Global in-line transit time ultrasonic flow meter sales are set to be valued at US$ 337.5 Mn in 2021, with a stable long-term projection, according to latest insights by Persistence Market Research. The report estimates the market to expand at over 6% CAGR from 2021 to 2031. Growing need for precise flow measurement technologies has led to heightened demand for in-line transit time ultrasonic flow meters from sectors such as oil & gas, power generation, and chemicals. Rapid technological advancements are also projected to complement market growth over the coming years.
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Demand for in-line transit time ultrasonic flow meter waned in 2020 due to the COVID-19 pandemic. However, the oil & gas industry is in a recovery mode, which bodes well for the sales of these meters in future. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
Key Takeaways from Market Study
- International agencies, governments, scientists, private sector, businesses, and major groups and stakeholders are looking to lay the groundwork (including knowledge, resources, and policy mechanisms) for collaborations to launch robust, reliable, and long-term wastewater management systems. This will surge demand for in-line transit time ultrasonic flow meters over the coming years.
- Due to the need for mass production, process automation has become a strong trend in the in-line transit time ultrasonic flow meter market of late. The market is shifting towards Industry 4.0 norms, leading to the promotion and almost universal adoption of new technologies.
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- There is increasing demand from natural gas & bio gas transmission and distribution companies, owing to the ability of these meters to measure various kinds of fluids and gases.
- Increasing number of players focusing on R&D related to in-line transit time ultrasonic flow meters is anticipated to have a significant contribution to market growth over the years to come.
- Single / dual path in-line transit time ultrasonic flow meters to hold over three-fourth market share.
- Oil & gas industry is projected to hold over 45% overall market share as an end user by 2031-end.
- The global in-line transit time ultrasonic flow meter market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -5.4%.
- The market in the U.K. is projected to expand at a CAGR of around 5%, while that in the U.S. at close to 6%, through 2031.
- The market in India and China is set to surge at around 7% CAGR over the next ten years.
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