Clamp-on Ultrasonic Flowmeter Market
Clamp-on Ultrasonic Flowmeter Market (Measurement Technology: Doppler, Transit Time, and Hybrid; and End-use Industry: Chemical, Petrochemical, Oil & Gas, Pharmaceutical, Food & Beverages, Water & Wastewater, Power Generation, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Market Players to Minimize Error and Improve Accuracy of Products
Clamp-on ultrasonic flowmeters are extensively used in a range of applications including custody flow and process flow. A clamp-on ultrasonic flowmeter is used to verify the efficacy of various other flowmeters and temporary measurement. The demand for clamp-on ultrasonic flowmeters is on the rise, owing to their minimal maintenance, long service life, and ease of integration with new technologies. However, some factors that could hamper the adoption of clamp-on ultrasonic flowmeters in the upcoming decade include non-compatibility with non-conductive liquids.
Moreover, within the clamp-on ultrasonic flowmeter market, the ultrasonic flow measuring device provide a cost-effective flow measurement that offers high levels of accuracy– a factor that has led to a considerable rise in the usage of ultrasonic flowmeters in recent times. Advancements in the sensor technology are also expected to have a strong impact on the clamp-on ultrasonic flowmeter market during the forecast period. A number of players involved in the current market for clamp-on ultrasonic flowmeters are focusing on the launch of new products and solutions to establish a solid presence in the global market.
At the back of these factors, along with advancements in the electromagnetic induction technology, the global clamp-on ultrasonic flowmeter market is on course to reach the US$ 2.4 Bn mark by the end of 2030.
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Rise in Applications of Ultrasonic Flowmeters to Aid Market Growth
In recent years, the demand for ultrasonic flowmeters has witnessed steady growth from various end-use industries such as oil & gas, pharmaceutical, water & wastewater, power generation, petrochemical, etc. The transit time ultrasonic flowmeter and Doppler are the two most prominent types of ultrasonic flowmeters that are increasingly being used worldwide– a factor that is expected to boost the growth of the global clamp-on ultrasonic flowmeter market during the assessment period. Ultrasonic flowmeters are slated to gain immense popularity in the upcoming years. Analysts at the Transparency Market Research are of the opinion that ultrasonic flowmeters are an ideal alternative or replacement for electromagnetic and vortex flowmeters.
The high demand for the non-intrusive technology has led to large-scale adoption of clamp-on ultrasonic flowmeters in recent times due to which, a steady growth for the clamp-on ultrasonic flowmeter market is anticipated. However, clamp-on ultrasonic flowmeters lack the accuracy provided by other alternative ultrasonic flowmeters– a factor that could hamper their sales, particularly in the first half of the forecast period.
In addition, the demand for ultrasonic flowmeters is on the rise, as they comply with evolving industry regulations and standards. Players involved in the current clamp-on ultrasonic flowmeter market landscape are expected to focus on minimizing errors in flare flow measurement and reduce flowmeter inaccuracy to strengthen their foothold in the current clamp-on ultrasonic flowmeter market landscape.
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Market Players to Launch New Products for Competitive Edge
Several market players are expected to resort to organic as well as inorganic growth strategies during the forecast period. Companies are increasingly focusing on launching new products to gain a competitive edge in the clamp-on ultrasonic flowmeter market. For instance, in May 2020, Fuji Electric announced the launch of a new clamp-on ultrasonic flowmeter designed for saturated steam. Similarly, in May 2020, SONOTEC announced the launch of an industrial-grade clamp-on ultrasonic flowmeter for plastic pipes and tubes. In September 2020, AW-Lake launched a new clamp-on ultrasound flowmeter for a range of industrial applications.
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Demand for Clamp-on Ultrasonic Flowmeters to Slump amid COVID-19 Pandemic
The outbreak of the COVID-19 pandemic is expected to have a moderate impact on the overall growth of the global clamp-on ultrasonic flowmeter market in 2020. Due to the temporary shutdown of various industries in China during the first quarter of 2020, the production of raw materials was affected as a result of which, the supply chain was predominantly disrupted. While the industrial sector in China opened toward the end of the first quarter, manufacturing and industrial sectors across the world witnessed minimal activity due to the stringent lockdown restrictions. The market is expected to show signs of recovery in 2021.
The global clamp-on ultrasonic flowmeter market is expected to expand at a CAGR of ~8% during the forecast period. Consistent rise in the demand for clamp-on ultrasonic flowmeters from various end-use industries and advancements in technology are anticipated to drive the clamp-on ultrasonic flowmeter market during the forecast period. Market players should focus on the launch of new products and eye strategic partnerships with other players operating in the current market for clamp-on ultrasonic flowmeters.
Clamp-on Ultrasonic Flowmeter Market: Overview
- According to Transparency Market Research’s latest research report on the global clamp-on ultrasonic flowmeter market for the historical period 2018–2019 and the forecast period 2020–2030, maintenance-free design offering longer service life and integration of advanced technologies are factors expected to boost the global clamp-on ultrasonic flowmeter market during the forecast period. However, some factors also hamper the growth of the clamp-on ultrasonic flowmeter market. These include non-compatibility with non-conductive liquid.
- In terms of revenue, the global clamp-on ultrasonic flowmeter market is projected to reach the value of US$ 2.4 Bn by 2030, expanding at a CAGR of 8% during the forecast period
Maintenance-free Design Offers Longer Service Life: A Key Driver of Clamp-on Ultrasonic Flowmeter Market
- In the clamp-on ultrasonic flowmeter market, the ultrasonic flow-measuring device offers cost-effective flow measurement with a high degree of accuracy for a wide range of process conditions. This, in turn, has increased the usage of ultrasonic flowmeters. Ultrasonic flowmeters use sound waves to determine the velocity of a fluid flowing in a pipe. At no flow condition, the frequency of an ultrasonic wave transmitted into a pipe and the frequency of the reflected wave from the fluid are the same.
- As there are no moving parts in ultrasonic flowmeters, sensors are not directly immersed in the liquid and hence, there are no wear and tear concerns. This makes these systems reliable and easy to operate with limited maintenance. This is helping to expand the clamp-on ultrasonic flowmeter market.
- The expected service life of an ultrasonic flowmeter is approximately 30 years, which is beneficial to the user as a one-time investment, although electrodes may need to be periodically cleaned
- Volumetric flow of conductive liquids, including slurries and corrosive or abrasive materials can also be detected through magmeters. These properties of ultrasonic flowmeters prove them to be ideal for wastewater end-use industry or for measuring any dirty liquid flow rate, which is conductive or water-based. Thus, the market is expected to grow at a higher rate, owing to the operational facilities provided and the low maintenance cost of ultrasonic flowmeters. These factors drive the clamp-on ultrasonic flowmeter market.
Clamp-on Ultrasonic Flowmeter Market: Competition Landscape
- Detailed profiles of providers of clamp-on ultrasonic flowmeters have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global clamp-on ultrasonic flowmeter market are
- Badger Meter, Inc.,
- Bronkhorst High-Tech B.V.
- CMC Technologies Pty Limited
- Emerson Electric Co.
- Endress+Hauser Group Services AG
- Fuji Electric Co. Ltd
- Honeywell International Inc.
- Katronic Technologies Ltd.
- KROHNE Messtechnik GmbH
- Omega Engineering Inc.
- Siemens AG
- Sierra Instruments Inc.
- Sierra Instruments Inc.
- Teledyne Technologies Inc.
- Keyence Corporation
Clamp-on Ultrasonic Flowmeter Market: Key Developments
- Key providers of clamp-on ultrasonic flowmeters, such as Honeywell International Inc., KROHNE Messtechnik GmbH, Emerson Electric Co., and Badger Meter, Inc. are focusing on the creation of cost-effective clamp-on ultrasonic flowmeters to attract more customers. Some other key developments in the global clamp-on ultrasonic flowmeter market are highlighted below:
- In November 2019, KEYENCE Corporation of America released a new clamp-on compressed air flowmeter that offers potential cost and energy savings for manufacturing facilities. The FD-G Series helps facility managers and other users discover, quantify, and prevent issues associated with facility wide compressed air usage by providing valuable and actionable data. This will have an impact on the clamp-on ultrasonic flowmeter market.
- In June 2018, Fuji Electric Co., Ltd entered into an agreement with Dalian Bingshan Group Management Consulting Co., Ltd, a subsidiary of Dalian Bingshan Group Co., Ltd. (Dalian, Liaoning, China) to jointly establish a system engineering company with the goal of expanding its systems business in China. This will affect the clamp-on ultrasonic flowmeter market positively.
- In the global clamp-on ultrasonic flowmeter market report, we have discussed individual strategies, followed by company profiles of providers of clamp-on ultrasonic flowmeter systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global clamp-on ultrasonic flowmeter market.
Clamp-on Ultrasonic Flowmeter Market – Scope of the Report
A new study on the global clamp-on ultrasonic flowmeter market is published by Transparency Market Research (TMR). It presents detailed information of key market dynamics, including drivers, trends, and challenges for the global clamp-on ultrasonic flowmeter market as well as its structure. TMR’s study offers valuable information on the global clamp-on ultrasonic flowmeter market in order to illustrate how the market is expected to expand during the forecast period i.e. 2020 - 2030
Key indicators of market growth, which include value chain analysis and compound annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global clamp-on ultrasonic flowmeter market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global clamp-on ultrasonic flowmeter market. This can help readers understand key factors responsible for growth of the global clamp-on ultrasonic flowmeter market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global clamp-on ultrasonic flowmeter market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Clamp-on Ultrasonic Flowmeter Market
- What would be the Y-o-Y growth trend of the global clamp-on ultrasonic flowmeter market between 2020 and 2030?
- What is the influence of changing trends in technology on the global clamp-on ultrasonic flowmeter market?
- Would North America continue to be the most dominant regional market for providers of clamp-on ultrasonic flowmeters over the next few years?
- Which factors would hinder the global clamp-on ultrasonic flowmeter market during the forecast period?
- Which are the leading companies operating in the global clamp-on ultrasonic flowmeter market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global clamp-on ultrasonic flowmeter market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global clamp-on ultrasonic flowmeter market includes statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the global clamp-on ultrasonic flowmeter market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global clamp-on ultrasonic flowmeter market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global clamp-on ultrasonic flowmeter market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global clamp-on ultrasonic flowmeter market more reliable and accurate.
Clamp-on Ultrasonic Flowmeter Market – Segmentation
TMR’s study on the global clamp-on ultrasonic flowmeter market divides the market based on measurement technology, end-use industry, and region. Changing market trends and other crucial market dynamics associated with segments of the global clamp-on ultrasonic flowmeter market are discussed in detail in the TMR’s study.