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The global ultrasonic flowmeter market reached a value of US$ 1.53 Billion in 2020.
According to the estimates by IMARC Group, the global ultrasonic flowmeter market is expected to exhibit strong growth during the next five years.
Leading manufacturers are incorporating advanced technologies to enhance ultrasonic flowmeter performance and measurement in continuous industrial processes, which is acting as one of the significant trends in the market.
The escalating energy demand is resulting in the rising number of refineries around the world, which, in turn, is bolstering the market growth.
The market has been negatively impacted due to the spread of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries that have led to the closure of various industrial units and disrupted supply chains.
Based on the product type, the market has been divided into spool piece, insertion, clamp-on and others.
On the basis of the number of paths, the market has been classified into 3-path, 4-path, 5-path, and 6 or more path transit time.
The market has been analyzed on the basis of the technology into transit time - single/dual path, transit time - multipath, doppler and hybrid.
On the basis of the distribution channel, the market has been categorized into direct sales, independent representatives, distributors and online.
Based on the application, the market has been segregated into natural gas, non-petroleum liquid, petroleum liquid and others.
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa.
Leading industry players are Asea Brown Boveri Ltd., Badger Meter Inc., Emerson Electric Co., Emerson Process Management, Faure Herman SA, General Electric, Hach/Marsh McBirney Inc., Honeywell International Inc., Index Corporation, Invensys Process Systems, Rockwell Automation Inc., Siemens AG, Teledyne Isco Inc., Yamatake Co. and Yokogawa Electric Co.
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