Global Flow Computer in Oil & Gas Market Size, Share & Industry Trends Analysis Report By Operation (Midstream & Downstream and Upstream), By Component (Hardware, Software and Support Services), By Regional Outlook and Forecast, 2023 - 2029

Global Flow Computer in Oil & Gas Market Size, Share & Industry Trends Analysis Report By Operation (Midstream & Downstream and Upstream), By Component (Hardware, Software and Support Services), By Regional Outlook and Forecast, 2023 - 2029

The Global Flow Computer in Oil & Gas Market size is expected to reach $1.1 billion by 2029, rising at a market growth of 5.9% CAGR during the forecast period.

In the oil and gas business, flow computer equipment is used to measure the supply of liquid and gas. Using data from temperature transmitters, flow meters, and pressure transmitters, flow computers determine the exact flow of liquid or gas going through the pipelines. It accurately calculates the flow rate and logs data, important events, and alarms with the help of interfaced devices. The data is subsequently sent to other computers or workstations for management and accounting purposes.

The need for exact measurement arises from the high oil and gas resources cost. This means that the oil and gas sectors require flow computers at numerous sites for precise flow computing as well as trustworthy monitoring, flow measurement, and control. There are a variety of different controls used in the oil & gas sector that are required to keep a close eye on fluid mass dynamics.

As a result, many types of supporting equipment are needed to monitor the flowing mass, such as pressure gauges, temperature probes, gas composition sensors, and density measurement tools. Sampling systems and meter provers are also required to validate the data being gathered from the various sensors in the system. In addition, when the pipe is turbulent, the employment of a flow conditioning unit can be extremely helpful in verifying the velocity profile of the flow dynamics.

Moreover, each of these sensors must be tailored to the environment in which it operates, but a flow computer can be configured to aggregate all of these data sources concurrently, according to the many priorities that are unique to the stage of the process wherein they operate. These requirements can range from those resulting from safety concerns and environmental circumstances to volume logging or composition data, all dependent on the fluid type being communicated.

COVID-19 Impact Analysis

The COVID-19 pandemic has profoundly impacted both market expansion and the state of the economy as a whole. Several businesses have temporarily stopped operating or substantially reduced their operations due to the outbreak, disrupting supply chains and creating economic instability. COVID-19 has impacted several aspects of the flow computer in the oil & gas market. For instance, the decline in consumer spending has resulted in a fall in the market's demand for goods and services. Also, many oil and gas companies had to temporarily reduce or stop their operations, which had a detrimental effect on the market's growth and profits. thereby aiding the flow computer in the oil & gas market to recover from the initial losses and grow in the post-pandemic period.

Market Growth Factors

Oil and gas sector's technological advancement

The oil and gas sector are rapidly going digital with better operations, fostering the emergence of the digital economy. New developments in this sector include digital transformation and automation. For example, digital transformation or automation makes deploying minimal personnel in remote onshore and offshore exploration sites possible. Due to the limited oil or fuel supply for the expanding number of vehicles and the resulting demand for operational digital oilfield solutions, the oil industry is forced to adopt new and enhanced technology. Thus, the technological advancement in the oil & gas industry is expected to increase the implementation of flow computers in the sector, thereby propelling market growth.

The constant growth of oil & gas industry

The industry’s penetration will be fueled by the ongoing use of unconventional oil and gas assets, including shale and tight gas, and cutting-edge technical solutions for more effective oil and gas production rates. Increased investment to enhance crude oil output and increasing need for light distillates will positively impact the industry landscape. The segment statistics will be complemented by the high dependability of the power generation resources and the retirement of the coal-fired power substations. The increased oil & gas industry is expected to surge the adoption and utilization of flow computer due to its provided benefits during the operation and thus drive the market’s growth.

Market Restraining Factors

The high cost associated with flow computer

Flow computers are renowned for offering precise and trustworthy flow measurements in the oil and gas sector. They need specialized parts and manufacturing procedures to produce flow measurements that are highly accurate and trustworthy. Modern components offer further functionality and features that give them an edge over conventional flow measurements devices, such as the simultaneous measurement of several fluid parameters and diagnostic and calibration features. Hence, operators wanting to reduce their cost of ownership are constrained by high product and maintenance costs, hindering market growth.

