NEW YORK, Sept. 4, 2023 /PRNewswire/ -- The wetgas meters market size is set to grow by USD 617.01 million from 2022 to 2027 and register a CAGR of 5.75%, according to Technavio's latest market research report estimates. Shifting focus of oil and gas E&P activities to unconventional sources is notably driving the market growth. As oil companies progressively transition their operations towards unconventional sources like tight oil, shale oil, shale gas, and CBM, the oil industry is seeking advanced on-site processing equipment to enhance their return on investment (ROI). Heavy oil, characterized by its high viscosity and density, is primarily located in 192 basins worldwide. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Read our Sample Report
Wetgas Meters Market 2023-2027: Segmentation
- Application
- Onshore
- Offshore
- Type
- Stainless Steel
- Brass
- Geography
- Europe
- North America
- APAC
- Middle East And Africa
- South America
The market share growth by the onshore application segment will be significant during the forecast period. The onshore segment of the market encompasses the wet gas meter market, which is observing growth driven by the escalation of onshore oil and gas development endeavours and a rising count of refineries. Over the course of more than a century, onshore upstream oil and gas exploration and production activities have been continually advancing to amplify the production of oil and gas resources. On a global scale, the concentration of onshore oil and gas development operations is notable in regions such as the United States, Canada, Russia, and several Middle Eastern nations. Noteworthy investments in upstream oil and gas initiatives are being made by countries like Russia, the United States, Saudi Arabia, and Mexico. However, the challenge of global oil price fluctuations has emerged as a substantial hurdle, constraining the progression of both conventional and unconventional oil and gas projects.
Wetgas Meters Market 2023-2027: Company Analysis and Scope
Some of the major vendors of the wetgas meters market include Apex Instruments Inc., CX Instrument, Dermaga Oil and Gas Sdn. Bhd., DP Diagnostics LLC, Dr.Ing. RITTER Apparatebau GmbH and Co. KG, EMCO Controls AS, Emerson Electric Co., Haimo Technologies Group Corp., Instrumentation and Scientific Instruments Pvt. Ltd., Iwatani Corp., KROHNE Messtechnik GmbH, RMG Messtechnik GmbH, ROSEN Swiss AG, SEIL ENTERPRISE Co., SGS Lab Instruments, Shinagawa Co. Ltd., Tek-Trol LLC, THIOKA Enterprise Co. Ltd., Vinci Technologies, and Weatherford International Plc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market.
Company Offerings
- Apex Instruments Inc. - The company offers wetgas meters such as W-NK wet gas meter.
- DP Diagnostics LLC - The company offers wetgas meters such as DP wet gas meter.
- RITTER Apparatebau GmbH and Co - The company offers wetgas meters such as RITTER TG series drum-type gas meters.
Market Dynamics
Trend
An increase in global LNG trade is an emerging market trend. LNG trading has undergone significant transformations in recent times, marked by dynamic shifts in both supply and demand. On the supply front, the industry is witnessing expansion through the initiation of new projects on a global scale. The prominence of LNG trade is amplified by the advantages of natural gas as a pivotal component of the global energy mix. Notably, the growth of the liquefied natural gas market in these regions surpasses that of coal and oil. Beyond Asia, significant LNG exporting nations include North America, Australia, the Middle East, Africa, and Russia. Key importing countries span parts of Asia, Europe, and South America. Notably, LNG is experiencing a growth rate seven times higher than that of pipeline gas trade and is anticipated to contribute to roughly half of the total global gas trade by the year 2035. Such dynamics are poised to fuel the expansion of the market throughout the forecast period.
Wetgas Meters Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist wetgas meters market growth during the next five years
- Estimation of the wetgas meters market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wetgas meters market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wetgas meters market vendors
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Wetgas Meters Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.75% |
Market growth 2023-2027 |
USD 617.01 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.25 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, Canada, China, India, and Russia |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apex Instruments Inc., CX Instrument, Dermaga Oil and Gas Sdn. Bhd., DP Diagnostics LLC, Dr.Ing. RITTER Apparatebau GmbH and Co. KG, EMCO Controls AS, Emerson Electric Co., Haimo Technologies Group Corp., Instrumentation and Scientific Instruments Pvt. Ltd., Iwatani Corp., KROHNE Messtechnik GmbH, RMG Messtechnik GmbH, ROSEN Swiss AG, SEIL ENTERPRISE Co., SGS Lab Instruments, Shinagawa Co. Ltd., Tek-Trol LLC, THIOKA Enterprise Co. Ltd., Vinci Technologies, and Weatherford International Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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