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Asia Pacific Flare Gas Ultrasonic Flowmeters Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Inline and Clamp-on) and End Users (Oil & Gas and Chemicals & Petrochemicals)
- Report Code : TIPRE00029830
- Pages : 124
The Asia Pacific flare gas ultrasonic flowmeters market size was valued at US$ 6.85 million in 2022 and is projected to reach US$ 8.92 million by 2028; it is expected to record a CAGR of 4.5% from 2022 to 2028.
Many industries previously used mechanical flow meter technologies, which could result in continuous maintenance and high failure risk. To maintain the accuracy with minimal maintenance and reduce the failure risk, industries started to use ultrasonic flowmeters to measure the fluid where ultrasonic flow metering technologies came into existence. In flare gas ultrasonic flowmeters, the introduction of a portable clamp-on ultrasonic flowmeter is one of the recently adopted technologies, which is considered as a future trend in the APAC flare gas ultrasonic flowmeters market.
A portable clamp-on ultrasonic flowmeter is a advanced technology that produces more than five times strong signals than a traditional ultrasonic transducer. The clamp-on transducers produce clean signals with less background noise. It generates accurate coded signals that help for the optimum performance of the flare gas system. Panametrics CTF878 and the Panametrics GC868 are ultrasonic clamp-on gas flowmeters provided by Panametrics. These flowmeters can measure any flow of gases such as oxygen, hydrogen, natural gas, steam, nitrogen, and more. It can calculate mass flow with the help of a transmitter connected to the analog input.
Portable meters are used to check temporary spots and verify the measurements and accuracy of other meters. The technologically advanced clamp-on ultrasonic flowmeters measure the transit times in gases even where signal-to-noise ratios are extremely low. Thus, advancements in ultrasonic metering technologies would fuel Asia Pacific flare gas ultrasonic flowmeters market growth during the forecast period.
Based on end user, the chemicals & petrochemicals segment held a larger share of the Asia Pacific flare gas ultrasonic flowmeters market in 2021. A flare gas ultrasonic flowmeter is widely used in the production of petroleum liquids such as diesel, petrol, petrochemicals, liquid chemicals, and other noncorrosive petroleum oil/liquid to measure the gas flare. These meters help to reduce risks such as hazardous gas leaks and explosions. It provides accurate and real-time information to the operator regarding the temperature and pressure of the flare gas. Through this critical information, the operator intervenes to gain optimal combustion and reduce emissions. The information and diagnosis provided by flowmeters improve the overall efficiency of the production of chemical and petrochemical. According to Offshore Technology, Asia Pacific registered a growth of 65% for petrochemical contracts in Q2 2022 compared to Q1 2022, and China accounted for 19 contracts, which is almost 50% of the total contracts. The petrochemicals sector is growing in APAC owing to rising globalization and urbanization. Moreover, increasing petrochemical contracts propel the need for flare gas ultrasonic flowmeters to improve efficiency.
The Asia Pacific flare gas ultrasonic flowmeters market, by type, is segmented into inline and clamp-on. Based on end user, the Asia Pacific flare gas ultrasonic flowmeters market is divided into oil & gas and chemicals & petrochemicals. By country, the Asia Pacific flare gas ultrasonic flowmeters market is segmented into Australia, China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, the Philippines, Vietnam, Brunei, Pakistan, Bangladesh. Myanmar, Papua, and the Rest of Asia Pacific.
The major stakeholders in the flare gas ultrasonic flowmeters market ecosystem include raw material suppliers, component and ultrasonic flowmeter manufacturers, and end users. Raw materials required for manufacturing flare gas ultrasonic flowmeters are metal, polymers, and alloys. Raw material suppliers provide raw materials to component manufacturers to manufacture primary devices, transducers, and transmitters. With the help of these components, flare gas ultrasonic flowmeters are developed and supplied to various end-use industries.
The flare gas ultrasonic flowmeter manufacturers are engaged in various processes, including designing, assembling, and production, to transform the raw material into a finished product. They offer the final integrated product to the end users. The major players operating in the market include ABLE Instruments & Controls Ltd, Fluenta, FLEXIM, Panametrics (Baker Hughes Company), SICK AG, Siemens, and Sino-Inst. Over the years, these organizations have increased their investment in developing new and advanced flare gas ultrasonic flowmeters as per the growing customer needs. End users are the final stakeholders of the flare gas ultrasonic flowmeters market. Oil and gas, chemical, and petrochemical are the end users of flare gas ultrasonic flowmeters market.
