As per the report published by Allied Market Research, the global ultrasonic flowmeter market was pegged at $650.7 million in 2020, and is estimated to reach $959.8 million by 2028, growing at a CAGR of 5.1% from 2021 to 2028.
Demand from wastewater management, rise in preference for ultrasonic flowmeter over other alternatives, and rise in use in oil & gas custody transfer applications drive the growth of the global ultrasonic flow meter market. However, high initial costs and performance limitations lead to adoption of alternative flowmeters hinder the market growth. On the contrary, rise in new product development is estimated to create new opportunities for market growth in the coming years.
Ultrasonic Flow Meter Market opportunity is expected to be high through product development and product launches in the coming years. Developments could be in the components of the flowmeter or software that increases its reliability. In 2020, Emerson released Daniel T-200, a titanium-housed transducer, for its gas ultrasonic flow meter product line. It was made by the use of metal 3D printing to improve acoustic performance of ultrasonic flowmeters in custody transfer applications. In addition, transducers improve reliability, uptime, and safety.
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The global ultrasonic flowmeter market analysis is done on the basis of transducer type, technology, end user industry, and region.
By transducer type, the global ultrasonic flowmeter is segmented into spool piece, inline, clamp-on, and others. The clamp-on segment held the largest revenue share in 2020 and is projected to be the fastest growing segment at a CAGR of 5.9% during the ultrasonic flowmeter market forecast period. Clamp-on flowmeters are portable and require less time for installation as compared to other flowmeters. Unlike inline flowmeters, clamp-in types are mounted on external surface of the pipe, thus reducing pipe downtime.
By technology, it is segmented into transit-time, Doppler, and hybrid. The transit-time ultrasonic flowmeter accounted for the largest share in 2020. Transit-time ultrasonic flowmeters are more accurate than Doppler flowmeters, and are used mainly in custody transfer applications along with applications in other end-use industries. This segment is also projected to grow at the highest CAGR of 5.3%.
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By end-user industry, it includes water and wastewater management, oil and gas, chemical, power generation, pharmaceuticals, aerospace, and others. The oil & gas segment accounted for the largest ultrasonic flowmeter market share in 2020; ultrasonic flowmeters are increasingly being used in custody transfer of crude oil and natural gas. The water and wastewater management segment is projected to be the fastest growing segment at a CAGR of 6.7%. Growth in need for wastewater management in domestic and industrial setups have increased demand for flow rate measurement systems and non-invasive ultrasonic flow meters are ideal solutions for accurate and reliable wastewater measurement.
The global ultrasonic flow meter market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Europe is estimated to manifest the highest CAGR of 5.3% during the forecast period.
The global ultrasonic flowmeter market includes an in-depth analysis of the prime market players such as Baker Hughes Company, Badger Meter Inc., Endress+Hauser AG, Emerson Electric Co., Fuji Electric Co. Ltd., Faure Herman, Krohne, Siemens AG, Honeywell International Inc., and Spectris PLC.
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- The Covid-19 pandemic and lockdown across several countries disrupted the supply chain for the major end-users of ultrasonic flowmeters.
- The oil & gas industry was one of the worst-hit industries during the pandemic, as there were strict restrictions on transportation, and the demand for crude oil products from the aerospace and automotive sectors reduced. The decline in demand for petrol and diesel decreased the oil & gas custody transfer activity in major countries.
- The wastewater management projects were halted due to a lack of workforce.
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