CHICAGO, June 7, 2019 /PRNewswire/ -- According to the new market research report "Ultrasonic Flow Meter Market by Implementation Type (Clamp-On and Inline), Measurement Technology, Number of Paths (1 Path Transit-Time, 2 Path Transit-Time, and 3 and Above Path Transit-Time), End-User, Region - Global Forecast to 2024", published by MarketsandMarkets™, the Ultrasonic Flow Meter Market is projected to reach USD 2.1 billion by 2024 from an estimated USD 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.
The clamp-on segment, by implementation, is expected to be the largest market during the forecast period.
The clamp-on segment, by implementation, is estimated to be the largest market during the forecast period. 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 segment is expected to be the fastest growing segment of the ultrasonic flow meter, by measurement technology, during the forecast period.
The transit-time segment is expected to hold the largest market share during the forecast period because of its bi-directional and precise flow measurement advantages. This 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.
Asia Pacific: The leading market for ultrasonic flow meter.
Asia Pacific is estimated to be the largest growing market for ultrasonic flow meters during the forecast period. 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.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Ultrasonic Flow Meter Market. Some of the 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.
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