Booming Oil & Gas Industry Propels Flow Computer Market to $1,067 Million by 2028

It is projected that the Oil and Gas Flow Computer Market will develop at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2028, reaching USD 1,067 million in that year from USD 798 million in 2023.

Pune, 01/04/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The Flow Computer Market in oil & gas is expected to grow significantly; estimates place it at USD 798 million in 2023 and USD 1,067 million by 2028, with a compound annual growth rate (CAGR) of 6.0% over the course of the forecast period. The increasing need for precise measuring and monitoring solutions for the upstream, middle, and downstream operations of the oil and gas sector is one of the reasons propelling the market's growth trajectory. Precise measurement and data capture are guaranteed by flow computers, which are essential for custody transfer, pipeline flow monitoring, and wellhead monitoring applications. The market for flow computer solutions is anticipated to grow as long as the oil and gas industry maintains its focus on efficiency, safety, and regulatory compliance. Furthermore, flow computer systems' capabilities and functionalities will be further enhanced by developments in hardware, software, and support services, meeting the changing needs of the global oil and gas industry.

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A number of factors, including the industry's technological improvements, have contributed to the growth of the flow computer market in the oil and gas sector. A deliberate attempt has been made to incorporate cutting-edge technologies into many areas of operations as the oil and gas sector develops. Flow computers are essential for process optimisation and operational efficiency because of their precise measurement and monitoring of flow rates. Furthermore, because of their adaptability, flow computers can be used for a wide range of tasks in the oil and gas sector, including custody transfer, wellhead monitoring, and pipeline flow monitoring. In the ever-changing oil and gas industry, their versatility and dependability make them invaluable resources for businesses looking to improve production, optimise processes, and adhere to legal requirements. Because of this, the market is expanding as more people realise how important flow computers are to contemporary oil and gas operations.

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Hardware segment to account for largest market during the forecast period

The domain of flow computer devices is included in the hardware segment of the oil and gas market. These devices are essential to the upstream, midstream, and downstream phases of oil and gas operations. An essential component of oil and gas operations, precisely calculating flow rates, is made possible in large part by these devices. Flow computer devices are widely utilised at various industry operation sites to guarantee flow calculations are accurate. This leads to well-informed decision-making and enhanced operational efficiency. They are essential tools for oil and gas firms looking to streamline their operations and stay in compliance with regulations because of their dependability and versatility. As a result, the industry's growing recognition of flow computing devices' significance in improving productivity and reducing operating hazards is driving the demand for these devices.

Upstream segment is expected to register highest CAGR in the forecast period

Flow computers are essential for metering the flow of gas and oil extracted from the earth in upstream oil and gas operations. Whether production is facilitated by fluid injection or natural subsurface pressure, flow computers are critical for tracking and assessing production rates. Specifically, flow computers are essential for managing fluid injection and measuring production in situations where steam injection is used, especially for heavy crude extraction. For reservoir engineers, the information supplied by flow computers—which includes production rates and injection process outputs—is invaluable. Reservoir engineers can use this data to evaluate well conditions and injection process efficacy, which helps them make well-informed judgements about optimising production. Through the utilisation of flow computer data, reservoir engineers are able to formulate plans to improve well and reservoir productivity, hence guaranteeing effective oil and gas extraction processes.

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North America is expected to register larger market share in 2023 and is expected to grow at a significant rate from 2023 to 2028

North America continues to dominate the oil and gas industry's flow computer market and is expected to do so for the duration of the forecast period. Important companies in the flow computer sector, such as OMNI Flow Computers, Honeywell, Emerson Electric Co., and Thermo Fisher Scientific, are based in the area. While the United States stands out as a key contributor to the flow computer industry within North America, Canada's rich oil and gas deposits considerably contribute to the region's strength in the market. The United States continues to be the world's leading producer of petrol and oil, according to BP's Statistical Review of World Energy 2022 report. North America continues to lead the world in innovation and growth for the oil and gas flow computer industry thanks to its strong players in the market and abundant energy sources.

Key players operating in the Flow Computer Market in oil & gas include Emerson Electric Co. (US), Honeywell International, Inc. (US), ABB (Switzerland), Thermo Fisher Scientific Inc. (US), Schneider Electric (France), Krohne Messtechnik GmbH (Germany), Yokogawa Electric Corporation (Japan), TechnipFMC plc (US), OMNI Flow Computers, Inc. (US), Dynamic Flow Computers, Inc. (US), Contrec Limited (UK), Kessler-Ellis Products (KEP) Co, Inc. (US), Sensia (US).

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