The ultrasonic flow meter market is projected to reach USD 2.1 Billion by 2024 from an estimated USD 1.5 Billion in 2019, at a CAGR of 6.5%. The growth of this market is driven by the rise in demand for advanced flow measuring technologies, increase in shale gas exploration activities in the US, and rise in green field investments in China.
The ultrasonic flow meter market is dominated by a few major players that have a wide regional presence. Some of the leading players in the ultrasonic flow meter market are Siemens, Emerson, KROHNE, GE, and Honeywell.
The major strategies adopted by the players include new product launches, mergers & acquisitions, contracts & agreements, investments & expansions, and collaborations. New product launches was the most commonly adopted strategy from January 2016 to April 2019. The second most adopted strategy was mergers & acquisitions during the same period.
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Siemens (Munich, Germany) is a German conglomerate that focuses on the fields of electrification, automation, and digitalization. It conducts operations through 8 business segments, namely, power and gas, healthineers, energy management, digital factory, mobility, Siemens Gamesa renewable energy, process industries and drives, and building technologies. In November 2017, Siemens launched the SITRANS FS220 clamp-on ultrasonic flowmeter, which is suitable for multiple industries requiring budget-conscious liquid flow instrumentation including water & wastewater, power, HVAC, and chemicals.
Emerson (US) is one of the leading manufacturers and innovative solution providers for industrial and commercial market. The company operates through 2 business segments, namely, automation solutions and commercial & residential solutions. It provides ultrasonic flow meters under the automation solutions business segment, which accounted for a 65.7% share of the company’s total revenue in 2018. In July 2018, Emerson acquired Textron’s tools and test equipment business. Textron is a manufacturer of electrical and utility tools, diagnostics, and test & measurement. In December 2017, Emerson acquired Paradigm, which is a software solution provider for the oil & gas industry. Paradigm has annual sales of USD 140 million. These developments enabled Emerson to develop a larger footprint in the global ultrasonic flow meter market.
Ultrasonic Flow Meter Market by Implementation Type (Clamp-On and Inline), Measurement Technology, Number of Paths (1 Path Transit-Time, 2 Path Transit-Time, and 3 and Above Path Transit-Time), End-User, Region - Global Forecast to 2024
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