July 16, 2021
According to the business intelligence report titled ‘Global Ultrasonic Flow Meter Market - Analysis By Measurement Technology (Transit-Time, Doppler, Hybrid), End-User, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global ultrasonic flow meter market was assessed at USD 1338.5 million in 2019 and is estimated to expand significantly between 2020-2025.
Widespread application, cost effective nature of technology, and growth of energy sector are key factors driving global ultrasonic flow meter market expansion. Moreover, increasing distribution & transmission of oil & gas from rising number of new facilities will bolster the product demand.
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The report also cites that rising number of gas exploration projects, innovations by leading companies, and development of multipath meters will facilitate market augmentation over the analysis period.
While surging employment of flow meters for custody transfer will stimulate industry proliferation, lower oil prices, and financial volatility as a result of the covid-19 pandemic will act as challenges for the businesses in this domain.
Based on measurement technology, worldwide ultrasonic flow meter market space is divided into transit-time, hybrid, and doppler. Speaking of end user spectrum, the business sphere is bifurcated into power, water & wastewater, chemical, oil & gas, and others.
From the regional frame of reference, North America held major industry share in the past year and is projected to expand rapidly between 2020-2025. Rising manufacturing & production activities and presence of various leading players in the United States are the factors contributing to this expansion.
Key players shaping worldwide ultrasonic flow meter market dynamics are Endress+Hauser Group, Teledyne Technologies Inc., Danfoss A/S, Siemens AG, Badger Meter Inc., Honeywell International Inc., KROHNE Group, Faure Herman SAS, Schlumberger Limited, and Emerson Electric Co.