DUBLIN--(BUSINESS WIRE)--The "Ultrasonic Flow Meter Market by Implementation Type (Clamp-On and Inline), Measurement Technology, Number of Paths (1 Path Transit-Time, 2 Path Transit-Time, and 3 and Above Path Transit-Time), End-User, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Ultrasonic Flow Meter Market is Projected to Reach USD 2.1 Billion By 2024 From an Estimated USD 1.4 Billion in 2018, at a CAGR of 6.5%.
This growth can be attributed to factors such as increasing green field investments in China, rise in shale gas exploration activities in the US, and increasing import of crude oil in India. High initial cost and inaccurate flow measurements in the vertically downward flow line are some restraints of ultrasonic flow meter.
The clamp-on segment, by implementation type, is expected to be the fastest growing market from 2019 to 2024.
The clamp-on segment, by implementation, is estimated to be the fastest growing segment during the forecast period. Clamp-on ultrasonic flow meter measures the flow without any interruption in the process and are suitable for pipes made of plastic, steel, and cast iron suitable for measuring aggressive fluids even under high pressure.
Major end-users for clamp-on ultrasonic flow meters are oil & gas, water & wastewater, power generation, chemical, food & beverage, pharmaceutical, and paper & pulp industries. This segment is expected to have a CAGR of 6.3% during the forecast period. It can even measure the flow rate under challenging environmental areas like toxic and hazardous conditions inside the pipe, which is expected to drive its demand in the ultrasonic flow meter market.
The transit-time segment, by measurement technology, is expected to be the largest market from 2019 to 2024.
The transit-time segment is expected to hold the largest market share during the forecast period. This segment is expected to have a CAGR of 6.9% during the forecast period. It is one of the most reliable and time-tested principle and hence, widely used technology as compared to doppler and hybrid measurement technology. This technology has its cost-effective and bi-directional flow measurement advantages. This technology can be utilized for both natural gas and petroleum liquid. Oil & gas and water & wastewater industries demand precise flow measurement technologies in their process which is driving the transit-time segment.
The 1 path transit-time segment, by number of paths, is expected to be the largest market from 2019 to 2024.
The 1 path transit-time is accounted to be the largest market for ultrasonic flow meter because of its cost-effective flow measurement. Some of the key players for 1 path transit-time are Endress+Hauser, Fuji Electric, and Emerson Major end-users for 1 path transit-time are water & wastewater, food manufacturing, and power generation industries.
Asia Pacific: The largest market for ultrasonic flow meters.
Asia Pacific is estimated to be the largest growing market for ultrasonic flow meters during the forecast period. The region has been segmented, by region, into Asia Pacific, Europe, the Middle East & Africa, North America, and South America. The growth of this region is primarily driven by the Asia Pacific region due to countries such as China, India, and Japan. The number of investments in water & wastewater, energy and power, refining, chemicals, and industrial infrastructure activities is increasing in the developing economies such as China and India which drives the demand for measuring instruments.
- Need for Accurate Measurement
- Growing Demand in Oil & Gas and Water & Wastewater Industries
- Ease of Operation
- High Initial Cost of Ultrasonic Flow Meters
- Inaccurate Measurements in the Vertically Downward Flow Line
- Increasing Demand for Smart and Intelligent Flow Meters
- Lower Adoption Rate Compared to Traditional Flow Meters
- Badger Meter
- CMC Technologies
- Fuji Electric
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