Global Water Cut Monitors Market - 2022-2029

Global Water Cut Monitors Market - 2022-2029

Market Overview

The global water cut monitors market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.

The water cut is the amount of water generated in an oil well compared to the volume of liquids produced. The amount of water reduced in water drive reservoirs might be high. A water cut meter measures crude oil and hydrocarbons' water content (cut) as they move through a pipeline. In the petroleum sector, water cut meters are primarily used to measure the water cut of oil flowing from a well, produced oil from a separator, crude oil transfer in pipelines and tanker loading. Several technologies are employed. The most popular technologies are dielectric measurements employing capacitance, radio or microwave frequency and NIR measurements, guided radar, optical and gamma ray-based devices. Currently, these technologies have restrictions, making them incredibly useful for trending applications but incompatible with fiscal transfer accounting.

Market Dynamics

The growing offshore oil & gas exploration is a major driver for the global water cut monitor market. However, the growing environmental concerns against crude oil production are a major market restraint.

Growing offshore oil & gas exploration

The production of oil and gas is essential to the world's development. Heat and electricity are essential components of daily life without which one would perish. The need for both has expanded as the population has grown exponentially. Conventional fuel is used to generate a significant amount of heat and power.

Oil & gas have been widely employed in power production, transportation, manufacturing and various other applications. However, due to globalization, urbanization and tremendous economic expansion, the exponential demand for conventional fuel is expected to reduce the demand-supply ratio. Furthermore, the large amount of power used for heating and air conditioning is projected to increase oil & gas consumption.

Following this trend, operators will invest in untapped hydrocarbon sources, boosting the industry. In addition, several countries are boosting capital expenditure (CAPEX) to meet future energy demand. Offshore oil & gas have proven to be one of the most dependable energy sources, attracting many investors.

Furthermore, offshore exploration and drilling activities are increasing because of the increasing demand for crude oil worldwide. In addition, both exporting and importing countries are increasing their refining capacity to meet the growing demand for refined products. The growing need for real-time flow monitoring equipment is one of the primary reasons propelling the global water cut monitors market forward.

Growing environmental concerns against the crude oil production

Petroleum has a broad and diverse environmental impact due to its vast applications. Nonetheless, large amounts of toxic and non-toxic waste are produced during oil and gas extraction, processing and transportation. Some industrial by-products, such as volatile organic compounds, nitrogen and sulfur compounds and spilled oil, can pollute the air, water and soil to unsafe levels if they are not properly controlled. Industry emissions of greenhouse gases like carbon dioxide (CO2) and methane and microparticulate aerosols like black carbon exacerbate global impacts like climate change, ocean acidification and sea-level rise.

Further, fossil fuel extraction is the most significant contributor to the continual buildup of carbon in the earth's biosphere of all human activities. According to the International Energy Agency and others, oil and gas consumption accounted for almost 55 percent (18 billion tonnes) of 32.8 billion tonnes (BT) of CO2 released into the atmosphere in 2017. In 2018, total emissions increased by 1.7 percent to 33.1 BT, the highest level in over a decade.

As a result of the aforementioned factors and global climate change, widespread concern has been developed in association with crude oil extraction. However, since water cut monitors are widely utilized in crude oil production, the respective factor could be considered a major market restraint.

COVID-19 Impact Analysis

Countries implemented lockdowns during the first half of 2020 due to COVID-19. As a result, the water cut monitor industry has reached a halt. All activity linked with the manufacture and supply of non-essential items was halted and federal and municipal governments placed severe limitations. COVID-19 also has a detrimental impact on the water cut monitor industry since end-user activities were halted, preventing the oil & gas industry from expanding, which has spilled over into the manufacturing industry, reducing demand for water cut monitors.

Due to global closure and supply chain issues, the spread of COVID-19 is projected to have a detrimental impact on water cut monitor manufacturers. Due to the supply scarcity, the cost of obtaining raw materials increased, causing order fulfillment delays. Once the oil and gas industries are fully operational, the market is expected to achieve back its optimal potential

Segment Analysis

The global water cut monitor market is classified based on sector, location, application and region.

