Global Flow Computers in Oil and Gas Market Grows Steadily at a CAGR of 6.2%

Introduction

In the oil and gas industry, liquid and gas supplies are measured using flow computer equipment. Flow computers use data from flow meters, temperature transmitters, and pressure transmitters to determine the precise flow of liquid or gas moving through the pipelines. It calculates the flow rate with the help of the interfaced devices and logs data, important events, and alarms. The data is then transferred to external computers or workstations for review, management, and accounting. As a result, the oil and gas industries require flow computers at various locations for reliable flow measurement, monitoring, control, and accurate flow computing.

Market Dynamics

Rising Demand for Reliable Flow and High-Tech Computing Systems Drives the Global Market

Numerous wells are included in contemporary production well pad designs, each of which can produce water, natural gas, and oil. Unlike the previous performing wellhead and facility controls in separate locations, many sites perform everything at the excellent pad. The economics of the modern oil and gas industry requires the concentration of measurement and control in one location. The concentration at the wellhead has increased demand for flow computers, which are supported by sophisticated control algorithms and can provide real-time and historical data to numerous users. As more users become aware of how improved data analysis and the requirements to collect, store, process, and transmit data can give them a competitive advantage and boost productivity, the demand for high-tech flow computers will grow.

Growing Modifications in the Software Creates Tremendous Opportunities

Manufacturers of flow computers intend to change the software and firmware version numbers to make it simpler to distinguish the calculation section. To translate between actual and ideal conditions, multiphase flowmeter manufacturers used PVT (pressure, volume, temperature) tables. These tables were made elsewhere and uploaded to flow. The multiphase flowmeter's flow computer houses an embedded PVT engine from Emerson that has two property libraries and two equations of state. As flow conditions change, the PVT engine in the flow computer produces precise calculations that run smoothly.

For Instance, the Colonial Pipeline cyberattack in May 2021 demonstrates how oilfield security is deteriorating. The business was unable to bill customers or monitor fuel usage. In order to stop the cyberattack, the company took some systems offline, temporarily stopping pipeline operations and impacting some IT systems. The billing information disclosure impacted the company's centralized "flow computer," which tracks fuel distribution and ticket users. There will be security features in upcoming releases of flow software. Flow computers may handle more complex operations with inexpensive memory chips and quick data processing.

Regional Analysis

North America is the most significant shareholder in the global flow computers in the oil and gas market and is expected to grow at a CAGR of 5.5% during the forecast period. North America is one of the biggest oil and gas producers. Hundreds of billions of tons of petroleum and millions of cubic feet of natural gas are transported along more than 2.6 million miles of pipeline. The size of the pipeline network necessitates gas metering stations, which raises the need for flow metering equipment like ultrasonic, orifice, and other flow meters. The area's new flow computers work well with the established SCADA protocols. In order to speed up deployment and reduce time spent in the field, SCADA and other field devices can be integrated with Emerson Electric's FB1000 and FB2000 flow computers for oil and gas. The market for flow computers is predicted to expand during the forecast period due to increased oil and gas production and flow-measuring equipment subject to mandates and regulations.

Europe is expected to grow at a CAGR of 6.9%, generating USD 153.13 million during the forecast period. Schneider Electric SE, ABB Ltd., Krohne Ltd., and others make flow computers in Europe. The flow computer market can grow thanks to regional vendors. They were rising oil and gas production. According to BP, 1,531,000 barrels of oil and gas were produced daily in the area in 2019. In November 2020, the region had 71 onshore and 31 offshore oil rigs. The UK's oil and gas industry, one of the region's largest LNG and natural gas importers, needs flow computers and meters. The EU overtook the US as the world's top importer of fossil fuels in 2019, with 233 million metric tons of oil equivalent in natural gas and LNG imports from 27 EU member states and 473 million metric tons in oil and oil products.

The Asia-Pacific oil and gas sector is growing significantly. Companies are relocating to offer oil and gas automation and install flow measurement equipment with computing power. A Chinese oil and gas company monitored a nitrogen tank with Magnetrol thermal flow meters. The flow meter's field-verifiable calibration reduced ownership costs. Government investments in the region's oil and gas industry help manage facility growth, creating opportunities for flow computers. Growing investments encourage oil and gas industry automation. In June 2020, the country's first automated national-level gas trading platform was unveiled to support an efficient gas market and improve gas trading.

Key Highlights

• The global flow computers in the oil and gas market were valued at USD 571.6 million in 2021. It is expected to reach USD 990.58 million by 2030, growing at a CAGR of 6.2% during the forecast period (2022–2030).
• Based on the offering, the global flow computers in the oil and gas market are bifurcated into hardware and software. The hardware segment owns the highest market share and is expected to grow steadily during the forecast period.
• North America is the most significant shareholder in the global flow computers in the oil and gas market and is expected to grow at a CAGR of 5.5% during the forecast period.

Competitive Players

Competitive Players 

The global flow computers in the oil and gas market’s major key players are Schneider Electric SE, ABB Ltd, Honeywell International Inc., Emerson Electric Company, Bedrock Automation Platforms Inc. (Maxim Integrated Products Inc.), Yokogawa Electric Corporation, Quorum Business Solutions Inc., OMNI Flow Computers Inc., Dynamic Flow Computers Inc., and Flowmetrics Inc.

Recent Developments

Market News

• In Feb 2021, Quorum announced the acquisition of TietoEVRY's entire oil and gas software company and the merging with Aucerna, a provider of integrated planning, execution, and reserves software for the energy industry. This agreement, according to Quorum, will establish Quorum as a leader in the world of energy software in the upstream, midstream, and downstream segments of the energy value chain.
• In March 2021, Utah Gas Corp. announced that it achieved its project milestone by implementing FLOWCAL gas measurement software.

Segmentation

Global Flow Computers in Oil and Gas Market: Segmentation

By Offering

• Hardware
• Software

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa