Ultrasonic Flow Meter Market size trends during the projected period 2021-2027 will be primarily influenced by increased demand in oil & gas, power generation, water & wastewater treatment, and other areas. A rise in green field developments is being witnessed globally owing to active investments in the oil & gas sector. Meanwhile, the energy sector is working towards unlocking a greater power generation capacity to meet the global electricity demand. These factors along with growing investments in the water treatment infrastructure are creating a positive application outlook for the product.
Emerging applications in chemical, pharmaceutical, food & beverage, pulp & paper, and other sectors will bring promising opportunities for the ultrasonic flow meter market. The scope of applications for ultrasonic flow monitoring devices is continuously due to ongoing technological developments. Advancing technology and innovations by manufacturers to design more reliable and accurate products will drive a surge in demand over the next few years.
Advantages such as superb accuracy, minimal maintenance, and no moving parts will augment the ultrasonic flow meter market forecast through 2027. These meters are used to measure liquid velocity via ultrasound to analyze the volume of liquid flow. They are ideal for applications where chemical compatibility, low pressure drop, and low maintenance are paramount.
On the basis of end-user, the ultrasonic flow meter industry is expected to witness significant demand from the oil & gas sector. Ultrasonic flow measuring devices are designed for high-accuracy volume measurement of crude oil and other liquid hydrocarbons. Their demand is increasing particularly in offshore applications where challenging environments and demanding measurement requirements are found. Fluids utilized in offshore developments often need to be pumped at high pressure and low velocity, making the retrofitting of other flow measurement technologies highly challenging. Since ultrasonic meters require very little or no maintenance at all, they are suitable for such use-cases.
In terms of the regional landscape, Europe ultrasonic flow meter market share is projected to expand substantially between 2021 and 2027. The regional growth is driven by heavy consumption across the power generation sector. Europe is increasingly implementing renewable technologies to meet the burgeoning energy demand in an efficient and sustainable way. Long-term sustainability goals and strict environmental regulations will create a promising outlook for the regional manufacturers. The European Union’s Roadmap 2050 project, which is funded by the European Climate Foundation (ECF), aimed at achieving a low-carbon economy and energy security is an example of the same.
Siemens, Danfoss, General Electric, Emerson Electric, Honeywell Corporation, Rockwell Automation Inc., Faure Herman SA, Badger Meter Inc, Index Corporation, Yamatake Co., Yokogawa Electric, Endress+Hauser, and Fuji Electric are some of the notable names in the ultrasonic flow sensor industry.
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Disruptions caused due to COVID-19 such as supply chain challenges, movement restrictions, workforce shortages, containment measures, and the global economic slowdown has affected developments across the oil & gas, power generation, chemical, water treatment, and other key sectors. For instance, the International Energy Agency (IEA) had estimated that oil & gas revenues for a number of major producers could fall by 50-85% in 2020 compared to the previous year. As a result, with the majority of industrial facilities forced to shut down operations or operate at diminished capacity, the product demand may have gone down considerably, impacting the ultrasonic flow meter market outlook to some extent.