Global Study on Ultrasonic Flowmeters Market: Rising Application in Power Generation and Oil & Gas Sectors
The market for ultrasonic flow metres is now valued at around US$ 1.73 billion and is expected to grow at a 6.5% CAGR to reach US$ 3.45 billion by 2031.
According to forecasts, the U.S., Germany, and China are three markets with rapid CAGR growth. Through 2031, East and Europe are expected to occupy more than 44.5% of the market value share for ultrasonic flow metres globally. Tier-1 firms like General Electric, Emerson Electric, Honeywell International, Siemens AG, KRONE Group, and Fuji Electric are among the top suppliers of ultrasonic flow metres. These firms collectively held a 45 to 48% market share in 2020. Nearly 15% of the world’s flow measurement market was made up of ultrasonic flow metre sales as of 2020.
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Ultrasonic flow meters are widely adopted in industrial applications such as wastewater treatment, energy production, and oil & gas processing due to their accuracy, easy installation and maintenance-free operation compared to traditional mechanical flow meters. Ultrasonic flow meter technology has seen significant advances over recent years leading to increased uptake among end-users such as power plants and water treatment plants. Furthermore, with increasing global focus on renewable energy sources such as hydropower and biomass, demand for ultrasonic flowmeters used in these processes is likely to increase driving market growth.
The Ultrasonic Flow Meter Market is set to experience strong growth over the next five years. This growth will be mainly stimulated by increasing global demand for clean and reliable sources of energy, along with regulatory requirements that ensure efficient consumption of natural resources. Additionally, as ultrasonic flow meters offer a low cost and non-invasive way to accurately measure fluid flows, they are becoming increasingly popular for applications such as irrigation systems and wastewater monitoring.
Overall, the Ultrasonic Flow Meter Market presents an attractive opportunity for investors due to its diverse range of end users and potential in established and emerging markets alike. With technological advancements continuing at a rapid pace, it is likely that this market will experience considerable growth in the near future. As such, investors should consider Ultrasonic Flow Meter Market as a lucrative sector to invest in.
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Key Companies-
- Emerson Electric Co.
- Siemens AG
- Endress+Hauser Management AG
- Fuji Electric Co., Ltd.
- General Electric Company
- Greyline Instruments
- HONDA ELECTRONICS Co., Ltd.
- Honeywell International Inc. and more
Global Ultrasonic Flowmeter Market: Dynamics
One of the main factors propelling the worldwide ultrasonic flow metre market is the expansion of the energy markets. The demand for custody transfer applications is on the rise, and the recent development of multipath metres is one of the factors driving the growth of the ultrasonic flow metre market globally. The regulatory organisations including the American Gas Associations, American Petroleum Institute, and International Organization of Legal Metrology have greatly aided in the market’s rapid expansion by approving standards. In order to measure processed gases, ultrasonic flow metres are now often employed in the chemical and refining sectors.
Ultrasonic meters have a distinct advantage that they perform well in large pipe sizes, as size is also advantageous for ultrasonic meters as they have more scope for the ultrasonic signal to cross. Ultrasonic flow meters are also used to measure the flow of petroleum and non-petroleum liquids, thus contributing larger share in the global market growth. Moreover, the suppliers developed accurate and reliable ultrasonic flow meters through increasing number of paths, resulting into growing number of measurement points.
Manufacturers of flow metres are more likely to favour ultrasonic flow metres due to their support. The multipath metres for the custody transfer of natural gas have made a significant contribution to the growth of ultrasonic flow metres. With natural gas being a superior substitute for oil and petroleum liquids, there is potential for growth in the global ultrasonic flow metre market. Due to their dependability and lack of moving parts, ultrasonic flow metres are becoming more popular in the flow metre market. Due to applications in the hydrocarbon industry, ultrasonic flow metres are anticipated to become more popular on the international market.
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Moreover, the precise accuracy, reliability, obstruction-free measurements, and wide industrial use favors the global ultrasonic flow meter market and is expected to grow with significant CAGR in the forecast period. However, the major factor affecting the global ultrasonic flow meter market availability of the broad range of flow meters in the market. The manufacturers implementing traditional flow meters avoid bearing risk and switch to the latest technology. This attitude can affect the market dynamics for the global ultrasonic flow meter market.
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