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With 6.0% CAGR, Flow Computer Market Growth to Surpass USD 1,067 million
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Heavy process industries such as oil & gas have begun digitalizing their plants using smart/intelligent digitally integrated processes and final control devices. Industrial automation represents one of the largest growth segments for Industrial Internet of Things (IIoT). The potential of IIoT is due to the number of devices used in industrial automation and the significant potential for retrofit of installed devices. IIoT can analyze sensor data and provide machine-to-machine communication and automation technologies. This transition from analog to digital devices creates high-intelligence machines that gather, analyze, and diagnose machine-related issues. These advanced features boost the ability of the machine to predict failures and reduce downtime autonomously.
The software segment is expected to grow at the highest CAGR during the forecast period. In the software component, independent flow computer software and application software that measures, calculates, monitors, and controls the flow of liquid or gas are considered. Flow computer software collects data from flow computer and makes the necessary analysis for the user. Some of the flow computing application software works as a flow computer, taking inputs from different flow meters and transmitters and calculating the flow rate. The software is also used for configuration, maintenance, and troubleshooting for the flow computer.
The upstream segment is expected to grow at the highest CAGR during the forecast period. The growth of the upstream segment is primarily due to the growing exploration activities and new oil discoveries in different parts of the world. Upstream is one of the operational stages in the supply chain of oil & gas, in which exploration, drilling, and production of crude oil or natural gas occur. In the upstream segment, various equipment are required to recover and process resources from multiple earth formations
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The North America market is expected to grow at the highest CAGR from 2023 to 2028. The growth of the flow computer market in oil & gas in North America is primarily attributed to the largest number of oil & gas rigs. Furthermore, US is one of the largest producers of oil & gas supplies in the world. It has the highest oil & gas pipeline network and high refining capacity. Hence, flow computers are installed in large quantities in the upstream, midstream, and downstream operations.
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