Global Ultrasonic Flow Meter Market - 2022-2029

Global Ultrasonic Flow Meter Market - 2022-2029

Market Overview

The global ultrasonic flowmeter market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

An ultrasonic flowmeter is a measuring device that uses ultrasound to compute volume flow by measuring the velocity of a fluid. The flow meter can determine the average velocity along the course of an ultrasonic beam that has been emitted using ultrasonic transducers by averaging the difference in measured transit time between ultrasound pulses propagating into and against the flow direction or by measuring the frequency shift caused by the Doppler effect.

The acoustic properties of the fluid affect ultrasonic flowmeters, which can also be influenced by temperature, density, viscosity and suspended particles, depending on the flowmeter. Ultrasonic flowmeters cost a lot to buy, but they're usually cheap to operate and maintain because they don't have any moving components, unlike mechanical flow meters.

Another technique for ultrasonic flow metering is to employ the doppler shift caused by an ultrasonic beam being reflected off sonically reflective elements such as solid particles or entrained air bubbles in a flowing fluid or by the turbulence of the fluid itself if the liquid is pure. Slurries, liquids with bubbles and gases with sound-reflecting particles are all measured with doppler flowmeters.

By transmitting an ultrasonic beam through the fluid, bouncing it off a reflective plate and then reversing the direction of the beam and repeating the test, the volume of fluid flow can be calculated. In this scenario, the ultrasonic element is measuring the height of the water in the open channel; the flow can be calculated from the height using the channel's shape. As the speed of sound in air is impacted by temperature, most ultrasonic sensors also include a temperature sensor.

Market Dynamics

The demand for ultrasonic flowmeters is mainly driven by the increasing global demand for oil and gas. It is the most important driver for the market. The oil price volatility and tougher environmental regulations are key factors in limiting the growth of this market.

Increasing global demand for oil and gas

Due to constantly growing populations and modern economic advancements, global demand for oil and gas increases daily. Modern society's core energy sources are oil and gas. The transportation sector and power production both employ refined petroleum products as fuel.

Natural gas is utilized in various industrial and commercial applications, including metal processing, power generation and heating. Despite alternative energy sources, oil and gas have a near-total dominance in the short and medium-term. The increasing global demand for oil and gas leads to the exploitation of new oil fields and natural gas fields to keep up with rising demand. Oil and gas are the largest end-user for the ultrasonic flowmeter. It will drive the growth of the global ultrasonic flowmeters market.

High cost of ultrasonic flowmeters

Ultrasonic flowmeters provide extremely precise monitoring of fluid. Unlike mechanical flowmeters, ultrasonic flowmeters do not have moving parts and have much higher accuracy. However, ultrasonic flowmeters are much more expensive than other types of flowmeters. The average price of an ultrasonic flowmeter ranges from US$ 1000 to US$ 5000 depending on the configuration and application required, which is more than twice the cost of mechanical flowmeters of a similar configuration. The installation, configuration and maintenance of ultrasonic flowmeters must be carried out by a skilled technician, thereby adding to the cost. The high cost of ultrasonic flowmeters limits their wider adoption and presents a key challenge for the market's growth.

COVID-19 impact analysis

The global ultrasonic flowmeter market experienced uneven impacts on revenue streams in 2020 due to the COVID-19 pandemic. The government-imposed lockdowns and movement restrictions affected the manufacturing of ultrasonic flowmeter devices and on-site installation. The production in various end-user industries was also affected by the pandemic. Some industries, such as wastewater treatment, continued uninterrupted despite the pandemic.

The research and development of new ultrasonic flowmeter technologies were impacted due to the pandemic since government lockdown and restrictions led to the curtailment of on-field activities. Therefore, the commercial deployment of new technologies was delayed and financing of new projects was curtailed, impacting the revenues of various companies in the ultrasonic flowmeter sector.

The short-term impact of the COVID-19 pandemic has been relatively severe for the ultrasonic flowmeter market. The pandemic and the associated economic uncertainty have caused companies to cut back on capital expenditure and new investments. The demand for ultrasonic flowmeter technologies remains strong and is expected to grow gradually in the coming years.

