The North America Flow Computer in Oil & Gas Market would witness market growth of 5.1% CAGR during the forecast period (2023-2029).
The capabilities of flow computer processing have increased due to the creation by numerous participants of a single, robust platform outfitted with integrated edge computing, measurement and controls, enhanced networking, and intrinsic cyber security for the oil and gas industry. Many firms are offering integrated solutions for core processing requirements in the upstream, midstream, and downstream sectors of the value chain.
Further product enhancements for classic and new technology flowmeters enhance these systems' capacity to capture data. Suppliers of vortex and turbines have begun to offer dual flowmeters with two simultaneously calibrated sensors. In addition, companies are developing their Adaptive Sensor Technology (AST) to provide enhanced thermal mass flow meters for process industry air/gas flow measurement with improved rangeability, precision, longer service life, and dependability.
In 2021, Mexico will be one of the top oil producers, making 1.9 million barrels daily. In 2021, more than 212 million barrels of heavy crude from Mexico were bought by other countries. Oil is an essential part of Mexico's economy. In 2021, this industry brought in almost 16% of all government money. Major oil and gas companies in Mexico have confirmed the existence of large oil reserves and efforts to update the country's logistics infrastructure. As the region uses a lot of oil, has a lot of oil reserves, and has a booming oil and gas industry, the utilization of flow computers to ease out the processes in the oil & gas sector will also increase, driving the market growth in the region.
The US market dominated the North America Flow Computer in Oil & Gas Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $269.6 million by 2029. The Canada market is poised to grow at a CAGR of 7.5% during (2023 - 2029). Additionally, The Mexico market would showcase a CAGR of 6.6% during (2023 - 2029).
Based on Operation, the market is segmented into Midstream & Downstream and Upstream. Based on Component, the market is segmented into Hardware, Software and Support Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Flow Computer in Oil & Gas Market is Projected to reach USD 1.1 Billion by 2029, at a CAGR of 5.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Honeywell International, Inc., ABB Ltd., Thermo Fisher Scientific, Inc., Schneider Electric SE, TechnipFMC plc, Sick AG, Badger Meter, Inc., Hoffer Flow Controls, Inc., and Spirax Sarco Limited.
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