Ultrasonic Flow Meter Market Overview
An ultrasonic flow meter, also known as non-intrusive doppler flow meter, is used to measure the velocity of fluids flowing in a pipe. Ultrasonic flow meter uses sound wave as a medium to measure the velocity of the fluid. However, ultrasonic flow meter can’t be used to measure of drinking water or distilled water as ultrasonic flow meter requires bubbles or particulates in the flow. Ultrasonic flow meter is used in many industries such as oil & gas, water and wastewater, power generation, food and other industries.
Market Size & Forecast
Global ultrasonic market is anticipated to grow at a remarkable compound annual growth rate (CAGR) of 7.1% over the forecast period 2017-2024. Further, global ultrasonic flow meter market stood at valuation of around USD 6.2 Billion by the end of 2016 and is expected to reach at a valuation of around USD 8.8 Billion by the end of year 2024.
In terms of region, global ultrasonic flow meter market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe accounted for the largest market in ultrasonic flow meter and is estimated to capture 30% share of the overall global ultrasonic flow meter market share in 2016. Furthermore, Asia Pacific region is projected to grow at modest compound annual growth rate (CAGR) of 5.6% over the forecast period. Development of new oil & gas industries and increasing demand for power and industrialization in developing economies of Asia Pacific region are some major of the factors which have propelled the demand for ultrasonic flow meter in this region.
Middle East & Africa region is anticipated to witness a remarkable growth in near future owing to development of new oil & gas refineries in is expected to impel the demand for ultrasonic flow meter in this region.
Our-in depth analysis of the global ultrasonic flow meter market includes the following segments:
By Number of Paths
Global ultrasonic flow meter market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Development of innovative ultrasonic flow meters is a key reason which is driving the growth of global ultrasonic flow meter market. Additionally, the manufacturers of ultrasonic flow meter are developing advanced ultrasonic flow meter such as hybrid ultrasonic flow meters, portable ultrasonic flow meter and other such products. Further, this development of advanced ultrasonic technologies is expected to foster the growth of global ultrasonic flow meter market in near future.
Developing countries such as India, China, Brazil and Russia are witnessing rapid developments such as urbanization, industrialization and power sector. Such developments include the development of new oil & gas refineries, chemical industries and power generation are anticipated to increase the demand for ultrasonic flow meter in near future. Furthermore, development of new water & wastewater industries is expected to fuel the demand for ultrasonic flow meter. This rising demand of ultrasonic flow meter in water and wastewater industries can be attributed to need of ultrasonic flow meter to determine the characteristics of water flowing through the pipelines of water & wastewater industries.
However, availability of alternative technologies in flow meter sector and rising adoption of modern flow meters over traditional flow meters is expected to hamper the growth of global ultrasonic flow meter market in near future.
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