Global Flow Computer Market Share To worth USD 1,067 million in 2028 | CAGR of 6.0%

The flow computer market share in oil & gas is projected to grow from USD 798 million in 2023 to USD 1,067 million in 2028; it is expected to grow at a CAGR of 6.0% from 2023 to 2028. The growth of the market is attributed to the technological advancements in oil & gas industry and suitability in many functions of the oil & gas industry.

Key players operating in the flow computer market share in oil & gas include Emerson Electric Co. (US), Honeywell International, Inc. (US), ABB (Switzerland), Thermo Fisher Scientific Inc. (US), Schneider Electric (France), Krohne Messtechnik GmbH (Germany), Yokogawa Electric Corporation (Japan), TechnipFMC plc (US), OMNI Flow Computers, Inc. (US), Dynamic Flow Computers, Inc. (US), Contrec Limited (UK), Kessler-Ellis Products (KEP) Co, Inc. (US), Sensia (US).

Browse 146 market data Tables and 48 Figures spread through 183 Pages and in-depth TOC on "Flow Computer Market share in Oil & Gas"

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Flow Computer Market Share Dynamics
DRIVERS: Technological advancements in oil & gas industry

Digital transformation and automation are emerging trends in the oil & gas industry, which is experiencing rapid digitalization with smarter operations, thus giving rise to the digital economy. Digital transformation or automation enables deployment of a minimum workforce in remote onshore & offshore exploration sites. The demand for operational digital oilfield solutions is increasing due to limited oil or fuel supply to the growing number of vehicles in the market, which compels the oil industry to adopt new and improved technologies. The implementation of systems such as DCS, PLC, smart well, and SCADA in the upstream segment helps automate the control process and offers real-time data.

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RESTRAINT: High cost of flow computer and regular maintenance

Flow computers are known for providing accurate and reliable flow measurements in the oil & gas industry. They require specialized components and manufacturing processes to achieve a high level of accuracy and reliable flow measurement. New-age components provide add-on features and functionality, such as the measurement of multiple fluid parameters simultaneously and diagnostic and calibration features, which give advantages over other flow measurement devices. These add-on features and functionality increase the cost of the device and maintenance costs. If the add-on features may not be justifiable for pipeline operators and cannot return on investments in terms of improved efficiency, accuracy, and reduced operating cost, then flow computer becomes a non-viable option for the operators. Hence, high product and maintenance costs become restraints for operators looking to minimize their cost of ownership.

OPPORTUNITIES: Growing demand for offshore/ultra-deep discoveries.

The oil & gas industry is going through a phase of technological advancements in exploration technology for deepwater exploration and production activities and the commercial viability of the projects. Current advances allow oil companies to improve recovery and accelerate production.

CHALLENGES: Interoperability of multiple components from different solution providers.

Companies in the upstream segment often buy and assemble components from different vendors depending on customer requirements. This makes the market highly consumer-dominated, so no standard or generalized product can be developed by a single player. In that case, interoperability with other systems and components is a challenge for upstream operators. Adding any alternative system, hardware, or software that is not compatible with some of the digital oilfield systems, such as the flow computer, becomes a constraint as it has to integrate with the existing system for optimum results seamlessly. Developments for integrating various services with each other are expected to overcome this challenge faced by oilfield operators.
Emerson Electric Co. is one of the leading providers of engineering and technology solutions. The company operates through three business segments: automation solutions, AspenTech, and commercial & residential solutions. The automation solutions segment focuses on optimizing the energy efficiency and operating cost of discrete and hybrid manufacturers through a broad offering of products and integration solutions. The company offers flow computers through its automation solutions business. They are designed to enhance measurement operations through metrology performance and by offering improved safety and security measures.

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North America dominated the flow computer market share in oil & gas and is expected to hold the same position during the forecast period. The region is home of some of the key players of flow computer such as Emerson Electric Co. (US), Honeywell (US), Thermo Fisher Scientific (US), and OMNI Flow Computers (US) Furthermore, Canada has one of the biggest reserves of oil & gas, while market in the US contributes the highest to the flow computer market in oil & gas. As per the statistics of the Statistical Review of World Energy 2022 report published by BP (UK), US was the largest oil & gas-producing country in the world.

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