The flow computers market is estimated to be valued at US$ 679.5 Million 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 electronic devices used to collect process variable sensor signals in a flow measuring element and perform flow calculations based on measurements and configuration settings. They provide important data such as flow rate, temperature, pressure, density and totalized flow. Flow computers have applications in industries like oil & gas, chemical, water & wastewater, power generation, pulp & paper and food & beverages for custody transfer operations and allocation measurements.
Market Dynamics:
The growing oil & gas exploration activities worldwide are driving the demand for flow computers as they provide accurate flow measurement solutions essential for hydrocarbon allocation and fiscal metering. According to the World Energy Outlook 2022, global oil and gas production is projected to increase from 91 million barrels of oil equivalent per day in 2021 to over 110 million barrels of oil equivalent per day by 2030. Moreover, the increasing adoption of flow computers across industries like chemical, water & wastewater and power generation for process optimization and quality control is also fueling the market growth. Flow computers aid in monitoring process variables, detecting leaks and ensuring quality standards are met.
SWOT Analysis
Strength:
– Flow Computers have high accuracy in measuring flow rates and other properties which helps end users optimize processes and reduce wastage.
– They offer remote monitoring capabilities and connectivity options to integrate with other systems which enhances operational visibility.
– High durability and reliability of Flow Computers as they are designed to withstand harsh industrial environments.
Weakness:
– Initial investment cost of Flow Computers can be high for some small to medium scale end users.
– Technical complexities involved in installation, integration and configuration of advanced Flow Computers.
Opportunity:
– Growing demand from oil & gas industries for better production monitoring and optimization.
– Increasing focus on transportation of gases through pipelines is boosting demand for efficient flow measurement solutions.
– Adoption of industrial internet of things (IIoT) and advanced connectivity standards open new areas of usage for networked flow computing systems.
Threats:
– Price wars among established and new players may intensify competition in the market.
– Risk of technology obsolescence as new and advanced flow measurement technologies emerge.
Key Takeaways
The Global Flow Computers Market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period 2023 – 2030, due to increasing investments in oil & gas pipeline infrastructure and production facilities globally.
Regional analysis:
North America dominated the market with over 30% share in 2023 owing to vast pipeline network and presence of major flow computers manufacturers in the region. Asia Pacific is projected to witness fastest growth rate owing to significant infrastructure development projects and expanding natural gas distribution networks in countries such as China and India.
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. Emerson captured largest market share in 2023 attributed to its comprehensive product portfolio and global sales network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it