CHICAGO, March 17, 2023 /PRNewswire/ -- 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% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of the market is attributed to the technological advancements in oil & gas industry and suitability in many functions of the oil & gas industry.
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Hardware segment to account for largest market during the forecast period
In the hardware component, the market for flow computer devices is considered. The flow computers are used in upstream, midstream, and downstream oil and gas operations. These flow computer devices perform significant tasks of accurate flow calculations and therefore are employed at multiple operation points.
Upstream segment is expected to register highest CAGR in the forecast period
A flow computer is used in upstream while metering the oil and gas coming out of the ground. Crude oil is produced either with the help of natural underground pressure or by injecting liquid or gas into the well to force the oil out. The steam is injected into the well, particularly where heavy crude is accommodated. Flow computers are required to measure and monitor the production and control the injection of fluids. The flow computer outputs of the injection process and production rate provide necessary information to the reservoir engineer of how effective the injection process is and also the condition of the well. This information allows the reservoir engineer to better understand and estimate, if further action is needed to increase or optimize production of the reservoir or the well.
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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 dominated the flow computer market in oil & gas and is expected to hold the same position during the forecast period. The region is home of some of the key players of flow computer such as Emerson Electric Co. (US), Honeywell (US), Thermo Fisher Scientific (US), and OMNI Flow Computers (US) Furthermore, Canada has one of the biggest reserves of oil & gas, while market in the US contributes the highest to the flow computer market in oil & gas. As per the statistics of the Statistical Review of World Energy 2022 report published by BP (UK), US was the largest oil & gas-producing country in the world.
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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