Global Ultrasonic Flow Meters generated revenue of ~US$ 1,668.2 million in 2020. With the changing demand and price of oil & gas and increasing water & wastewater processing industry, accuracy and reliability of device becomes crucial due to high financial risk involved with the industry. For instance, during custody transfer of natural gas, an error of 0.25% can result to financial loss of around US$500,000 per year on 3 million standard cubic meters per day at $5 per million British thermal unit (BTU). Owing to this, the demand for ultrasonic flow meter is increasing. Moreover, increasing spending on wastewater treatment and desalination projects are fueling the demand of ultrasonic flow meters. For instance, in U.S. construction value of water supply projects increased from $12,758 million in June 2014 to $19,114 million in June 2021. In addition, growing other end-users sector couple with improving industrial operations are increasing the demand of ultrasonic flow meter devices. Furthermore, due to its non-invasive technology, it founds application in areas where intrusive device may be undesirable and lead to quality issues. Considering COVID-19, demand of ultrasonic devices falls on account of halted oil & gas wells operation and falling of crude oil price owing to which companies has had cut down the supply. Thus, effecting the demand of ultrasonic flow meters. According to International Energy Agency, demand of natural gas drops by 4% in 2020 compared to subsequent previous year. Moreover, the demand of oil in 2020 drop to 91.0 million barrel per day from 99.7 million barrel per day. Since, oil & gas is the largest consumer of ultrasonic flow meters therefore with recession in the industry, the demand of ultrasonic flow meter device had drop. Moreover, halted production in industries such as chemical also affected the market in a negative way.
Insights Presented in the Report
“Amongst Technology, Transit-Time category dominated the market in 2020.”
Based on technology, the global Ultrasonic flow meter market is categorized into transit-time, doppler, and hybrid. Among these, transit-time ultrasonic flow meter held the major market share in 2020 owing to its high accuracy since these type of meters uses multiple transducers.
“Amongst Configuration, In-line category held considerable market in 2020.”
Based on configuration, the market is categorized into clamp-on, in-line, and others. Among these, in-line category held the considerable market share in the 2020 and is expected to showcase significant growth during the forecast period.
“Amongst Fluid, Liquid category held significant market in 2020.”
Based on fluid, the market is categorized into liquid, gas, and steam. Liquid category held the significant market share in 2020. Large amount of trade of oil resulting in high custody transfer process. Further, during exploration and production as well, these flow meter devices are used in the oil industry. Moreover, increasing adoption of ultrasonic flow meter devices in water & wastewater industry, thus increasing device application for liquid fluid.
“Amongst End-User, Oil & Gas Dominated the market in 2020.”
Based on end-user, the market is categorized into oil & gas, power generation, water & wastewater, chemical, food & beverage, and others. Oil & gas held the largest revenue share in 2020 and is expected to retain its position during the forecast period as well 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.
“Asia-Pacific represents as the largest markets in the Global Ultrasonic Flow Meters Market.”
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia-Pacific dominates in the ultrasonic flow meter market in 2020 and is likely to retain its position during forecast period as well. Large base of industry, rapid industrialization in developing and emerging economies of the region, and large consumption of commodity products like oil & gas are some of the factors for its largest market share. Despite of largest consumer of oil & gas, the regional countries have lowest level of oil & gas penetration, globally. For instance, in 2019, per capita consumption of natural gas in cubic meter in China was only 214.3 whereas in U.S. and Germany it was 2,572.7 and 1,066.5.
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