ILPV Market Expected To Grow At Nearly 6.5% CAGR Till 2024
The global in line process viscometer (ILPV) market would expand at about 6.5 percent CAGR during 2016 to 2024 (forecast period). It is likely to grow to USD 210.5 million by 2024. Escalating refining capacity worldwide owing to energy demand is the key market driver. ILPV offers real-time monitoring that assists manufacturers to check the quality of products. It also helps them meet regulatory policies.
Expansion across the food & beverages industry and rising medical expenses in developing regions like China, India, & Brazil should have a positive impact on the market. Demand for ILPVs from consumer industries such as chemicals, pharmaceuticals, & petroleum may also propel the market. Additionally, accuracy & reliability of ILPVs bode well for the market and push its sales.
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However, these viscometers cannot measure multidirectional flow. This coupled with the ongoing price competition is predicted to hamper the progress of market players. Precise ‘fuel viscosity’ control is deemed vital for the automotives industry. ILPVs control fuel atomization and support effective combustion. This is the key reason for them being widely accepted by the automotives industry. Technological innovations and product developments also drive market growth.
Significant initiatives for asphalt mixing and process control are projected to offer numerous prospects to market players. Yet another benefit of these instruments is ‘installation-ease.’ This characteristic augurs well for the market and propels its shares. The worldwide ILPV market is fragmented by applications, technologies, and regions.
Petroleum surfaced as a dominating application in 2013. It contributed about 40 percent of the global sales that year. Food and beverages is the fastest growing segment. Its expansion could be attributed mainly to the food & beverages industry across BRICS countries. Chemicals may grow at around 6.4 percent CAGR during 2012 to 2020.
Technologies consist of vibration, rotational, moving the piston, dynamic fluid pressure, coriolis, and acoustic wave. Vibration reigned over the market and generated around 22.3 percent of the overall incomes in 2013. Acoustic wave should be the fastest growing segment in the near future.
Regions of the in line process viscometer market are Asia Pacific, Europe, North America, and rest of the world. Asia Pacific led the market and was followed by North America & Europe in 2013.
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