The Asia Pacific flare gas ultrasonic flowmeters market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific flare gas ultrasonic flowmeters market. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the Asia Pacific flare gas ultrasonic flowmeters market. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific flare gas ultrasonic flowmeters market. A few major players operating in the Asia Pacific flare gas ultrasonic flowmeters market are ABLE Instruments & Controls Ltd, Fluenta, FLEXIM, Panametrics (Baker Hughes Company), SICK AG, Siemens, and Sino-Inst.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Flare Gas Ultrasonic Flowmeters Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 APAC
4.3 Ecosystem Analysis
4.4 Expert Opinions
4.5 Standards and Regulations
4.5.1 Australia
4.5.2 China
4.5.3 India:
4.5.4 Japan
4.5.5 South Korea
4.5.6 Indonesia
5. Flare Gas Ultrasonic Flowmeters Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Importance of Flare gas ultrasonic flowmeters in Oil & Gas Industry
5.1.2 Rising Investments and New Plants Establishments Across Industries
5.2 Market Restraints
5.2.1 High Maintenance Cost for Flare gas ultrasonic flowmeters
5.3 Market Opportunities
5.3.1 Rising Oil and Gas Production
5.4 Future Trends
5.4.1 Government Regulations & Initiatives to Reduce Environmental Emissions from Industrial Operations
5.5 Impact Analysis of Drivers and Restraints
6. Flare Gas Ultrasonic Flowmeters Market – Global Market Analysis
6.1 APAC Flare Gas Ultrasonic Flowmeters Market Overview
6.1.1 Asia Pacific: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
6.2 Market Positioning – Five Key Players
7. APAC Flare Gas Ultrasonic Flowmeters Market Analysis – by Type
7.1 Overview
7.2 APAC Flare Gas Ultrasonic Flowmeters Market, by Type (2021 and 2028)
7.3 Inline
7.3.1 Overview
7.3.2 Inline: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
7.4 Clamp-On
7.4.1 Overview
7.4.2 Clamp-On: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
8. APAC Flare Gas Ultrasonic Flowmeters Market Analysis – by End User
8.1 Overview
8.2 APAC Flare Gas Ultrasonic Flowmeters Market, by End user (2021 and 2028)
8.3 Oil and Gas
8.3.1 Overview
8.3.2 Oil and Gas: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
8.4 Chemical and Petrochemical
8.4.1 Overview
8.4.2 Chemical and Petrochemical: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
9. APAC Flare Gas Ultrasonic Flowmeters Market – Geographic Analysis
9.1 Overview
9.2 Asia Pacific: Flare Gas Ultrasonic Flowmeters Market, by Country
9.2.1 Australia: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.1.1 Australia: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.1.2 Australia: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.2 China: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.2.1 China: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.2.2 China: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.3 India: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.3.1 India: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.3.2 India: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.4 Japan: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.4.1 Japan: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.4.2 Japan: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.5 South Korea: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.5.1 South Korea: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.5.2 South Korea: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.6 Indonesia: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.6.1 Indonesia: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.6.2 Indonesia: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.7 Singapore: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.7.1 Singapore: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.7.2 Singapore: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.8 Malaysia: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.8.1 Malaysia: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.8.2 Malaysia: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.9 Taiwan: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.9.1 Taiwan: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.9.2 Taiwan: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.10 Thailand: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.10.1 Thailand: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.10.2 Thailand: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.11 Philippines: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.11.1 Philippines: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.11.2 Philippines: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.12 Vietnam: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.12.1 Vietnam: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.12.2 Vietnam: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.13 Brunei: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.13.1 Brunei: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.13.2 Brunei: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.14 Pakistan: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.14.1 Pakistan: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.14.2 Pakistan: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.15 Bangladesh: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.15.1 Bangladesh: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.15.2 Bangladesh: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.16 Myanmar: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.16.1 Myanmar: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.16.2 Myanmar: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.17 Papua New Guinea: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.17.1 Papua New Guinea: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.17.2 Papua New Guinea: Flare Gas Ultrasonic Flowmeters Market, by End User
9.2.18 Rest of APAC: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
9.2.18.1 Rest of APAC: Flare Gas Ultrasonic Flowmeters Market, By Type
9.2.18.2 Rest of APAC: Flare Gas Ultrasonic Flowmeters Market, by End User
10. Flare Gas Ultrasonic Flowmeters Market – Covid-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
12. Company Profiles
12.1 ABLE Instruments & Controls Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Fluenta AS
