“Global Ultrasonic Flow Meter Market was valued at $3 billion by 2029”, says Visiongain
23 September 2019
Ultrasonic Flow Meter Market Report : Forecasts by Implementation Type (Clamp-On and Inline), Measurement Technology, Number of Paths (1 Path Transit-Time, 2 Path Transit-Time, and 3 and Above Path Transit-Time), End-User (Oil and Gas, Power Generation, Waste and Wastewater, Others), by Region and Analysis of Leading Companies indicates that the Global Ultrasonic Flow Meter Market was valued at $3 billion by 2029.
Energy markets development is a major driver of the worldwide market for ultrasonic flow meters. The variables that fuel global ultrasonic flow meter growth include increasing demand from custody transfer apps and latest multi-path meter development. Regulatory officials such as the American Gas Associations, the American Petroleum Institute and the International Organization of Legal Metrology are making a major contribution to the fast development of the industry.
The market for ultrasonic flow meters is segmented into doppler, transit-time, and hybrid by measurement technology. Due to its bi-directional and accurate flow measurement benefits, the transit-time is anticipated to hold the biggest market share with the fastest increasing market. It accounts for 80–85 percent of the complete global market share. Compared to doppler and hybrid technology, this technology is cost efficient. It is mainly used for measuring the flow of liquid and gas by the oil & gas and water & sewage sector.
The market for ultrasonic flow meters is divided into oil & gas, water & wastewater, and energy generation by end-user. Due to the precision flow measurement requirement in custody transfer apps, the oil & gas segment is considered to be the fastest increasing market for ultrasonic flow meters. It also applies to inspection and pump testing, water injection and methanol metering, in-line meter verification and measurement of water.
Ultrasonic flow meter growth is largely linked to the custody transfer of natural gas by the multipath meters. As the best solution to oil and petroleum liquids, natural gas is a prospective market that helps to gain traction in the worldwide ultrasonic flow meters market. Due to the reliability and non-availability of moving components, ultrasonic flow meters are gaining momentum in the flow meter industry.
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