotive sectors reduced. The decline in demand for petrol and diesel decreased the oil & gas custody transfer activity in major countries.
• The wastewater management projects were halted due to a lack of workforce.

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