Ultrasonic flow meters are among the most important instruments used to measure the rate at which a certain liquid or gas is flowing through a pipe. Ultrasonic flow meters are becoming increasingly popular across various industries due to their accuracy, cost-effectiveness and non-intrusive nature. Ultrasonic flow meters do not require any contact with the process material, resulting in no pressure drop or degradation of the measured one. This makes them particularly suitable for measuring a wide range of fluids, including those that are corrosive, abrasive and highly viscous.
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The global ultrasonic flow meter market is projected to witness significant growth over the forecast period from 2020 to 2027. The increasing demand for these devices in various industries such as oil & gas, water & wastewater treatment plants, environment monitoring, pharmaceuticals and food & beverages is driving the market growth. The rising investments in smart metering systems by governments and power utilities companies around the world is expected to create lucrative opportunities for players operating in this domain. Furthermore, technological advancements such as the introduction of advanced sensors and better communication protocols are expected to further bolster the market growth over the coming years.
The COVID-19 pandemic has caused disruptions in production activities of various industries globally, thereby affecting their consumption of ultrasonic flow meter devices across different verticals worldwide. This has been seen primarily in countries such as China, India and South Korea where manufacturing activity has slowed down significantly due to lockdown measures imposed by respective governments. However, it is expected that once normalcy returns countries will start resuming manufacturing activities gradually which will revive demand for these instruments further bolstering its market growth prospects over the forecast period from 2020 to 2027.
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Regional Analysis:
Geographically, North America holds dominant revenue share currently owing to high adoption rate of ultrasonic flow meters in different industrial applications mainly driven by presence of key manufacturers operating in this region coupled with large investments being made by governments for smart metering projects which uses ultrasonic flow meters extensively. Asia Pacific is anticipated to register fastest CAGR growth over the forecast period mainly owing to rising investments being made by governments particularly in developing countries such as China and India towards development of energy infrastructure projects along with growing awareness about energy conservation initiatives across all major economies present here coupled with presence of several prominent players operating here manufacturing these devices at competitive rates compared with other regions worldwide.
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