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 FLEXIM GmbH
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 PANAMETRICS
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Sick AG
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Siemens AG
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Sino-Inst
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
Table 2. Asia Pacific: Flare Gas Ultrasonic Flowmeters Market, by Country – Revenue and Forecast to 2028 (US$)
Table 3. Australia: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 4. Australia: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 5. China: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 6. China: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 7. India: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 8. India: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 9. Japan: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 10. Japan: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 11. South Korea: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 12. South Korea: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 13. Indonesia: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 14. Indonesia: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 15. Singapore: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 16. Singapore: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 17. Malaysia: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 18. Malaysia: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 19. Taiwan: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 20. Taiwan: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 21. Thailand: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 22. Thailand: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 23. Philippines: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 24. Philippines: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 25. Vietnam: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 26. Vietnam: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 27. Brunei: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 28. Brunei: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 29. Pakistan: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 30. Pakistan: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 31. Bangladesh: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 32. Bangladesh: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 33. Myanmar: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 34. Myanmar: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 35. Papua New Guinea: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 36. Papua New Guinea: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 37. Rest of APAC: Flare Gas Ultrasonic Flowmeters Market, By Type– Revenue and Forecast to 2028 (US$)
Table 38. Rest of APAC: Flare Gas Ultrasonic Flowmeters Market, by End User – Revenue and Forecast to 2028 (US$)
Table 39. List of Abbreviation
LIST OF FIGURES
Figure 1. Flare Gas Ultrasonic Flowmeters Market Segmentation
Figure 2. Flare Gas Ultrasonic Flowmeters Market Segmentation – By Geography
Figure 3. APAC Flare Gas Ultrasonic Flowmeters Market Overview
Figure 4. Flare Gas Ultrasonic Flowmeters Market, by Type
Figure 5. Flare Gas Ultrasonic Flowmeters Market, by End User
Figure 6. APAC – PEST Analysis
Figure 7. Flare Gas Ultrasonic Flowmeters Market – Ecosystem Analysis
Figure 8. APAC Flare Gas Ultrasonic Flowmeters Market: Impact Analysis of Drivers and Restraints
Figure 9. Geographic Overview of Flare Gas Ultrasonic Flowmeters Market
Figure 10. Asia Pacific: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 11. APAC Flare Gas Ultrasonic Flowmeters Market, by Type (2021 and 2028)
Figure 12. Inline: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
Figure 13. Clamp-On: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
Figure 14. APAC Flare Gas Ultrasonic Flowmeters Market, by End user (2021 and 2028)
Figure 15. Oil and Gas: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
Figure 16. Chemical and Petrochemical: APAC Flare Gas Ultrasonic Flowmeters Market Revenue and Forecast to 2028 (US$)
Figure 17. APAC Flare Gas Ultrasonic Flowmeters Market Revenue Share, By Country (2021 & 2028)
Figure 18. Australia: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 19. China: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 20. India: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 21. Japan: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 22. South Korea: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 23. Indonesia: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 24. Singapore: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 25. Malaysia: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 26. Taiwan: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 27. Thailand: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 28. Philippines: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 29. Vietnam: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 30. Brunei: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 31. Pakistan: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 32. Bangladesh: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 33. Myanmar: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 34. Papua New Guinea: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 35. Rest of APAC: Flare Gas Ultrasonic Flowmeters Market – Revenue and Forecast to 2028 (US$)
Figure 36. Impact of COVID-19 Pandemic on Asia Pacific Country Markets
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific flare gas ultrasonic flowmeter market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific flare gas ultrasonic flowmeter market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
The List of Companies – Asia Pacific Flare Gas Ultrasonic Flowmeter Market
• ABLE Instruments & Controls Ltd
• Fluenta
• FLEXIM
• Panametrics (Baker Hughes Company)
• SICK AG
• Siemens
• Sino-Inst
According to our latest market study on “Asia Pacific Flare Gas Ultrasonic Flowmeters Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type and End Users,” the market is expected to grow from US$ 6.85 million in 2022 to US$ 8.92 million by 2028; it is estimated to record a CAGR of 4.5% from 2022 to 2028.
