According to a new report, published by KBV research, The Global Flow Computer in Oil & Gas Market size is expected to reach $1.1 billion by 2029, rising at a market growth of 5.9% CAGR during the forecast period.
The Upstream segment is showcasing a CAGR of 7.3% during (2023 - 2029). This is due to the use of the flow computer in upstreaming for metering produced water, hydrocarbon liquids (crude, condensate, etc.), and gas from the ground. Crude oil can be made under natural subsurface pressure or through secondary recovery pressure, produced by injecting liquid or gas into the reservoir to raise the pressure underground and compel the oil to come to the surface. The injected fluids and well production must be measured, watched over, and occasionally controlled by flow computers during these procedures.
The Hardware segment is leading the Global Flow Computer in Oil & Gas Market by Component in 2022 thereby, achieving a market value of $522.8 million by 2029. This is because these flow computer devices are used at many operating sites because they perform essential duties for precise flow computations. Field-mounted and panel-mounted flow computer devices are the two main categories. Whereas panel-mounted flow computers are located at a workstation or centralized station wherein flow monitoring and regulating are carried out, field-mounted devices are mounted or installed on-site.
The North America market dominated the Global Flow Computer in Oil & Gas Market by Region in 2022 thereby, achieving a market value of $373.7 million by 2029. The Asia Pacific market is poised to grow at a CAGR of 6.6% during (2023 - 2029). Additionally, The Europe market would showcase a CAGR of 5.7% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/flow-computer-in-oil-gas-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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