The Ultrasonic flow meter market is projected to record a 6.5% increase between 2019 and 2024, according to MarketsandMarkets.
Revenue generation within the market is expected to reach $2.1 billion by 2024 from an estimated $1.5 billion in 2019.
Increase in imports of crude oil in India, rise in shale gas exploration activities in the US, and increasing green field investments in China will drive the ultrasonic flow meter market growth.
Asia Pacific is estimated to be the largest growing market for ultrasonic flow meters during the forecast period. The market has been segmented, by region, into Asia Pacific, Europe, the Middle East & Africa, North America, and South America. The growth the Asia Pacific region is primarily driven due to the countries such as China, India & Japan. The number of investments in the 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, which has contributed significantly to the growth of the ultrasonic flow meter market in this region.
The clamp-on is the largest market and is projected to grow at the highest CAGR during the forecast period. Clamp-on ultrasonic flow meter measures the flow without any interruption in the process which is expected to drive its demand. The inline segment, by implementation type, is the second largest market because of the demand for precise flow measurement by industries such as oil & gas and water & wastewater.
The ultrasonic flow meter market, by measurement technology, is segmented into transit-time, doppler, and hybrid. The transit-time is the largest market and is projected to grow at the highest CAGR during the forecast period because of its bi-directional and precise flow measurement advantages.
The ultrasonic flow meter market, by number of paths, is segmented into 1 path transit-time, 2 path transit-time, and 3 and above path transit-time. The 1 path transit-time is accounted to be the largest market for ultrasonic flow meter because of its cost-effective flow measurement. Major end-users for 1 path transit-time are water & wastewater, food manufacturing, and power generation industries. Some of the key players for 1 path transit-time are Endress+Hauser, Fuji Electric, and Emerson.
The oil & gas is accounted to be the largest market for ultrasonic flow meter because of its precise flow measurement and other applications such as pump testing & inspection, methanol & water injection metering, verification of in-line meters, and water measurements. Power generation is projected to grow at the second fastest CAGR because of the ease of operation of ultrasonic flow meters in power plants which is likely to increase its demand.
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