Digitalized Subsea Multiphase Flowmeter Gaining Traction from Oil and Gas Industry; Automation Features Elevates Market Growth: Future Market Insights
Rising discovery and exploration activities on new subsea wells fuelling the subsea multiphase flowmeter market demand
DUBAI, U.A.E, June 1, 2021 /PRNewswire/ -- The global subsea multiphase flowmeter market is forecast to expand at 8.5 % CAGR for the forecast period of 2021-2031, finds Future Market Insights (FMI) in a new study. Exquisite functionality of subsea multiphase flowmeter in maintaining the inflow and outflow of oil and gas drives the market growth. Introduction of subsea multiphase flowmeter in production management and monitory along with usage in deep reservoir will aggravate the market demand, evaluated by ESOMAR-certified consulting firm Future Market Insights (FMI) in this study.
According to the study, Establishment of sales and servicing centers in developing economies and forming alliance with regional distributing channels is proving a profitable strategy for long term market expansion. COVID-19 pandemic slowed down the world economy directly affecting the subsea multiphase flowmeter market, but is expected to recover with resuming of trading and economic activities post lockdown.
"Market players are concentrating on delivering premium performance products to satisfy end users and are proposing competitive price structure to expand their global foothold and strengthen their sales channels," remarks the FMI analyst.
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Key Takeaways
- The global subsea multiphase flowmeter market is predicted to surpass the valuation of US $ 616.6 Mn in 2021.
- North America is expected to comprise 66% of global sales thus dominating subsea multiphase flowmeter market
- Rising government investment in oil and gas sector assists in increasing market sales in Russia.
- The subsea multiphase flowmeter market in China is predicted to grow at 7.4 % CAGR throughout the forecast on the backs of surging demand of multiphase flow metering solutions for production monitoring.
- Surge in import of subsea multiphase flowmeter by Saudi Arabia, United Arab Emirates, Kuwait, and Qatar is fueling the market sales
Prominent Drivers
- Slugging flow detection abilities along with measuring complex flow properties boosts subsea multiphase flowmeter market growth.
- Integration of modern techniques and automation tools to subsea multiphase flowmeter is expected to provide lucrative opportunity for market expansion.
- Growing global investment in oil and gas sector will fuel the market demand.
Key Restraints
- Progress from oil and gas industry to electric mobility and renewable sources of energy hampers the market growth.
- Inaccurate measurements with fractional change in physical properties of oil restrict the market growth.
- A high investment requirement for installation and deployment of subsea multiphase flowmeter negatively affects the market demand.
Discover more about the subsea multiphase flowmeter market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/checkout/11893
Competitive Landscape
Leading players profiled by FMI operating in subsea multiphase flowmeter market include Weatherford, AMETEK Inc., ABB Ltd, Emerson, Peitro Fiorentini S.p.a., Tokico System Solutions Ltd, Baker Hughes, Schlumberger Limited, TechnipFMC plc, KROHNE Japan KK, Haimo Technologies Group Corp among others.
According to FMI, leading players are heavily investing in product innovation and modern technological advancement. Strategic collaborations and partnership can also been seen among market players to enhance their production capacities and pool their technical prowess to gain edge in this competitive landscape.
For instance, stimulation, well testing and production optimization contract was awarded to Baker Hugh by Saudi Aramco in 2018.
Emerson developed new embedded software for digitalization of oil and gas multiphase flow measurement along with automation features to fuel the adoption of Roxar™ 2600 Multiphase Flow Meter (MPFM) and promote boost process automation in the oil and gas industry.
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More Insights on FMI's Subsea Multiphase Flowmeter Market
The latest market study on global subsea multiphase flowmeter market by future market insights gives a detailed segmentation for the forecast period of 2021-2031. in order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of pipe size (2" subsea multiphase flowmeter, 3" subsea multiphase flowmeter, 4" subsea multiphase flowmeter, 6" subsea multiphase flowmeter, 8" subsea multiphase flowmeter,10" subsea multiphase flowmeter), application (subsea well testing, production monitoring, production measurement), construction material (stainless steel subsea multiphase flowmeter, duplex steel subsea multiphase flowmeter, corrosion resistant alloys subsea multiphase flowmeter, titanium subsea multiphase flowmeter, etc), and across major regions (North America, Latin America, Europe, Middle East & Africa, South Asia and Pacific).
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