The Flow Computers Market is estimated to be valued at US$ 679.5 Million in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Flow computers are electronic measurement devices used for measurement of fluid flow in several industrial applications such as oil and gas, chemicals and power generation among others. They deliver accurate measurement of fluids and provide process control by controlling control valves and data acquisition systems. With widespread industrialization, the demand for flow computers is on the rise for monitoring production processes accurately.
Market key trends:
One of the key drivers of the flow computers market is rapid industrialization across the globe. Industries such as oil and gas, chemicals and power among others require accurate measurement of process parameters like flow, temperature and pressure. Flow computers play a vital role in metering control and operation optimization in such industries. Growth in these process industries is directly impacting the demand for flow computers for various applications like custody transfer, allocation and legal process measurement. Furthermore, implementation of advanced technologies like IIoT and cloud computing in flow computers is enabling real-time process monitoring and data analysis, thereby supporting market growth over the forecast period.
Threat of new entrants: Global Flow Computers Market manufacturers require high investment for R&D and setting up production facilities. Therefore threat of new entrants is moderate.
Bargaining power of buyers: Buyers have high bargaining power as flow computers are interchangeable and switching costs are low.
Bargaining power of suppliers: Major components like processors, sensors are available from multiple global suppliers. Thus suppliers have moderate bargaining power.
Threat of new substitutes: Flow computers face low threat from substitutes as they play a vital role in oil and gas, water and wastewater industries.
Competitive rivalry: Global flow computer market is moderately competitive due to presence of major established players.
Strengths: Flow computers offer accurate metering and monitoring solutions. Rising demand from oil & gas industry acts as an opportunity.
Weaknesses: High initial investment and frequent technological upgradations increase cost of ownership. Dependence on oil prices increases uncertainty.
Opportunities: Growth in water & wastewater industries cater additional demand. Adoption of digital technologies like IIoT & cloud offer new revenue streams.
Threats: Trade wars and geopolitical risks impact oil & gas capital expenditures. Stringent regulations regarding emission control increase compliance costs.
The global flow computers market size is expected to grow at a CAGR of 9.6% during 2023 – 2030, owing to rising oil & gas production activities. Flow computers find widespread usage in estimation and optimization of hydrocarbon production and transportation.
Regionally, North America dominated the global market in 2023 with over 30% revenue share. Presence of shale reserves and increasing oil exploration & production activities in the US and Canada drive the regional growth. Asia Pacific is expected to witness fastest growth during the forecast period on back of China and India’s rising energy demand.
Key players operating in the flow computers market are 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., Equinor ASA, KT-Flow, KROHNE Group, OMNI Flow Computers Inc., Schlumberger Limited, SICK AG, Logic Beach Inc., Flowmetrics Inc., Contrec Ltd., Kessler-Ellis Products Co., and TechnipFMC plc. Major players focus on new product launches and mergers & acquisitions to gain competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it