In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
Our-in depth analysis of the global ultrasonic flow meter market includes the following segments:
Global ultrasonic flow meter market is further classified on the basis of region as follows: