July 21, 2024
Ict

Growth Accelerated by Rapidly Increasing Oil and Gas Exploration and Production Activities

Flow computers are electronic measurement instruments used in flow metering applications within various process industries including oil & gas, chemical, power generation and water & wastewater. They collect pulses from flow meters installed in the field and perform calculations to derive flow rate, totalized volume and other parameters. Flow computers offer advantages such as high accuracy, minimal drift over time and ability to support multiple flow meters simultaneously. Growing demand for oil and gas from rapidly expanding economies has accelerated exploration and production activities globally, driving the need for flow metering instrumentation including flow computers.

The global flow computers market is estimated to be valued at US$ 679.5 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rapidly Increasing Oil and Gas Exploration and Production Activities: Growing global energy demand along with depletion of existing oil and gas reserves have led to a significant rise in offshore and onshore exploration and production activities in recent years. According to data from International Energy Agency, global upstream capital spending in oil and gas sector increased by over 30% between 2019 to 2021 driven by investments in major oil and gas fields as well as emerging unconventional resources. Growing exploration and production activities require extensive flow metering of crude oil and natural gas streams both onshore processing facilities as well as offshore rigs and pipelines. This is acting as a major driver for the adoption of advanced flow computers within oil and gas industry.
Segment Analysis
The global flow computers market is dominated by the hydrocarbon sub-segment which accounted for over 50% market share in 2023. Flow computers are primarily used in hydrocarbon applications such as oil & gas production, transportation, refining and distribution. They accurately measure and totalize the flow, composition, pressure, temperature and density of single-and multi-phase hydrocarbon flows. This helps in optimizing production processes and monitoring the entire value chain of hydrocarbons from rigs to pipelines to refineries.

Key players
Key players operating in the flow computers market are Emerson Electric Co., ABB Ltd., Thermo Fisher Scientific Inc., Yokogawa Electric Corporation, Schneider Electric SE, Honeywell International Inc., Siemens AG, Badger Meter Inc., AMETEK Inc., Equinor ASA, KT-Flow, KROHNE Group, OMNI Flow Computers Inc., Schlumberger Limited, SICK AG, Logic Beach Inc., Flowmetrics Inc., Contrec Ltd., Kessler-Ellis Products Co., TechnipFMC plc.

Regional analysis
North America dominated the global flow computers market in 2023, accounting for more than 30% share. Substantial growth of oil & gas production activities across Canada and the U.S. due to increasing shale gas exploration has been a key driver. Flow computers play a vital role in optimizing hydrocarbon production and transportation in the region.

Key Takeaways
The globalflow computers market is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach US$ 1,312.8 Mn by 2030, expanding at a CAGR of 9.6%.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it