The growth of the APAC flare gas ultrasonic flowmeters market is primarily attributed to growth prospects in industrial sectors such as oil & gas and chemical. The oil & gas industry across Asia Pacific is focused on improved operational efficiencies, accuracy, and increased safety. The countries in the region are highly focused on adopting a noninvasive flare gas ultrasonic flowmeter used to read and analyze the flow without contact. They are also used to measure the accuracy of fixed flowmeters. According to The World Bank Group, the gas flaring volume at upstream oil and gas facilities and LNG liquefaction plants in East Asia Pacific increased from 7,519.06 million- cubic meters in 2020 to 6,893.43-million-cubic meters in 2021. Additionally, per the Gas Report data published by the International Energy Agency in 2020, the global LNG trade is expected to reach 585 bcm/y by 2025, with an increase of 21% compared to 2019. The growth of the Asian market is prominently attributed to the rising LNG imports led by China and India.
Moreover, according to the Asia Pacific flare gas ultrasonic flowmeters market analysis by The Insight Partners, a US$ 16 billion FDI will be approved in Southeast Asia’s greenfield upstream oil and gas project in 2023. The investments will boost Southeast Asia’s oil and gas infrastructure, propelling the demand for flare gas ultrasonic flowmeters in the coming years. According to the US Energy Information Administration, China used ~35.5 billion cubic feet per day of natural gas in 2021, and more than half came from domestic production. China also imports natural gas and liquified petroleum gas (LPG). The Chinese government introduced policies to promote coal-to-natural gas use to reduce air pollution, which is considered a significant factor for increased natural gas production and its imports. Thus, the government’s efforts to produce and use natural gas propel the demand for flare gas ultrasonic flowmeters across Asia Pacific.
Furthermore, the increasing investments in the oil & gas industry will increase oil and gas production in the coming years. As per the Shell LNG Outlook 2021, the global LNG demand is expected to reach 635.02 metric tons by 2040, as the demand for natural gas continues to grow strongly in countries of Asia Pacific. Thus, rising flare volumes across East Asia Pacific, increasing demand for oil and gas, and trade gains are driving the Asia Pacific flare gas ultrasonic flowmeters market.
According to India Brand Equity Foundation, the Indian government approved 100% foreign direct investments (FDI) in upstream and private sector refining projects. Additionally, in May 2022, Oil and Natural Gas Corporation (ONGC) announced its aim to invest US$ 4 billion in bolstering exploration activities in the fiscal years 2022–2025, which accounts for 50% growth compared to the previous three-year period. Furthermore, India’s crude oil production was 29.7 MMT, and with the help of FDI, it plans to build an export-oriented infrastructure. Thus, the increasing FDI and expansions will boost the country’s oil and gas sector, further expected to drive the flare gas ultrasonic flowmeters market in India during the forecast period.
Impact of COVID-19 Pandemic on Asia Pacific Flare Gas Ultrasonic Flowmeters Market
Although the COVID-19 pandemic adversely impacted the APAC flare gas ultrasonic flowmeter market in 2020, it achieved a strong recovery in 2021. With ease in restrictions and the reopening of business units in 2021, industries showed tremendous resilience. China, India, Pakistan, and Bangladesh are expected to become the largest LNG exporters in the coming years.
According to Mitsubishi Heavy Industries, Ltd., China and India are expected to boost their regasification capacity additions and account for almost 60% of APAC’s total regasification capacity between 2020 and 2024. Thus, the flare gas ultrasonic flowmeters market is expected to grow for the oil & gas industry during the forecast period.
The report segments the Asia Pacific flare gas ultrasonic flowmeters market as follows:
By type, the Asia Pacific flare gas ultrasonic flowmeters market is segmented into inline and clamp-on. In 2022, the inline segment accounted for a larger flare gas ultrasonic flowmeters market share. Moreover, the Asia Pacific flare gas ultrasonic flowmeters market is segmented into oil & gas and chemicals & petrochemicals. In 2022, the chemicals & petrochemicals segment accounted for a larger flare gas ultrasonic flowmeters market share.
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