- The clamp-on segment, by implementation, is expected to be the largest market during the forecast period.
- The transit-time segment is expected to be the fastest growing segment of the ultrasonic flow meter, by measurement technology, during the forecast period.
- The Asia Pacific region will be the leading market for ultrasonic flow meter.
The ultrasonic flow meter market is projected to reach $2.1 billion by 2024 from an estimated $1.5 billion in 2019, at a CAGR of 6.5%. The growth of this market is driven with the increase in imports of crude oil in India, rise in shale gas exploration activities in the US, and increasing green field investments in China.
Browse 70 market data Tables and 34 Figures spread through 135 Pages and in-depth TOC on “Ultrasonic Flow Meter Market”
Clamp-on ultrasonic flow meter measures the flow without any interruption in the process and 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 which is expected to drive its demand in the ultrasonic flow meter market.
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The transit-time technology can be utilized for both natural gas and petroleum liquid. This technology comprises 80–85% of the market share globally. Oil & gas and water & wastewater industry demands precise flow measurement technologies in their process, which is driving the transit-time segment. Hybrid is an upcoming technology with the second largest market share in the ultrasonic flow meter market. This technology is the combination of both the transit-time & doppler. This technology is mainly used by the water & wastewater industry.
The ultrasonic flow meter market 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 increasing number of investments in the water & wastewater, energy and power, refining, chemicals, and industrial infrastructure activities in the developing economies such as China and India.
Some of the leading key players in the ultrasonic flow meter market are Siemens (Germany), Danfoss (Denmark), Fuji Electric (Japan), Badger Meter (US), GE (US), Endress+Hauser (Switzerland), Honeywell (US), and KROHNE (Germany). The leading players are adopting various strategies to increase their shares in the ultrasonic flow meter market.