Segment Analysis

The ultrasonic flowmeter market is segmented into type, measurement technology, path, end-user and region. The ultrasonic flowmeter market is further segmented into oil and gas, power generation, water and wastewater, chemical, food and beverage, pharmaceuticals, pulp and paper

Because of the fine accuracy of flow measurement needed in custody transfer applications, the oil and gas segment is expected to be the fastest expanding market for ultrasonic flowmeters. Pump testing and inspection, methanol and water injection metering, in-line meter verification and water measurements are various processes carried out using ultrasonic flowmeters.

Geographical Analysis

Asia-Pacific is leading in the global ultrasonic flowmeter market. The region accounts for the largest market share, primarily due to many industries that are major end-users for ultrasonic flowmeters. The majority of these industries are located in China, India, South Korea, Taiwan and Japan.

Asia-Pacific has one of the largest chemical markets in the world. Taiwan, South Korea, China and Japan are some of the leading producers of a wide range of chemicals. Ultrasonic flowmeters are used in the chemical industry for precise flow monitoring of chemicals during manufacturing and processing.

Asia-Pacific, the most populated region, particularly for oil and gas, generates significant energy demand. Some of the largest gas terminals and oil refineries are located. Ultrasonic flowmeters are used for monitoring flows in the oil and gas industry. The large population also to the large-scale development of wastewater treatment and water management systems in the region. Ultrasonic flowmeters are used for monitoring water flows in water management systems.

Ultrasonic flowmeters have significant applications in the pharmaceutical industry. Asia-Pacific has a well-developed pharmaceutical industry, with India, China and Japan leading. With rising economic development and more rapid industrialization, Asia-Pacific is expected to retain the leading market share in the global ultrasonic flowmeters.

Competitive Landscape

The global ultrasonic flowmeter market is competitive due to the wide variety of ultrasonic flowmeter devices that cater to different types of industrial and commercial end-users. Some of the major players contributing to the growth in the segment are Danfoss, Emerson Electric Co., Badger Meter, Inc., Honeywell International Inc., Bronkhorst High-Tech B.V., CMC Technologies, Fuji Electric Co., Ltd., KROHNE Messtechnik GmbH, Teledyne Technologies Incorporated and Endress+Hauser Group Services AG. The significant players adopt several growth strategies such as new product launches, joint ventures and collaborations, contributing to global growth in the industry.

Danfoss

Overview: Danfoss is a multinational engineering company specializing in designing and manufacturing heating equipment, cooling equipment, pumps, gas compressors and power machinery. The company's business is segmented into drilling, well construction, production systems, digital automation and energy consulting. The company supplies its products and services to a comprehensive range of industries such as automotive, aerospace, construction, energy, food and beverage, marine engineering and water treatment. The company employs more than 40,000 people in more than 50 countries globally. Danfoss was founded by Danish engineer Mads Clausen in 1933 and is headquartered in Nordborg, Als, Denmark.

Product Portfolio

Sono 3500 CT is the company's ultrasonic flowmeter for large commercial applications. It is designed for heating, cooling and combined operations in large-sized local energy systems. It is combined with a type-certified energy calculator for accurate metering capabilities. The sensors used in the device are MID Class II certified.

Key Developments:

In 2021, Danfoss announced that they had integrated their proprietary MCX15B2 and MCX20B2 programmable controllers on some of their ultrasonic flowmeters for specialized applications. The integration is expected to help with precision energy metering applications.

Why Purchase the Report?

Visualize the composition of the ultrasonic flowmeter market segmentation by the type, measurement technology, path, end-user and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the ultrasonic flowmeter market by analyzing trends and co-development deals.

Excel data sheet with thousands of global ultrasonic flowmeter market-level 4/5 segmentation data points.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the critical product of all major market players

The global ultrasonic flowmeter market report would provide approximately 58 market data tables, 58 figures, and 219 pages.

Target Audience 2022

Ultrasonic flowmeter service companies

Oil and gas companies

Energy companies

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals