The extensive requirement for automated fluid viscosity control in oil & gas refineries will drive in line process viscometer (ILPV) market over the years to come. The capacity expansion in refining companies subject to the rising requirement of energy will also fuel the industry growth. As per Global Market Insights, Inc., “In Line Process Viscometer (ILPV) Industry, worth more than USD 133 million in 2015, will cross a revenue of USD 225.7 million by 2023, with a CAGR projection of 6.5% over 2016-2023.”
Subject to the increasingly growing competition in the oil & gas industry, companies are now focusing on revamping the refining protocol. In line process viscometers are designed to provide precise real-time measurements without any interruptions in the ongoing refining process, which will help influence in line process viscometer market. They are installed into the currently existing course of action to maintain the flow of viscosity, which will lead to lower operational cost, thereby spurring the growth of in line process viscometer industry.
MEA In Line Process Viscometer (ILPV) market size, by application, 2012-2023 (USD Million)
Automation is the latest trend implemented by refineries manufacturing oils, adhesives, lubricants, and other fluid-based products. Viscometers help provide accurate measurements and maintain balance in the current course of action, which is likely to further stimulate in line process viscometer market.
These viscometers find applications across the petroleum, pharmaceutical, chemical, and food & beverage sectors. Rising demand for automated manufacturing may lead in line process viscometer market share from chemical applications to cross USD 54 million by 2023. Pertaining to reduced operational cost, many chemical-based companies such as adhesives, paints & coatings, and inks will utilize viscometers, thereby fueling in line viscometer industry from chemical applications.
In line process viscometers are massively used in the pharma sector. Rising demand for ophthalmic products pertaining to the growth of the healthcare and pharmaceutical industries will propel in line process viscometer market development. Pharmaceutical applications are projected to register a maximum CAGR of 7% over 2016-2024, primarily due to the rapidly expanding pharmaceutical sector across the developing economies of India and China.
Petroleum applications led the application landscape of in line process viscometer market in 2015. These devices help maintain high product quality via viscosity monitoring, which is a differentiating factor for crude oil industry. The robust growth of this sector will indirectly propel in line process viscometer market from petroleum applications, set to cross a revenue of USD 85 million by 2023.
Speaking of the petroleum application segment, the governments of emerging economies, India and China, have devised favorable regulatory mechanisms to improve the growth of the petroleum and petrochemical sectors in their respective countries. This in turn, will fuel APAC in line process viscometer industry, which is set to cross USD 66 million by 2023. Additionally, the presence of a vast number of chemical factories and refineries will stimulate the regional growth. APAC in line process viscometer market from food & beverages is projected to record a revenue of USD 9 million by 2023, with a CAGR estimation of 7.5% over 2016-2023, subject to the rising need to measure viscosity in the growing F&B sector.
Driven by the rapid expansion of the petrochemical industry in countries such as UAE, Qatar, and Saudi Arabia, MEA in line process viscometer market will observe a lucrative annual growth rate of 7% over 2016-2023.
The food & beverage and pharmaceutical industries have always witnessed exponential growth across the continent of North America. With U.S. at the help, North America in line process viscometer market is anticipated to register gains of 6.1% over 2016-2023.
Technologically, torsional oscillation in line process viscometer industry will observe a CAGR of more than 6.85 over 2016-2023. This technology is widely deployed across the polymer, oil & gas, asphalt, petrochemical, and adhesive sectors. Of late, the rising demand to accurately measure human blood viscosity has also triggered the usage of this technology in the healthcare sector, thereby fueling in line process viscometer market.
It is expected that this technology will be extensively deployed across the geography of North America. Led by the United States, North America torsional oscillation in line process viscometer industry is likely to witness a revenue registration of more than USD 10 million, with an annual growth rate of more than 6.4% over 2016-2023.
The vibration technology led the product landscape in 2015 and is debated to be one of the most efficient viscosity measurement technologies used across various professional domains. High demand for accurate, precise, and reliable fluid control procedures will drive the demand for this technology, leading to its widespread applications in adhesives, plastics, paints, oils, shampoos, chemical, and inks. On these grounds, vibration in line process viscometer market is anticipated to generate a revenue exceeding USD 48 million by 2023.
Acoustic wave in line process viscometer industry is estimated to register the maximum growth rate of 7.3% over 2016-2014, owing to the increasing product demand across the automotive and petroleum sectors.
Rotational in line process viscometer market is expected to register substantial gains across the Latin America and Asia Pacific regions. High demand for petroleum products coupled with an ever-growing population will propel Asia Pacific rotational in line process viscometer industry, which is predicted to cross a valuation of USD 11 million by 2023, growing at a CAGR of 6.7% over 2016-2023. Latin America rotational in line process viscometer market will also register a valuation of around USD 3 million, with a CAGR estimation of more than 6.6% over 2016-2023.
Product development across numerous applications is a key growth tactic adopted by major industry players, which include Norcross Corp., Lamy Rhelogy, Anton Paar, Marimex America, Brookfield Engineering, Endress+Hauser, Cambridge Viscosity, VAF Instruments, Fuji Ultrasonic, ProRheo, Sofraser, Bartec Group, and Vectron International.