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.
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.
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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.
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.
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