The 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 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flow computers are used across oil and gas, chemicals, and water and wastewater industries to measure flow rates, pressures, and temperatures of process fluids. They calculate mass flow and volumes of hydrocarbons and other liquids based on sensor inputs at various points in production facilities and pipelines.
Market Dynamics:
The growth of the market is driven by the rising need for efficient flow measurement solutions in industrial production processes and transportation of fluids. Flow computers offer improved flow accuracy and enable real-time monitoring of operations. In addition, increasing investments in oil and gas exploration and production activities are also augmenting the demand for flow computers to optimize production processes. Technological advancements in flow measurement technologies have led to the development of compact and wireless flow computer systems with higher computing power and reliability, thereby fueling the market growth over the forecast period.
Market key trends:
The Global Flow Computers Market has been witnessing significant growth driven by one key trend - remote operations and access. With the ability to remotely monitor and control flow measurement equipment, operators can optimize operations while reducing costs. Flow computers now come equipped with built-in cellular modems, web interfaces and remote VPN access capabilities that allow operators to view real-time data and configure devices from anywhere. This has become increasingly important amid travel restrictions and social distancing measures during the COVID-19 pandemic. Remote access capabilities make it possible to troubleshoot issues without having to visit field sites.
SWOT Analysis
Strengths: Flow computers offer highly accurate measurement and data logging capabilities. They can integrate measurements from various flow meters, pressure transmitters and temperature sensors.
Weaknesses: Initial investment cost can be high for complex measurement applications. Additional networking infrastructure may be required for remote access and communications.
Opportunities: Growing demand from oil & gas pipelines, processing facilities for production allocation and optimization. Usage in renewable energy industries like solar and wind.
Threats: Integration challenges with legacy equipment in brownfield projects. Technology upgrades pose risks of disruption.
Key Takeaways
The global flow computers market size is expected to reach US$ 679.5 Million in 2023, projected to grow at a CAGR of 9.6% during the forecast period 2023 - 2030.
The oil & gas industry accounts for the largest share of the flow computers market currently. Flow measurement is crucial in pipelines, production facilities, refineries and LNG plants for custody transfer, allocation, inventory control, leak detection etc. North America dominated the market in 2023 led by extensive pipeline network and increasing shale gas production in the United States.
Regional analysis
The market for flow computers in Asia Pacific is forecast to grow at the fastest pace during the forecast period led by China, India and other Southeast Asian countries. This can be attributed to ongoing investments in new pipelines, LNG import facilities and growth of domestic oil & gas and petrochemical sectors across emerging Asian economies.
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.
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