- Increase in demand from wastewater management and surge in preference for ultrasonic flowmeter over other alternatives fuel the growth of the global ultrasonic flowmeter market.
PORTLAND, Ore., June 21, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Ultrasonic Flowmeter Market by Transducer Type (Spool Piece, Inline, Clamp-on, and Others), Technology (Transit-Time, Doppler, and Hybrid), and End User Industry (Water and Wastewater management, Oil and Gas, Chemical, Power generation, Pharmaceuticals, Aerospace, and Others): Opportunity Analysis, and Industry Forecast, 2021–2028." According to the report, the global ultrasonic flowmeter industry was estimated at $650.7 million in 2020, and is expected to hit $959.8 million by 2028, registering a CAGR of 5.1% from 2021 to 2028.
Drivers, restraints, and opportunities-
Increase in demand from wastewater management, surge in preference for ultrasonic flowmeter over other alternatives, and rise in use in oil & gas custody transfer applications fuel the growth of the global ultrasonic flowmeter market. On the other hand, high initial costs and performance limitations restrain the growth to some extent. However, growing prospects of new product development are expected to pave the way for new opportunities in the industry.
The outbreak of the pandemic and the extended lockdown across the world disturbed the supply chain for the major end-users of ultrasonic flowmeters.
A number of wastewater management projects were postponed due to a lack of workforce. This, in turn, impacted the market negatively. Also, significant decline in demand for petrol and diesel decreased the oil & gas custody transfer activities in most countries, thereby impacting the global market for ultrasonic flowmeter.
The clamp-on segment to retain its dominance by 2028-
Based on transducer type, the clamp-on segment garnered the major in 2020, generating more than two-fifths of the global ultrasonic flowmeter market. The segment is also projected to cite the fastest CAGR of 5.9% throughout the forecast period. This is due to the fact that clamp-on flowmeters are portable and require less time for installation as compared to other flowmeters.
Based on technology, the transit-time segment accounted for more than four-fifths of the global ultrasonic flowmeter market share in 2020, and is expected to lead the trail by the end of 2028. The segment is also anticipated to cite the fastest CAGR of 5.3% from 2021 to 2028. This is because transit-time ultrasonic flowmeters are more accurate than that of doppler flowmeters.
Europe, followed by North America, is expected to manifest the fastest growth rate by 2028-
Based on region, the market across Asia-Pacific, followed by Europe and North America, garnered the highest share in 2020, contributing to more than two-fifths of the global ultrasonic flowmeter market. Growth in the oil & gas sector and wastewater management industries is projected to offer lucrative opportunities for the market growth in the region. The market across Europe, however, is expected to portray the fastest CAGR of 5.3% throughout the forecast period. Presence of various end use industries in China and India has fueled the market growth in the region.
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