Ultrasonic flowmeter market growing at a CAGR of 5.1% from 2021 to 2028.
According to a new report published by Allied Market Research, titled, "ultrasonic flowmeter market by transducer type, technology, and end user industry: global opportunity analysis and industry forecast, 2021-2028," 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.
The global ultrasonic flowmeter market analysis is done
on the basis of transducer type, technology, end user industry, and region.
By transducer type, the global ultrasonic flowmeter is
segmented into spool piece, inline, clamp-on, and others. The clamp-on segment
held the largest revenue share in 2020 and is projected to be the fastest
growing segment at a CAGR of 5.9% during the ultrasonic flowmeter market
forecast period. Clamp-on flowmeters are portable and require less time for
installation as compared to other flowmeters. Unlike inline flowmeters,
clamp-in types are mounted on external surface of the pipe, thus reducing pipe
downtime.
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.
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.
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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. For instance, Endress+Hauser
AG, Emerson, and Siemens launched new models of ultrasonic flowmeters in 2020,
2019, and 2018, respectively. Products are developed to offer more accuracy,
reliability, and less maintenance.
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.
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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