Global Flowmeter Market 2019-2023 | Rising Production of Shale Gas to Drive Growth | Technavio
LONDON--(BUSINESS WIRE)--Jan 9, 2019--The global flowmeter market research report by predicts the market to post a CAGR of close to 6% during the period 2019-2023.
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Technavio predicts the global flowmeter market to post a CAGR of close to 6% by 2023. (Graphic: Business Wire)
A key driver for the global flowmeter market is the rising production of shale gas. The scope for the adoption of gas detection products and solutions is rising due to the increasing shale gas production in countries such as the US, Russia, Iran, Qatar, Canada, China, Norway, and Saudi Arabia. This is promoting 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.
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
Flowmeters, particularly flowmeters with multiphase technology, play an important role in upstream activity in the oil and gas industry. 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, which allows operators to improve the analysis of the contents of the reservoir.
“Onshore rig utilization has grown considerably in many countries over the last year with increasing crude oil price. This indicates growth in E&P activities and drives the demand for flowmeters from the upstream sector. The biggest growth opportunities are anticipated to arise from the resurging investments in shale resources in the US, which is a key oil and gas market,” says a senior research analyst at Technavio.
Global flowmeter market: Segmentation analysis
This flowmeter market analysis report segments the market by end-users (industrial, commercial, and residential) and geography (the Americas, APAC, and EMEA).
The industrial segment held the largest flowmeter market share in 2018, accounting for over 56% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with more than 36% of the market share, followed by the Americas and APAC respectively. The EMEA region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 01/09/2019 09:00 AM/DISC: 01/09/2019 09:01 AM