LONDON--(BUSINESS WIRE)--The global flowmeter market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
With the advancements in technology, the production of shale gas is increasing. However, shale gas exploration leaves a higher greenhouse gas (GHG) footprint than traditional natural gas exploration because of the high emission of methane, a source of explosion hazard. This mandates the need and adoption of gas detection products and solutions such as flowmeters to safeguard industrial plants and assets. As the largest producers of shale gas, the adoption of gas detection products and solutions in US, Russia, Iran, and Saudi Arabia is especially high. This is also contributing to the adoption of flowmeters. Additionally, the presence of government mandates and need to minimize casualties are also fueling the adoption of flowmeters in shale gas production processes. All these factors will boost the global flowmeter market during the forecast period of 2019-2023.
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As per Technavio, the gradual recovery of upstream activity, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Flowmeter Market: Gradual Recovery of Upstream Activity
In the oil and gas industry, flowmeters incorporated with multiphase technology play an important role in upstream activity. Once petroleum liquid reaches the surface in the upstream sector, it goes through a test separator to physically separate the oil, gas, and water. A flowmeter measures each fluid as it leaves the separator and analyses the content and the flow of oil, water, and gas as they leave the well on a real-time basis. This allows operators to improve the analysis of the contents of the reservoir. Thus, the extensive use of flowmeters in upstream activity will increase its demand, which in turn, will drive the market growth during the forecast period.
“The advent of integrated DP flowmeter solution and ongoing product development are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Flowmeter Market: Segmentation Analysis
This market research report segments the global flowmeter market by end-user (industrial, commercial, and residential) and geographical regions (Americas, APAC, and EMEA).
The EMEA region led the market share in 2018, followed by Americas and APAC respectively. During the forecast period, the EMEA region is expected to maintain its dominance over the global market. This is due to the ongoing developments in the chemical, food and beverages, and oil and gas industries in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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