A comprehensive overview of the Global Ultrasonic Flow Meter Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Ultrasonic flow meter market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Ultrasonic flow meter Market at regional and country levels. The Global Ultrasonic Flow Meter Market is expected to grow at a CAGR of X% from 2021-2027 to reach USD X million by 2027.
Ultrasonic flow meters are volumetric devices that measures the velocity of fluid and use that velocity to calculate the flow rate. It found application in both custody and non-custody transfer applications across the industries like oil & gas, water & wastewater, chemical, and food & beverage, among others. Increasing demand of oil & gas, rising investment in water & wastewater industry, and increasing industrial production in order to maintain supply-demand gap, rising due to the growing population and increasing disposable income are some of the factors driving the market for ultrasonic flow meters. Further, industry is changing their traditional flow meter with ultrasonic flow meter owing to its several advantageous including no moving parts, high accuracy and turndown ratio, and little or no pressure drop.
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Although, the market was showing significant growth but in 2020, it has witnessed the negative impact on the growth due to unfavorable flow meter supplier and end user performance in the light of COVID-19. Companies had stopped the operation or working with reduce efficiency due to the stringent measures taken by the governments, to curtail the spread of disease, thus affecting the demand of ultrasonic flow meter devices. Moreover, many companies are working with limited capital and trying to sustain in the market therefore, new research & development activities were also halted. Moreover, from the demand side, industries such as oil & gas witnessed severe negative impact on the demand and prices as a result, operations were halted and many oil producing nations cut the supply of oil to increase the price of oil. Thus, affecting the demand of ultrasonic flow meter market.
Global Ultrasonic flow meter Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily categorized into:
Current, transit-time category dominates the market and is likely to hold its position during the forecast period as well. Due to its multipath nature, it can measure fluid flow with high accuracy which is not possible with peers. These meters use multiple sets of transducers which makes it a multipath ultrasonic flow meter and is cost-effective compared to doppler and hybrid technology. Moreover, due to its high accuracy flow measurement, it highly used in oil & gas and water & wastewater industry.
By Configuration, the market is mainly categorized into:
In 2020, in-line configured ultrasonic flow meter dominated the market. Further, the category is expected to reach $x million by the end of forecast period, demonstrating a CAGR of x%
By Fluid, the market is mainly categorized into:
In 2020, liquid category held the largest market share in 2020. Large use of liquid fluid in industry is one of the key attributable factors for its largest market share.
By End-User, the market is mainly segmented into:
In 2020, oil & gas sector dominated the market with a major share in the pie and is likely to retain its position during the forecast period owing to owing to high accuracy demanding application in industry to mitigate the financial risk and possibility of litigation and settlements which are costly in both monetary and time terms. However, during the forecast period, water & wastewater industry is likely to showcase prominent growth rate due to increasing investment and adoption of ultrasonic flow meter in the sector.
Global Ultrasonic flow meter Market Geographical Segmentation Includes:
Based on the estimation, Asia-Pacific dominated the market in 2020. Furthermore, region is expected to grow at the fastest rate owing to rapid growth of industries and increasing demand of oil & gas in the region. Growing population and increasing income of individual would also help in fueling the demand of ultrasonic flow meters.
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The major players targeting the market includes:
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Ultrasonic flow meter Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
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