Flow Computer Market Outlook
The global flow computer market size was valued at USD 826.7 Million in 2019 and is projected to reach USD 1,629.4 Million by 2027, expanding at a CAGR of 9.2% during the forecast period, 2020-2027. Flow computer is a device that is made for the determination of the flow of gas and liquids from flow meters. Flow computers record electric signals from pressure transmitters, temperature transmitters, and other devices.
Currently, increasing demand for oil & gas in various applications, is encouraging a number of oil & gas companies to increase the accuracy of the transactions, while manufacturing oil and gas. This, in turn, is rapidly increasing the demand for flow computer in the oil & gas industry.
Many oil & gas manufacturing companies develop advanced computing solutions to improve the capacity of oil & gas. Flow computers are used in wastewater treatment plants owing to the increasing capacity of wastewater treatment. Thus, the flow computers market is segmented based on types, applications, and regions.
Automation in the Oil & Gas Industry
Automation in the oil & gas industry has increased in the last decade and is expected to grow during the forecast period in order to complete manufacturing processes without delay. The oil & gas industry is undergoing digitization and automation to increase efficiency and complete projects within defined budget and time limits.
These initiatives are useful, especially in offshore rigs, for collecting production data within the time limit. The automation sector has evolved from supplying hardware equipment to offering software tools that can translate enormous data into insightful information that can be useful in making strong business decisions.
Workers and Environment Safety
Oil & gas manufacturing companies give utmost priority to the safety of workers and the environment, as it deals with risky operations at remote locations. Safety is ensured by installing systems at field locations that can identify unforeseen events by analyzing the pattern from historical data collected. Flow computers have the ability to detect any malfunction in the system.
The flow computer market is projected to grow during the forecast period due to the increasing implementation of stringent rules and regulations for worker and environmental safety in the oil & gas industry.
Emergence of Electric Vehicle in the Market
The emergence of e-buses and passenger EVs is expected to decrease the oil consumption rate worldwide. Social pressure to reduce fossil fuels consumption and adopt clean energy sources has increased the demand for electric vehicles. Rising demand for electric vehicles is expected to hinder oil demand globally. This, in turn, is estimated to decrease the need for components that are used in fuel manufacturing such as flow computers.
Flow Computer Market Segmental Insights
Based on types, the flow computer market has been categorized as hardware, software, and support service. Flow computers are devices that are used for measuring gas and oil in various applications.
The hardware flow computer consists of mounting adapters, accessories, keypad, pressure transducer, mechanical index, temperature probe, multivariable transmitter, and pulse generating device. The device also includes a local communication port, remote communications options, enclosure processor board, and display. The hardware segment is expected to constitute a considerable share of the market during the forecast period.
On the basis of applications, the flow computer market has been segmented into liquid & gas measurement, well head measurement, custody & control, fuel monitoring, well optimization, others. Flow computers are majorly used for the measurement of liquid and gas flow.
The flow computer is connected to various devices such as gas chromatographs, distributed control systems, and liquid provers; therefore, the computer is primarily used to record the continuous flow of gas and liquid from the flow meter. The data obtained from the flow computer helps in maintaining a volume record, average flowing temperature, and the total supply of gas & oil.
Based on regions, the global flow computer market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The flow computer market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period.
Improving economic conditions and increasing population are factors that are expected to drive the growth of the manufacturing industry, especially in China, India, South Korea, and Australia, which is projected to further fuel the growth of the market in the region. The market in North America and Europe is projected to expand at a significant CAGR during the forecast period.
Key Benefits for Industry Participants & Stakeholders
- In-depth analysis of the global flow computer market
- Historical, current, and projected market size, in terms of value
- Potential & niche segments and regions exhibiting promising growth covered
- Industry drivers, restraints, and opportunities covered in the study
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Neutral perspective on the global flow computer market performance
Segments
Types
- Hardware
- Software
- Support Services
Applications
- Liquid & Gas Measurement
- Well Head Measurement
- Custody & Control
- Fuel Monitoring
- Well Optimization
- Others
Regions
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- France
- Germany
- Italy
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- Egypt
- South Africa
- Rest of Middle East & Africa
Key Players
Competitive Landscape
Key players in the market include Emerson Electric Co., Honeywell, TechnipFMC plc, and Yokogawa Electric Corporation. They are considered as key manufacturers in the market based on their different varieties of product availability, regional presence, and better supply chain management system.
These players utilize different development strategies such as geographical expansions, acquisitions, product development, investment in research & development to increase their presence in the global market. The growth of the corporate and start-ups sector can offer opportunities for players. Market vendors concentrate more on the growth prospects in the fast-growing segments to make the most of the opportunities, while retaining their positions in the slow-growing segments.
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