July 02, 2020
According to the research report titled ‘Global Ultrasonic Flow Meter Market - Analysis By Measurement Technology, 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 accounted for USD 1338.5 million in 2019 and is expected to register momentous growth by 2025.
Growing transmission & distribution activities of oil & gas along with increasing number of new facilities are major factors fueling the growth of ultrasonic flow meter market. Shifting focus among manufacturers towards developing innovative flow meter applications in pulp & paper as well as food & beverage industries is also aiding the market size. Increasing number of gas exploration projects are fostering the demand for the product across the globe.
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Ultrasonic flow meter is cost-effective and hence is widely adopted in oil & gas as well as power sectors. In addition, booming energy industry and rising development of multi-path meters are also stimulating the industry outlook. Growing demand for the product for custody transfer applications is facilitating the business scenario.
However, the report claims that advent of COVID-19 disease outbreak has resulted in decreased oil prices, volatility in financial sector and regional outbreak. This has not only led to low consumption rates, but also is hampering the exports as well as investment activities, thereby negatively impacting the ultrasonic flow meter market.
From the regional point of view, U.S. ultrasonic flow meter industry is predicted to expand substantially by the year 2025. Increasing production as well as manufacturing activities along with high concentration of market majors are swaying the business dynamics in the country.
The prominent companies operating in global ultrasonic flow meter industry are Teledyne Technologies Inc., Siemens AG, Honeywell International Inc., Faure Herman, Emerson Electric Co., Schlumberger Limited, KROHNE Group, Badger Meter Inc., Danfoss and Endress+Hauser among others.