The global flow computers market was valued at USD 879.30 million in 2019 and predicted to reach over USD 2.1 billion by 2027, with a registered compound annual growth rate (CAGR) of around 7.61% during forecast period 2020 to 2027.
Some of the major influencers flourishing the growth of flow computer market include augmented need for technologically progressive and reliable flow computing systems, better-quality data computational capability, and suitability of flow computers in numerous functions of the oil and gas sector. However, decreasing oil & gas prices distress the infrastructure-associated funds in oil and gas segments unfavorably which eventually affects the demand for flow computers. Nonetheless, potential growth in the flow computing software market and rising employment of process automation in the oil and gas sector offers alluring opportunities to the growth of the market in the next few years.
Ground breaking and trustworthy flow computing solutions employed in oil extraction processes like compatibility with meters, incorporation with the cloud, and multi-meter run management have augmented the practice and precision of flow computers. This factor is motivating the growth of flow computers market across the globe. Incorporation of flow computer with the cloud is anticipated to produce lucrative prospects for flow computer market in near future. The proficiency of connecting real-time data from numerous devices to the end-user via the Internet is forthcoming trend that positively affecting the adoption of advanced flow meter.
Global flow computer market is classified on the basis of components into software, hardware, and support services. Hardware includes mounting adapters and other related tools & accessories. In 2019, among all components, hardware segment occupied majority of the market share in terms revenue. It is expected to mirror this trend throughout the assessment period.
Flow computer software assists to access data files taken from a computer, which permits consumers to see, print, and transfer configured data to address an auditor’s requisite. It is employed to confirm and audit generated data. This software segment is expected to observe the uppermost growth throughout the prediction period.
Flow meters find widespread application in various end-use industries such as energy & power generation, and metal & mining, oil & gas, water & wastewater, chemical, food & beverage, pulp & paper and others. The oil & gas sector is projected to top the market revenue growth during the prediction period. The oil and gas resources are costly; thus, their precise measurement becomes foreseeable. The flow computers are, consequently, compulsory in oil and gas industries at manifold points for accurate flow computing and for consistent flow measurement, control and monitoring.
Flow computers are utilized in the oil & gas sector for gas and liquid measurement and fuel monitoring. Flow computing software in the oil & gas industry is employed on a standard computer and offers measurement values for virtual flow computers developed by data communication devices.
Depending on product, flow meter market report has been bifurcated into wireless and wired flow computers. The wired flow computer segment gathered prevailing revenue share in the global flow computers market in 2019. It is projected to preserve its position by 2027, on account of rising usage of computing measurements and electronic computers in the process industry. The oil & gas, water & wastewater, and chemical sectors are projected to surge the saleof flow computers throughout the prediction period.
In 2019, North American garnered majority of the market share of around 35% in terms of revenue. In this region, the U.S. contributed to the overall high demand for flow computers across various industries. U.S. is one of the protuberant manufacturing centers and suppliers of electronic computer products with presence of market giants like Schlumberger Limited, Emerson Electric Co., Yokogawa Corporation of America, and Honeywell International Inc.This tremendous market growth of the region can be credited to residence of a large number of flow computers companies.
Asia Pacific is also expected to record considerable growth in the flow computers market during years to come. The water & wastewater sector in Asia Pacific is anticipated to be one of the protuberant end users of flow meters during forthcoming years. Nations including South Korea, China, India, and Australia are observing industrial improvement and speedy urbanization. These factors in turn are intensifying the necessity for wastewater treatment and water supply thereby supplementing the growth of the flow computers market.
Key Companies & Market Share Insights
The competitive backdrop of the flow computer market displays a number of new fangled product introductions, large-scale associations, and arrangements and collaborations across the value chain. The key companies are converging on presenting improvements in electronic computers to record data further precisely. Some of the momentous players in the flow computers market include:
Report Scope of the Flow Computers Market
|Market Size||USD 2.1 Billion by 2027|
|Growth Rate||CAGR of 7.61% from 2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product Type, Application Type, Component Type, Region Type|
|Companies Mentioned||Schneider Electric, ABB, Yokogawa Corporation of America, Emerson Electric Co, Honeywell International, Inc., Thermo Fisher Scientific Inc. SICK AG, Schlumberger Limited, FMC Technologies, Inc.|
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product, component, application and region as follows:
By Regional Outlook
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