New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR) Flow Computer Market by Component, by Operations, by Connectivity, by Equipment, by Applications Forecast 2030. The global flow computer market will touch USD 1.93 billion at a 6.72% CAGR by 2030, as per the current Market Research Future report.
Market Analysis
Drivers
Need for Accurate Product Measurement to Boost Market Growth
The demand for accuracy in the oil & gas and petrochemical industries is one of the factors propelling the market for flow computers. Flow computers use complex programming, abrasion-resistant hardware, and a graphical user interface in order to show the readings to produce accurate and reliable results. With the use of cutting-edge technology, flow computers can do calculations, offer linearization adjustments, and even zero out temperature error to further reduce mistake. Reading accuracy on flow computers is +/-0.1 percent.
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Flow Computer Market Competitive Analysis
Eminent market players profiled in the global flow computer market report include:
- ABB Ltd
- Honeywell International Inc
- Schneider Electric SE
- Yokogawa Electric Corporation
- Emersion Electric Co
- Rockwell Automation (Allen-Bradley)
- ProSoft Technology Inc. (Belden Inc.)
- KROHNE Messtechnik GmbH (KROHNE Group)
- OMNI Flow Computers Inc
- Schlumberger Limited
- Thermo Fisher Scientific Inc
- Contrec Ltd, Dynamic Flow Computers, Inc
- Flow Systems, Inc
- Kessler-Ellis Products, Co
- TechnipFMC PLC (FMC Technologies Measurement)
- Flowmetrics, Inc.
Opportunities
Different Technological Advances to offer Robust Opportunities
A leading growth-promoting technology development includes the Internet of Things, artificial intelligence (AI), and cloud computing options that are being integrated with connected devices. Real-time monitoring & data collection from the flow computers are provided by these technologies.
Flow Computer Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 1.93 Billion |
| CAGR during 2020-2030 | 6.72% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | The increasing demand for advanced and reliable computing in industries is one of the major factors contributing to the growth of the market in the region. |
Restraints
Heavy Investments to act as Market Restraint
Heavy investments and high maintenance may act as market restraints over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic has significantly impacted both the growth of the market and the overall state of the world economy. Due of the epidemic, several firms have temporarily shut down/drastically scaled back their operations, interrupted supply networks, and experienced economic uncertainty. COVID-19's effects on the global market can be seen in a variety of places. For instance, the market's demand for goods and services has decreased as a result of the reduction in consumer expenditure. Additionally, a lot of businesses were forced to temporarily scale back or stop operations, which has negatively impacted the market's expansion and earnings.
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Market Segmentation
The global flow computer market is bifurcated based on applications, equipment, connectivity, operations, and component.
By component, hardware will lead the market over the forecast period.
By operations, single-stream flow computers will dominate the market over the forecast period.
By connectivity, wired flow computers will spearhead the market over the forecast period.
By equipment, the market is segmented into density measurement equipment, sampling system, meter prover, gas composition sensors, temperature probes, pressure gauges, and others.
By applications, the market is segmented into pipeline transmission & distribution, wellhead measurement & optimization, liquid and gas measurement, fuel monitoring, and others.
Regional Analysis
North America to Lead Flow Computer Market
With a considerable growth rate anticipated during the projected period, North America is anticipated to hold the greatest market share for flow computers. North America has been divided into three regions for analysis purposes: the US, Canada, & Mexico. The US is anticipated to hold the largest market share throughout the projected period, expanding at a 7.80% CAGR followed by Canada with a CAGR of 6.72% and Mexico with a CAGR of 5.86%. Due to its superior technology and status as the world's largest producer and consumer of oil and gas, the US holds the maximum market share in the region. The major companies in oil production in Canada include Suncor, Imperial Oil, Canadian Natural Resources Limited, Husky, and Cenovus.
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By lowering measurement uncertainty throughout the process, they are able to improve measurement operations and system performance. As a result, flow computers improve the accuracy and precision of measurement systems. Flow computers systems and equipment are offered by a number of Canadian businesses, including Trillium Measurement & Control & Flowmetrics Inc. North America's growth can be ascribed to the presence of numerous flow computer producers there. One of the major centers for producing and supplying electronic computers is the United States. The need for power, water, oil, petrochemicals, and gas will continue to rise along with the population due to these factors.
Europe to Have Admirable Growth in Flow Computer Market
The second-highest market share in terms of flow computers is held by Europe. Several industries, including petrochemical, oil & gas, and chemical use the flow computer systems throughout Europe. Another reason boosting the market for flow computers is the growing awareness of wastewater treatment. Industries like milk processing, breweries, alcohol production, and beverage manufacturing are just a few examples of those found in nations like the UK that employ both oil and gas in their manufacturing processes.
When computing the flow, volume, & temperature of fluids & gases, these businesses employ flow computers. The production and sale of flow computers in Germany by a number of firms, including Bopp & Reuther Messtechnik GmbH, KROHNE Messtechnik GmbH, STILL GmbH, & Bopp & Reuther Messtechnik GmbH, as well as in the rest of Europe, contributes to the market's expansion.
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The flow computer market is fragmented and competitive as a result of the presence of numerous national and international industry players. In order to keep ahead of the competition and satisfy growing customer demand, these firms have used a number of cutting-edge strategies, including contracts, partnerships, collaborations, joint ventures, new product launches, global expansions, and more. They also support numerous research and development initiatives.
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