BURLINGAME, Calif., Dec. 13, 2023 /PRNewswire/ — Coherent Market Insights published a report, titled, the global flow computers market size is estimated to grow from US$ 679.5 Million in 2023 and is forecast to reach a value of US$ 1,290.8 Million by 2030 at a CAGR of 9.6% between 2023 and 2030.
The increasing demand for accurate measurement and monitoring of flow rates is one of the major drivers for the growth of the Flow Computers Market. Flow computers are extensively used in industries such as oil and gas, chemicals, water and wastewater, and pharmaceuticals to calculate and record the flow rates of liquids and gases. These devices provide precise measurements and help in improving the overall efficiency of the processes. Additionally, they also offer advanced features such as data logging, alarm systems, and real-time monitoring, enhancing their utility across various applications. Another driver for the market growth is the increasing adoption of industrial automation. Automation plays a crucial role in improving productivity and reducing human errors in industries. Flow computers are an integral part of automation systems as they enable accurate control and monitoring of flow rates. With the rising focus on process optimization and cost reduction, the demand for flow computers is expected to witness significant growth.
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Market Trends:
One of the key trends in the Flow Computers Market is the integration of advanced technologies such as IoT and artificial intelligence into flow computing systems. IoT-enabled flow computers enable remote monitoring and control, real-time data analysis, and predictive maintenance, thereby enhancing the overall efficiency and performance of flow measurement systems. Moreover, the integration of artificial intelligence algorithms enables flow computers to learn and adapt to process changes, resulting in improved accuracy and reliability.
Another trend is the increasing adoption of wireless flow computers. Wireless flow computers offer several advantages such as easy installation, flexibility, and cost-effectiveness. These devices rely on wireless communication technologies such as Bluetooth, Wi-Fi, and cellular networks to transmit data, eliminating the need for complex wiring and reducing installation and maintenance costs. The growing demand for wireless technologies in industrial applications is expected to drive the growth of wireless flow computers in the coming years.
Market Opportunities:
The Flow Computers Market is anticipated to witness significant growth in the coming years, with an impressive CAGR of 9.6% during the forecast period 2023-2030. One of the key market opportunities lies in the dominating end-use industry, which is oil and gas. The oil and gas industry requires accurate and reliable flow measurements for various processes such as fiscal metering, wellhead measurement, and pipeline transmission. Flow computers play a crucial role in providing precise measurements and optimizing these processes. With the increasing demand for oil and gas worldwide, the need for advanced flow computers is expected to drive market growth in this segment.
Another noteworthy market opportunity is the dominance of wireless flow computers in the market. In the segment of product types, wireless flow computers are expected to hold a dominant position. The wireless technology allows for remote monitoring and control of flow measurements, eliminating the need for wired connections. This not only provides flexibility and convenience but also reduces installation costs and enhances the overall efficiency of the system. As industries continue to adopt wireless technologies for their operations, the demand for wireless flow computers is projected to increase, presenting a significant growth opportunity for the market.
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Recent development:
In September 2022, Emerson Electric Co. introduced the Rosemount 140H flow computer, which will be used in the oil and gas industry for custody transfer and fiscal metering.
In June 2021, ABB FLOWBIRD flow computer for water, heat and gas metering introduced. It allows for data monitoring and analytics for increased efficiency.
Key Market Takeaways:
Flow Computers Market is anticipated to witness a CAGR of 9.6% during the forecast period 2023-2030, owing to the increasing demand for precise flow measurements in various industries.
On the basis of the component, the hardware segment is expected to hold a dominant position. The hardware components of flow computers, such as sensors, processors, and displays, are essential for accurate flow measurements. The advancements in hardware technology, such as improved sensors and processors, are driving the growth of this segment.
In terms of product type, the wireless segment is expected to dominate the market. The wireless flow computers offer advantages such as remote monitoring, reduced installation costs, and enhanced flexibility, which are driving their adoption in various industries.
HART is expected to be the dominating connectivity option in the flow computers market. HART protocol provides a combination of analog and digital communications, making it suitable for flow measurement applications. The compatibility of HART with various flow meters and control systems contributes to its dominant position.
The oil and gas industry is anticipated to hold the largest share in the flow computers market, owing to its significant requirement for flow measurements in various processes. The growing demand for oil and gas worldwide is expected to drive the adoption of flow computers in this industry.
Fiscal metering is expected to be the dominating application segment. Fiscal metering plays a crucial role in accurate measurement and monitoring of oil and gas production and revenue calculations. The increasing focus on optimizing production and ensuring accurate measurements is driving the demand for flow computers in fiscal metering applications.
In terms of the region, Asia Pacific is expected to dominate the flow computers market. The growth in industries such as oil and gas, energy and power, and water and wastewater management in countries like China and India is driving the demand for flow computers in this region.
Key market players in the flow computers market include 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., and Equinor ASA. These players are focusing on technological advancements and strategic partnerships to strengthen their market presence and meet the growing demand for flow computers.
In conclusion, the Flow Computers Market presents lucrative opportunities in the dominating end-use industry of oil and gas and the dominance of wireless flow computers. With a strong CAGR of 9.6% during the forecast period 2023-2030, the market is expected to witness significant growth. Key market takeaways include the dominance of hardware components, wireless product types, HART connectivity, and the oil and gas industry. Leading market players are also actively contributing to the market’s growth through technological advancements and collaborations.
Read complete market research report,” Flow Computers Market, By Component, By Connectivity, By End-use Industry, By Application, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.
Market Segmentation:
- By Component
- Hardware
- Software
- Services
- By Product Type
- Wired
- Wireless
- Plug & Play
- Others
- By Connectivity
- HART
- Foundation Fieldbus
- Profibus
- Modbus
- Ethernet
- Others
- By End-use Industry
- Oil & Gas
- Energy & Power
- Water & Wastewater
- Food & Beverage
- Chemicals
- Metals & Mining
- Others
- By Application
- Fiscal Metering
- Liquid & Gas Measurement
- Wellhead Measurement & Optimization
- Pipeline Transmission & Distribution
- Process Control & Monitoring
- Others
- By Geography
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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