NEW YORK, March 30, 2022 (GLOBE NEWSWIRE) -- Global ultrasonic flow meter sales were valued at US$ 1.73 Bn in 2020, with balanced long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at 6.5% CAGR from 2021 to 2031. There is growing need from the power generation and oil & gas industry for taking accurate fluid volume flow and velocity.
Demand for ultrasonic flow meters waned in 2020 due to the COVID-19 pandemic. However, it has been rising due to use in different applications with increase in technological advancements as new technologies are being introduced regularly.
Accelerating growth in selected applications such as power generation and oil & gas, new product launches, and leveraging expanded ultrasonic flow meter portfolios and technology across various channels are key strategies by market players.
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Key Takeaways from Market Study
- New applications of ultrasonic flow meters emanate due to rising cost of energy and end-user increasing needs for conversing resources through accurate measurement.
- Application in power generation to hold around 16.6% market share.
- Market in the U.S. to surge at around 5.7% CAGR through 2031.
“Amplifying the requirement for non-invasive measurements by flow measuring devices to measure the meticulous velocity and flow rate of liquid and gas is driving demand for ultrasonic flow meter,” says a Persistence Market Research analyst.
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Competitive Landscape
The ultrasonic flow meter market is a combination of several big players with local players having an overseas presence, with key players accounting for around 45% market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are General Electric, Emerson Electric, Greyline Instruments, Honeywell International, OMEGA Engineering Inc., Siemens AG, Endress+Hauser Management AG, KRONE Group, and Fuji Electric Co., Ltd.
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Find More Valuable Insights
The research report analyzes demand for ultrasonic flow meters. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Persistence Market Research’s research scope, the market has been analyzed on the basis of type, technology, output display, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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