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The global flow computer market is expected to register a CAGR of 8.49% during the forecast period 2019–2024.
A flow computer is a specialized computer that uses algorithms and complex calculations to calculate and record the flow rate of a particular flowing substance according to the industry standards at a particular point of time. It provides accurate and consistent results using sophisticated programming, damage-resistant hardware components, and graphical user interface to display the readings. Flow computer manufacturers make flow computers that use either wired or wireless networks to connect to its different hardware devices such as pressure gauges, temperature probes, gas sensors, and distributed control systems.
The global flow computer market generated a revenue of USD 925.69 million in 2018 and is expected to reach a market value of USD 1474.13 million by 2024, registering a CAGR of 8.49%. The increasing developments in flow computers and growing demand for flow computers for wastewater treatment applications are the primary factors driving the growth of the global flow computer market.
By component, the global flow computer market has been segmented into hardware, software, and services. The hardware component consists of field-mounted devices and panel-mounted devices. These hardware devices are classified based on the type of mounting flow computer is using. A software component is installed on the user’s devices such as laptop, tablet, mobile, or computer to communicate with the flow computers. Various services for the flow computers include technical support, repair and maintenance, product training, parts replacement, and consulting services.
Global Flow Computer Market, by Region, 2018 (%)
Source: - MRFR analysis
The flow computer market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted for the largest market share of 35% in 2018, with a market value of USD 321.74 million; the market is expected to register a CAGR of 7.33% during the forecast period. Europe was the second-largest market in 2018, valued at USD 237.48 million; the market is projected to exhibit a CAGR of 8.74%. The market in the Middle East & Africa is expected to register the highest CAGR of 10.19%. North America is the dominating region in terms of market share due to the presence of various key players who are developing new and advanced flow computers systems. The increasing demand for advanced and reliable computing in industries is one of the major factors contributing to the growth of the market in the region. The US accounts for the largest share in the flow computer market in North America due to the early adoption of the flow computer technology/systems. Additionally, the presence of various oil & gas companies in the US, such as Chevron Corp., ExxonMobil Corp., Abraxas Petroleum Corp., Adams Resources & Energy Inc. and California Resources Corp., which use flow computers for the measurement of substances such as liquid and gas, contribute significantly to the growth of the market in the country.The geographic analysis in Europe has been conducted for various countries such as UK, Germany, France, Russia, Italy, and the rest of the European countries. Europe has various industries, including chemicals, petrochemical, and oil & gas, which use flow computer systems. The rising awareness for wastewater treatment is another factor driving the growth of the flow computer market in this region.
The key players of global flow computer market are ABB Ltd, Honeywell International Inc, Schneider Electric SE, Yokogawa Electric Corporation, Emersion Electric Co, Rockwell Automation (Allen-Bradley), ProSoft Technology Inc. (Belden Inc.), KROHNE Messtechnik GmbH (KROHNE Group), OMNI Flow Computers, Inc, Schlumberger Limited, Thermo Fisher Scientific Inc, Contrec Ltd, Dynamic Flow Computers, Inc, Flow Systems, Inc, Kessler-Ellis Products, Co, TechnipFMC PLC (FMC Technologies Measurement), and Flowmetrics, Inc.
- In May 2018, Thermo Fisher Scientific Inc. announced the launch of Thermo Scientific AutoXP flow computer, providing customers with greater control and connectivity. Thermo Scientific AutoXP flow computer is a two-in-one flow measurement instrument that facilitates the oil & gas industry field technicians to generate, manage, and interpret flow data in downstream, upstream and midstream operations for gas and liquid applications.
- In February 2019, Schlumberger Limited and Rockwell Automation announced an agreement to create a joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider. The Sensia joint venture will become the fully integrated provider of measurement solutions and automation for the oil & gas industry. It will offer scalable, cloud, and edge-enabled process automation solutions.
- In September 2018, KROHNE Messtechnik GmbH launched the FLEXMAG 4050 C, an electromagnetic flow meter with biocompatible disposable flow tube for biopharmaceutical applications that include filtration processes and chromatography. The electromagnetic flow meter provides stable, direct, and accurate volumetric flow measurements for meeting the biopharmaceutical requirements.
- In February 2019, ProSoft Technology Inc. launched its enhanced in-chassis flow computer for Rockwell Automation CompactLogix systems. This flow computer offers Lease Automatic Custody Transfer (LACT) accuracy solutions for oil & gas companies, reducing the maintenance costs.
- By Component — Hardware, Software, and Services
- By Operations — Single Stream Flow Computers and Multi-Stream Flow Computers
- By Connectivity — Wired Flow Computers, and Wireless Flow Computers
- By Equipment — Pressure Gauges, Temperature Probes, Gas Composition Sensors, Meter Prover, Sampling System, Density Measurement Equipment, and Others
- By Applications — Fuel Monitoring, Liquid & Gas Measurement, Wellhead Measurement and Optimization, Pipeline Transmission and Distribution, and Others
Key questions addressed by the report
- What was the historic market size (2018)?
- Which segmentation (Component/ Operations/Connectivity/Equipment/Applications) is driving market?
- What will be the growth rate by 2024?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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