Venturi Tubes Market Technological Innovation In Industry Growing at a CAGR of 6.5% by 2032
Venturi Tubes Market Expected to Reach $1.6 Billion by 2032
WILMINGTON, DELAWARE, January 15, 2024 /EINPresswire.com/ — A venturi tube consists of a gradual constriction in a pipe, usually in the form of a tapered section. As the fluid flows through this tapered section, its velocity increases while the pressure decreases. The change in pressure helps in identifying the flow rate as per the Bernoulli’s principle.
The venturi tubes market was valued at $716.70 million in 2020, and is estimated to reach $1.6 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
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Major companies in the venturi tubes industry are implementing strategic moves such as acquisition, collaboration, and partnerships to expand and strengthen their position in venturi tubes market. For instance, in June 2020, a strategic partnership between Kamstrup and The Avance Metering in smart and reliable technology solutions for utilities was announced. Mutual clientele will benefit from the collaboration as they put important data from Kamstrup metering solutions to work. Customers may enrich their data for strategic goals, such as facilitating a smooth transfer from old to new intelligent metering generations, owing to strategic product fit between the two organizations.
Rise in global urbanization and increase in population has led to rise in demand for food & beverage products such as meat, sugar, and dairy. Processing of products such as sugar, dairy, and meat requires a large amount of water. Furthermore, increase in demand for food products also boosts the agricultural sector, which is another water intensive industry.
Rise in purchasing power of people has also increased demand for products such as paper, clothes, fuel, and electricity. According to the U.S. Department of Energy, 1.5 barrels of water is required to refine 1 barrel of crude oil in a typical refinery. Paper, paint, and breweries are examples of some more water intensive industries. Vast use of water in various industries creates a demand for venturi tubes to record usage of water. Venturi tubes also help government authorities to charge industries according to their use of water. Hence, growth of industries has positively influenced the venturi tubes market growth.
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Several new and advanced sensors venturi tubes are being utilized to detect toxic gases, which are used in water treatment and other such applications. In addition, key players are expanding their product portfolio by acquiring other companies to increase manufacturing of such advanced venturi tubes. For instance, in January 2021, Analytical Technology, Inc. having significant venturi tubes market share was acquired by Badger Meter, Inc. ATi specializes in design, production, and sales of electrochemical and optical sensors-based water quality equipment. Its method is also utilized to identify harmful gases used in water treatment and other applications, in addition to water quality metrics.
The venturi tubes market has observed significant growth in the past few years, owing to rise in water demand and need for efficient water management. In addition, increase in global population has significantly increased demand of water for domestic as well as industrial use. Similarly, commercial organizations are monitoring water usage and water quality. Hence such factors are expected to provide lucrative growth during the venturi tubes market forecast period.
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Competition Analysis
Competitive analysis and profiles of the major players having significant venturi tubes market share are ADVANCED TECHNOCRACY, ABB, SIEMENS AG, Emerson Electric Co, Honeywell International Inc., Yokogawa Electric Corporation, Omega Engineering, Inc., Badger Meter, Inc., Fuji Electric Co., Ltd. and PARKER HANNIFIN CORP. Major players have adopted product launch, collaboration, and acquisition as key developmental strategies to improve the product portfolio of the venturi tubes market.
David Correa
Allied Analytics LLP
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