Flow Computers Market Estimated To Witness High Growth Owing To Increasing Oil & Gas Production and Rising Need for Flow Monitoring

Market Overview:
A flow computer is an embedded system that measures, monitors and controls flowmeters for liquid and gas transfer and transactions across pipelines and production networks. It performs calculations based on flow meter signals and other process variables to determine flow rate, volume, mass, energy, density, and other flow quantities. Flow computers are widely used in the oil & gas industry for custody transfer applications such as oil and natural gas production allocation, inventory control, and well allocation.

Market Dynamics:
The global flow computers market is expected to witness significant growth over the forecast period owing to increasing oil & gas production activities around the world and rising need for flow monitoring and measurement solutions. According to BP's Statistical Review of World Energy 2021 report, global oil production increased by around 5.8 million barrels per day (mb/d) from 2019 to 2020. For natural gas, the global production grew by around 70 billion cubic meters (bcm) from 2019 to 2020. This increasing production is generating high demand for advanced flow measurement solutions like flow computers for custody transfer, inventory control and other applications. Additionally, flow computers provide critical benefits like accurate measurement, data monitoring from remote locations, automated operations and detection of leaks or anomalies. These benefits are further fueling the demand for flow computers across industries. However, high installation and maintenance cost of flow computers may hamper market growth over the forecast period.

Segment Analysis
The global Global Flow Computers Market is segmented on the basis of component, connectivity, operation, industry vertical and geography. The component segment is further divided into hardware, software and services. Among these, the hardware segment dominated the market in 2022 owing to the increasing demand for process flow computers, ultrasonic flow meters and other primary elements for flow computing and measurement.

PEST Analysis
Political: Flow computers are used across key industries such as oil & gas, energy & power, chemicals, water & wastewater treatment, food & beverages and others. Supportive government policies encouraging adoption of digital technologies across industries are positively impacting the demand.
Economic: Increasing investments in digital transformation initiatives, stable economy and rising spending power are driving the growth of flow computers market.
Social: Need for optimization of resources with minimum environmental impact is augmenting the adoption of flow computers for inventory management and custody transfer applications.
Technological: Advancements in connectivity capabilities, real-time data analytics, predictive maintenance solutions and integration with industrial internet of things are offering new opportunities.

Key Takeaways
The global Flow Computers market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period 2023 - 2030, due to increasing demand from oil & gas industry for allocation management, custody transfer and inventory management. Regionally, North America dominated the market in 2022 owing to robust presence of key players and growth in shale gas exploration and production activities in the region.

Regional analysis
Regionally, North America dominated the market in 2022 due to robust presence of key players like Emerson Electric Co., ABB Ltd., Schneider Electric SE and Honeywell International Inc. in the US and Canada and growth in shale gas exploration and production activities. Asia Pacific is expected to witness fastest growth during the forecast period owing to increasing oil & gas upstream and downstream activities in major economies like China, India and Indonesia.

Key players
Key players operating in the Flow Computers market are Emerson Electric Co., ABB Ltd., Thermo Fisher Scientific Inc., Yokogawa Electric Corporation, Schneider Electric SE, Honeywell International Inc., Siemens AG, Badger Meter Inc., AMETEK Inc., Equinor ASA, KT-Flow, KROHNE Group, OMNI Flow Computers Inc., Schlumberger Limited, SICK AG, Logic Beach Inc., Flowmetrics Inc., Contrec Ltd., Kessler-Ellis Products Co., TechnipFMC plc.

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