Growing demand for crude oil production in modernity and rising explorations activities

The offshore sector segment is expected to dominate the location segment of the respective market increase at a high CAGR. The rising demand for crude oil has increased offshore exploration and drilling operations, which is projected to drive the water cut monitors market as new oil fields emerge in the offshore sector. For example, ONGC identified an oil field with roughly 20 million tonnes of hydrocarbon reserves in the Mumbai High offshore resources. Similarly, In the southern hemisphere, the Argentine government awarded a new exploration permit in April 2019 to a partnership formed by ExxonMobil and Qatar Petroleum for exploration in the Malvinas Oeste Basin. In addition, 13 businesses bid US$ 995 million for exploration licenses in the Austral, Argentina Norte and Malvinas Oeste basins. The three basins are all offshore, with over 200,000 square kilometers of combined tendered area. As a result, increased shale oil and deep-water development activities will likely propel the offshore water cut monitors market forward over the forecast period.

Geographical Analysis

Rising crude oil exploration in South East Asian countries

The Asia-Pacific region dominates the market due to increased oil import activity, particularly in Southeast Asian countries such as South Korea and Japan and increased investment in refinery renovations projected to drive the monitors market forward. Because of the large expansion of the oil and gas industry in the region, North America dominated the global water shutoff monitor market in 2019. The region features several companies that do high-seas exploration and extradition in the oil and gas business. These areas are primarily responsible for the production of crude oil.

Asia-Pacific is expected to be a very appealing region in the global water cut monitor market during the forecasted time. The region is seeing major increases in oil and gas investments and the building of several offshore exploration facilities, all expected to help the region grow. The Asia-Pacific region has the potential to dominate the global water shutoff monitor market since the demand for crude oil is high in the region's rising economies. The regional expansion would also be aided by various offshore initiatives by China and India.

Competitive Landscape

The global water cut monitors industry is a niche in terms of the number and scope of global and local producers. Due to the existence of various producers such as Weatherford, Emerson Electric, Schlumberger, Sentech AS, Agar Corporation, Aquasant, LEMIS Process, Phase Dynamics, ZelenTech and Kam Controls, the market has been described as consolidated. Mergers, acquisitions, product launches, investments and partnerships are common market tactics used by significant market participants to gain a competitive advantage and notoriety in their respective industries.

Schlumberger

Overview: Schlumberger is the premier provider of technologies to the oil and gas sector for reservoir characterization, drilling, production and processing. From exploration to production, the firm offers the industry's most comprehensive range of products and services and pore-to-pipeline solutions to optimize hydrocarbon recovery and deliver reservoir performance over time. Schlumberger has product sales and services in more than 120 countries and employs approximately 103,000 people from over 170 nationalities. Schlumberger Limited is headquartered in Houston, U.S. and has prominent offices in Paris, London and The Hague. The company recorded US$6,225 million in revenue in 2021.

Product Portfolio:

FloWatcher: The FloWatcher system, designed to capture data inland, offshore and subsea wells, allows you to continuously monitor downhole flow rate, fluid density, pressure and temperature. The system eliminates the requirement for subsea and surface flowmeters because it is designed and qualified for permanent installation. The continuous supply of real-time data improves the accuracy of production planning and reporting. The product can withstand pressures of 25,000 pounds per square inch (172 MPa) and temperatures of 347 degrees Fahrenheit (175 degrees Celsius).

Why Purchase the Report?

To visualize the global water cut, monitor market segmentation sector, location, application and region, as well as understand key commercial assets and players.

Identify commercial opportunities in the global water cut monitor market by analyzing trends and co-development.

Excel data sheet with numerous data points of water cut monitor market-level with four segments.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Product mapping available as excel consisting of key products of all the major market players

The global water cut monitor market report would provide approximately 61 tables, 55 figures and almost 195 pages.

Target Audience 2023

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies