Between 2019 and 2024, according to MarketsandMarkets, the Ultrasonic flow meter market could reach the record of 6.5% increase. Revenue generation within the market could reach $2.1 billion by 2024 from a forecast of $1.5 billion in 2019.
Asia Pacific will be the largest growing market: investments in water & wastewater; energy and power; refining; chemicals and industrial infrastructure activities, which are drivers of the demand for measuring instruments, are increasing in the developing economies such as China and India.
The largest market for ultrasonic flow meter should be the Oil & Gas thanks to its use of precise flow measurement and other applications such as pump testing & inspection; methanol & water injection metering; verification of in-line meters, and water measurements.
Even the Power generation sector may grow thanks to the ease of operation of ultrasonic flow meters in power plants which is likely to increase its demand.
The clamp-on is the largest market and will grow at the highest CAGR during the forecast period. Clamp-on ultrasonic flow meter measures the flow without any interruption in the process.
The inline segment, by implementation type, is the second largest market driven by the demand for precise flow measurement coming from industries such as oil & gas and water & wastewater.