Industry Insights
Global petrochemical capacity expansion on account of higher per
capita energy consumption is expected to drive in-line process
viscometer (ILPV) market over the next six years. Petrochemical
industries use ILPV owing to accurate fuel viscosity measurements and
lowest set up costs.
Increasing oil & gas exploration and drilling activities
worldwide is expected to significantly augment ILPV market growth. They
are gaining increasing importance in oil drilling & fracturing
fluids owing to their ability to measure accurate fluid viscosity pumped
into the wellbore. Pumping incorrect viscosity fluids would result into
financial loses and increase overall cost of the drilling project.
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Increasing production of automobiles worldwide is expected to fuel
ILPV market growth over the forecast period as it is gaining acceptance
in automotive industry owing to accurate control in maintaining fuel
viscosity index. It controls fuels atomization through correct viscosity
index which in turn is beneficial for efficient fuel combustion.
Positive outlook on the growth of food processing industry is expected
to drive ILPV market over the next six years.
Food processing industry requires consistent food textures dependent
on accurate fluid viscosity readings throughout the production process.
Inability to measure multidirectional fluid flow coupled with price wars
among industry participants is expected to hamper ILPV market growth.
Tracking real time parameters during multidirectional flow coupled with
increasing niche application in pharmaceutical & healthcare is
expected to provide a key opportunity for ILPV market growth.
Technology Insights
ILPV technology varies owing to measurement of different fluid’s
viscosity in various industries. Key technologies include rotational,
vibration, torsional oscillation, coriolis, moving piston, acoustic wave
and dynamic fluid pressure. Vibration technology dominated the market
as it is extensively used in industries due to its ability to measure
viscosity for wide range of fluids and low maintenance costs. Vibration
technology is expected to witness steady growth rate over the forecast
period. Acoustic wave is expected to be the fastest growing technology
over the next six years owing to extensive used for monitoring oil
conditioning in oil & gas industry.
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Application Insights
This market involves applications based on oil & gas and end-use
industry to measure accurate fluid viscosity to minimize operational
costs and meet regulatory standards. Key applications include petroleum,
chemical, food & beverages, automobile and pharmaceutical
industries. Petroleum application dominated ILPV market and accounted
for over 35% of share in terms of revenue in 2013.
Increase in petroleum capacity expansion particularly in Asia Pacific
and Middle East is expected to significantly augment ILPV demand for
petroleum applications. Pharmaceutical industry is anticipated to be the
fastest growing application segment especially in BRICS nations.
Stringent government regulations in these regions in order to improve
healthcare industry are expected to fuel the ILPV demand in
pharmaceutical industry.
Regional Insights
Asia Pacific emerged as global market leader for ILPV and accounted
for over 30% of market share in terms of revenue. The region is expected
to dominate the market and witness fastest CAGR of over 7% over the
next six years. Increase in energy demand coupled with chemical industry
growth particularly in China and India is expected to fuel ILPV demand.
Following Asia Pacific, North America and Europe account for major
chunk of market and are anticipated to witness steady growth rate over
the forecast period.
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