Fueling Efficiency: Flow Computer Market $1.07 Billion Milestone
The Flow Computer Market in the Oil & Gas is expected to increase significantly, with a compound annual growth rate (CAGR) of 6.0% from 2023 to 2028, and a predicted value of USD 1,067 million. Technological developments in the oil and gas sector and flow computers' broad applicability across a range of industry tasks are the main drivers of this growth. The market provides upstream, midstream, and downstream operations with hardware, software, and support services. Custody transfer, wellhead monitoring, and pipeline flow monitoring are important uses. The oil and gas industry's changing needs and reliance on advanced flow computing solutions for accurate and effective data management across a range of operations are the driving forces behind this market expansion.
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Hardware segment to account for largest market during the forecast period
Flow computer devices are an essential piece of hardware that are included in the oil and gas industry's flow computer market. In the oil and gas industry, these instruments are essential to activities in the upstream, midstream, and downstream phases. Precise flow calculations are their main responsibility, which makes them invaluable at different stages of the industry's operations. The industry's need for accurate and effective flow measurement capabilities throughout many phases of oil and gas operations is driving an increasing demand for flow computing devices.
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Upstream segment is expected to register highest CAGR in the forecast period
Flow computers are essential to the metering process of extracting oil and gas from the ground in upstream operations of the oil and gas industry. In order to facilitate oil extraction, either natural subsurface pressure or liquid or gas injection into the well are used in the production of crude oil. Steam injection is utilised when heavy crude is present. Flow computers play a crucial role in these procedures by managing the injection of fluids and measuring and monitoring production. Reservoir engineers rely heavily on the outputs that flow computers produce during the injection and production stages. This data facilitates the assessment of the well's general state and the efficiency of the injection procedure. Equipped with this information, reservoir engineers can decide how best to maximise production and, if more action is required, improve the performance of the reservoir or 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
It is anticipated that North America will continue to hold its leading position in the oil and gas industry's flow computer market for the duration of the forecast period. Important industrial participants including OMNI Flow Computers (US), Honeywell (US), Emerson Electric Co. (US), and Thermo Fisher Scientific (US) have their headquarters in this region. Furthermore, Canada has some of the world's largest oil and gas deposits, which has a big impact on the flow computer industry. The Statistical Review of World Energy 2022 report from BP (UK) states that the United States is the nation that produces the most oil and gas globally. This finding reinforces North America's significant influence on the development of the Flow Computer Market in the oil and gas industry.
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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