Ultrasonic Flowmeter Market

Ultrasonic Flowmeter Market Outlook - 2028

Global ultrasonic flowmeter market was valued at $650.7 million in 2020, and is projected to reach $959.8 million by 2028, growing at a CAGR of 5.1% from 2021 to 2028. An ultrasonic flow meter is a device used to measure flowrate of process fluids in various end-use industries. It uses ultrasonic technology to measure flow rate of fluids such as liquids and gases. Ultrasonic flowmeter are fundamentally based on Doppler and transit-time technology that transmit and receive sound waves to determine the velocity of a fluid flowing in a pipe. Velocity of a fluid is interpreted to calculate the flow rate of the liquid. Compared to other types of flowmeters, ultrasonic flowmeters offer various advantages. Primarily, it is a non-invasive type of flow measurement system, transducers do not come in direct contact with the process fluid and does not obstruct flow of the fluid, and are hence ideal for measuring corrosive and abrasive chemicals. Ultrasonic flowmeters are available in mounting types as well as portable flowmeters.  As ultrasonic sensors are not fitted inside the pipe wall, installation is faster and can be used to measure flowrate in very large pipes of up to four meters in diameter. Ultrasonic flowmeters are presently used in various process industries such as fuel and oil consumption measurements, water and wastewater measurements, cooling and heating fluid measurements in HVAC systems, and leak detection in piping systems. 

Rise demand for flow measurements in the oil & gas industry during custody transfer, need for accuracy in process industries, and advantages of ultrasonic flowmeters over other types of flowmeters are the three major drivers of the global ultrasonic flowmeters. Use of ultrasonic flowmeters has witnessed a surge in the oil & gas industry, where it is used in custody transfer applications for accurate measurement of hydrocarbons. Since the oil & gas industry generates revenue by transporting its products to its buyers via pipeline or tankers, flowmeters are the medium of monitoring quantity and quality of hydrocarbons throughout hydrocarbon supply chain. Hence, great focus is put on quality of the flowmeter as even a slight error in the flowrate measurement can lead to losses. Hence, owing to its high accuracy and reliability, ultrasonic flowmeters have replaced mechanical flowmeters. Moreover, absence of any moving parts results in low cost of installation and ownership. This factor is also expected to augment the ultrasonic flowmeter market during the forecast period.

However, high initial cost is one of the major factors expected to hamper growth of the global ultrasonic flowmeter market. It is significantly more expensive than other inline flowmeter options available in the flowmeter market. This is attributed to components that are used in ultrasonic flowmeters.

Ultrasonic Flow Meter Market opportunity is expected to be high through product development and product launches in the coming years. Developments could be done in the components of flowmeters or software to increase their reliability. Newer ultrasonic flowmeters are designed to deliver more accuracy and provide operational flexibility. In 2020, Emerson released Daniel T-200, a titanium-housed transducer for its gas ultrasonic flow meter product line. It was made by using metal 3D printing to improve acoustic performance of ultrasonic flowmeters in custody transfer applications. In addition, the transducer improved reliability, uptime, and safety.  

The global ultrasonic flowmeter market is segmented on the basis of transducer type, technology, end-user industry, and region. On the basis of transducer type, the global ultrasonic flowmeter market is segmented into spool piece, inline, clamp-on, and others. By technology, it is segmented into transit-time, Doppler, and hybrid. By end-user industry, it includes oil & gas, water & waste management, power generation, pharmaceuticals, aerospace, chemical, and others.

Region wise, the global ultrasonic flowmeter market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

Major companies operating in the ultrasonic flowmeter market include Badger Meter Inc., Baker Hughes Company, Emerson Electric Co., Endress+Hauser AG, Faure Herman, Fuji Electric Co. Ltd., Honeywell International Inc., Krohne, Siemens AG, and Spectris PLC. Product launches and business expansion are key developmental strategies adopted by key players to increase their presence in the flowmeter market. For instance, Endress+Hauser AG, Emerson, and Siemens launched new models of ultrasonic flowmeters in 2020, 2019, and 2018, respectively. Products are developed to offer more accuracy, reliability, and less maintenance.  

Global ultrasonic flowmeter market, by region 

Region wise, Asia-Pacific accounted for the largest share of the ultrasonic flowmeter market in 2020, followed by Europe and North America. Presence of various end use industries of ultrasonic flowmeters in China and India have proved to be beneficial for the market growth.

Europe is projected to be the fastest growing region in the global ultrasonic flowmeter market. Growth in chemical, power generation, oil & gas industry and wastewater management industries is expected to offer fresh opportunities for the regional ultrasonic flowmeter market growth.

Global ultrasonic flowmeter market, by transducer type

The clamp-on segment held the largest revenue share in 2020 and is projected to be the fastest growing segment at a CAGR of 5.9% during the ultrasonic flowmeter market forecast period. Clamp-on flowmeters are portable and require less time for installation as compared to other flowmeters. Unlike inline flowmeter, clamp-in types are mounted on external surface of pipe, thus reducing pipe downtime.

Global ultrasonic flowmeter market, by technology 

On the basis of technology, the transit-time segment of ultrasonic flowmeter accounted for the largest share in 2020. Transit-time ultrasonic flowmeters are more accurate than Doppler flowmeters, and are used mainly in custody transfer applications along with applications in other end-use industries. This segment is also projected to grow at the highest CAGR of 5.3%.

Global ultrasonic flowmeter market, by end-user industry 

The oil & gas segment accounted for the largest ultrasonic flowmeter market share in 2020; ultrasonic flowmeters are increasingly being used in custody transfer of crude oil and natural gas. 

The water and wastewater management segment is projected to be the fastest growing segment at a CAGR of 6.7%.  Growth in need for wastewater management in domestic and industrial setups have increased demand for flow rate measurement systems and non-invasive ultrasonic flow meters are ideal solutions for accurate and reliable wastewater measurement.

Key benefits for stakeholders

• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the ultrasonic flowmeter industry for strategy building.
• It outlines the current ultrasonic flowmeter market trends and future estimations from 2020 to 2028 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• Ultrasonic flowmeter market analysis is done by studying the various drivers, restraints, and opportunities 
• The profiles of key players operating in the market along with their key strategic developments are enlisted in the report.

Impact of COVID-19 on the global ultrasonic flowmeter market

• The COVID-19 pandemic negatively disrupted the major end-users of ultrasonic flowmeters, thus reducing demand for new flowmeters. 
• The oil & gas industry was one of the worst hit sectors during the pandemic, as restrictions on transportation decreased the demand for crude oil products from automotive and aerospace industries.
• Decline in demand for petrol and diesel decreased oil & gas custody transfer activity in major countries. 
• Developments in wastewater management projects such as new sewage treatment plants had to be halted due to scarcity of human resources.
• In addition, the global aerospace sector is still in its recovery phase and had decreased demand for process instrumentation. 
• All such factors are expected to hamper the ultrasonic flowmeter market size during the forecast period 

Key Market Segments

By Transducer Type

• Spool piece
• Inline
• Clamp-on
• Others

By Technology

• Transit-time
• Doppler
• Hybrid

By End-Use Industry

• Water and Wastewater management
• Oil and Gas
• Chemical
• Power generation
• Pharmaceuticals
• Aerospace
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

 Ultrasonic Flowmeter Market Report Highlights