DUBLIN--(BUSINESS WIRE)--The "Water Cut Monitors Market by Sector (Upstream, Midstream, Downstream) Location (Onshore, Offshore) Application (Well Testing, Separation Vessel, LACT, Tank Farm & Pipeline, MPFM Applications, Refinery), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Water Cut Monitors market is expected to grow from an estimated USD 188 million in 2019 to USD 241 million by 2024, at a CAGR of 5.0%, during the forecast period.
Water cut monitors find their area of application in the oil & gas industry, for well testing, separation vessels, multiphase flow meter (MPFM) applications, tank farms & pipeline, lease automatic custody transfer (LACT), refinery, and others. The growth of the water cut monitors market can be attributed to the rising investment in developing pipeline infrastructure and increasing deep-water E&P activities. Additionally, the oil & gas production in mature wells results in water cut situations, consequently boosting the water cut monitors market within mature oil & gas fields.
The Lease automatic custody transfer (LACT) segment is expected to grow at the highest CAGR from 2019 to 2024
The Lease automatic custody transfer (LACT) segment is estimated to be the fastest-growing segment of the water cut monitors market, by application, from 2019 to 2024. The LACT unit measures the net volume of liquid hydrocarbon, density compensation of crude, water cut, and flow rate. These factors are essential and play a crucial role in obtaining the value of the oil. The increase in import & export activities between the major oil & gas supplying and consuming nations are anticipated to boost the LACT water cut monitor market during the forecast period.
Asia Pacific: The largest market for water cut monitors
The Asia Pacific market at present is the largest water cut monitors market, accompanied by the markets in Europe, North America, South America, and the Middle East & Africa. The region has an excessive demand for oil because of the increased industrialization, urbanization, and population growth. Additionally, according to the BP Energy Outlook 2040, by 2040, the Asia Pacific region is anticipated to account for around 42% of the global liquid (oil, gas-to-liquids, biofuels, and coal-to-liquids) consumption which is expected to propel the water cut monitors market in the Asia Pacific region.
The key players in the water cut monitors market include Weatherford (Switzerland), Emerson (US), Phase Dynamics (US), and Ametek Inc. (US).
- Ametek Inc.
- Phase Dynamics
- Kam Controls
- M-Flow Technologies
- Delta C Technologies
- Sentech AS
- Agar Corporation
- LEMIS Process
- Haimo Technologies
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