Flow Computer Market in Oil & Gas Report 2023: Need to Maximize Production Potential from Mature Wells Drives Sector
DUBLIN, March 30, 2023 /PRNewswire/ -- The "Flow Computer Market in Oil & Gas by Offering (Hardware, Software, Support Services), by Operation (Upstream, Midstream and Downstream), Application (Custody Transfer, Pipeline Flow Monitoring, Wellhead Monitoring) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The flow computer market in oil & gas is projected to grow from USD 798 million in 2023 to USD 1,067 million in 2028; it is expected to grow at a CAGR of 6.0% during the forecasted period. The technological advancements in oil & gas industry and suitability in many functions of the oil & gas industry and increasing adoption of process automation providing opportunities for flow computer market in oil & gas.
Hardware component is expected to register larger market share during the forecast period
In the flow computer hardware market, the market size of the actual flow computer device is considered. The flow computer is a flow measurement device that calculates the correct flow of liquid and gas based on the signals from the flow meter, pressure transmitter, and temperature transmitters.
These flow computers are of different types and are manufactured considering their functions in different applications, accuracy needs, and I/O connection needs. They are used in liquid & gas measurement, wellhead measurement and optimization, custody transfer and control, fuel monitoring, fiscal flow metering, flow meter proving, pipeline transmission and distribution, ship/rail/road loading, and many others
Midstream & Downstream is expected to register larger market share during the forecast period
Flow computers are used in many midstream and downstream functions such as metering, meter proving, ticketing, valve control, batching, product interfacing, and custody transfer. These flow computers are installed in midstream pipelines, distribution points, refineries, and billing points. As a result, the market size of flow computers in midstream and downstream operations is large compared to upstream operations.. Midstream enables processing, storing, and transportation of oil & gas. It is a process that falls between upstream and downstream operation whereas downstream is a process in which oil & gas is converted into finished products.
Market in North America is expected to register larger market share during the forecast period
In 2022, North America accounted highest market share of the flow computer market in oil & gas. The regional market here has been segmented into US, Canada and Mexico. US was the largest oil & gas-producing country in the world. Consequently, the installation of flow computers at production sites or wellheads is large in US. The midstream oil & gas pipeline length and installed oil and gas refining capacity are also large in US. Similarly, Canada has the third-largest oil reserve in the world, with a major petroleum production industry. It is the fifth-largest producer of natural gas and the sixth-largest producer of crude oil worldwide. Its expanding production enables the adoption of flow computers in oil and natural gas plants. Hence, Flow computers are installed in large quantities in the upstream, midstream, and downstream operations.
Market Dynamics
Drivers
- Technological Advancements in Oil & Gas Industry
- Need to Maximize Production Potential from Mature Wells
- Suitability in Oil & Gas Industry
Restraints
- Cybersecurity Threats
- High Cost of Flow Computer and Regular Maintenance
Opportunities
- Growing Demand for Offshore/Ultra-Deep Discoveries
- Increasing Adoption of Process Automation
Challenges
- Interoperability of Multiple Components from Different Solution Providers
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Applications of Flow Computers in Oil & Gas Industry
7 Flow Computer Market in Oil & Gas, by Offering
7.1 Introduction
7.2 Hardware
7.3 Software
7.4 Support Services
8 Flow Computer Market in Oil & Gas, by Operation
8.1 Introduction
8.2 Upstream
8.3 Midstream and Downstream
9 Flow Computer Market in Oil & Gas, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent and Related Markets
13 Appendix
Companies Mentioned
- ABB
- Badger Meter, Inc.
- Contrec Limited
- Dynamic Flow Computers, Inc.
- Emerson Electric Co.
- Endress+Hauser Ag
- Flowmetrics, Inc.
- Fluidwell Bv
- Hoffer Flow Controls, Inc.
- Honeywell International, Inc.
- Kessler-Ellis Products (Kep) Co, Inc.
- Krohne Messtechnik Gmbh
- Omni Flow Computers, Inc.
- Oval Corporation
- Plum Sp. Z O.O
- Prosoft Technology, Inc.
- Quorum Business Solutions, Inc.
- Schneider Electric
- Seneca Srl
- Sensia
- Sick Ag
- Spirax Sarco Limited
- Technipfmc plc
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/prm6ud
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