Operation Outlook

On the basis of operation, the flow computer in oil & gas market is divided into upstream and midstream & downstream. The midstream & downstream segment witnessed the largest revenue share in the flow computer in oil & gas market in 2022. This is because pipelines and tankers in the midstream transport crude oil and natural gas. Since these pipelines transport expensive and critical goods, they need to be constantly watched. The flow computers handle valve control, batching, product interface, metering, meter proving, ticketing, and metering. Positive displacement, ultrasonic, Coriolis, and turbine flow meters connected to flow computers are mostly employed in midstream applications.

Component Outlook

Based on component, the flow computer in oil & gas market is segmented into hardware, software and support services. The support services segment acquired a promising growth rate in the flow computer in oil & gas market in 2022. This is owing to the fact that these support services offer the whole spectrum of services necessary to maximize the return on investment. These services put the ideas into practice to support the business from plant concept to startup. Once the business is up and operating, they provide a wide range of maintenance, dependability, and performance services as required.

Regional Outlook

Region-wise, the flow computer in oil & gas market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a considerable growth rate in the flow computer in oil & gas market in 2022. This is due to the region's quickest growth rates for emerging technologies compared to other regions. Companies are relocating to offer automation designed for the oil and gas sector. Oil and gas businesses in the region are installing flow-metering instruments that enable computational power.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Honeywell International, Inc., ABB Ltd., Thermo Fisher Scientific, Inc., Schneider Electric SE, TechnipFMC plc, Sick AG, Badger Meter, Inc., Hoffer Flow Controls, Inc., and Spirax Sarco Limited.

Strategies deployed in Flow Computer in Oil & Gas Market

Jan-2023: Badger Meter, Inc. took over Syrinix, Ltd., a company focused on providing intelligent water monitoring solutions. The acquisition aids the company in expanding its digital solutions through utilizing BEACON® Software as a Service and ORION® Cellular endpoints, for operationalizing real-time data into actionable insights that enhance resiliency, efficiency, and sustainability.

Sep-2021: Thermo Fisher Scientific Inc. made an enhancement to its AutoSERIES Flow Computer product portfolio, by adding Thermo Scientific AutoFLEX EFM to it. AutoFLEX EFM offers a single hardware platform together with scalable capabilities which could be used in basic measurement sites to complex multiple-run delivery stations. AutoSERIES Flow Computer product suite has been used for flow measurement and process control in the oil and gas sector.

Jan-2021: Badger Meter acquired Analytical Technology, Inc., a water quality monitoring systems provider. The acquisition helped the company in expanding its geographical footprint and broadened its smart water offerings.

Oct-2020: Emerson Electric took over Open Systems International, a leading supplier of open automation solutions for real-time management and optimization of complex production. This acquisition aimed to deliver utility customers with the ability to improve energy efficiency from generation by customer delivery, allowing the broader industry goal of grid stability and renewables integration.

May-2020: Hoffer announced the launch of the HIT-4G, a new compact Gas Measurement Rate and Total Computer with pressure, temperature, and AGA-8 compressibility compensation. It is the second product in its HIT-4 series. It delivers pressure and temperature-compensated gas flow measurement and provides Modbus, dual totalizers, and data logging features. In addition, it features a 6-digit rate display and separate 8-digit resettable and non-resettable flow totalizers and is configurable for 4-20 mA loop power or DC power.

Oct-2019: Emerson Electric introduced Movicon.NExT™ 4.2, the advanced automation platform, is a flexible and modular platform that delivers supervision, local HMI, and analytics. This scales from WebHMI and small applications on embedded Linux devices to large Windows server systems, enabling users for achieving performance and sustainability improvements, one step easily, at a time, and in a cost-effective manner.

Feb-2019: Emerson took over Intelligent Platforms from General Electric to enhance its automation for industrial and process customers for increasing its capabilities in machine control.

Scope of the Study

Market Segments covered in the Report:

By Operation

Midstream & Downstream
Upstream
By Component

Hardware
Software
Support Services
By Geography

North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Companies Profiled

Emerson Electric Co.
Honeywell International, Inc.
ABB Ltd.
Thermo Fisher Scientific, Inc.
Schneider Electric SE
TechnipFMC plc
Sick AG
Badger Meter, Inc.
Hoffer Flow Controls, Inc.
Spirax Sarco Limited
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