Market Trends of Flow Sensors Industry
This section covers the major market trends shaping the Flow Sensors Market according to our research experts:
Oil and Gas Vertical is Expected to Hold a Major Share
- The demand for oil and gas equipment is increasing consistently and as a result, it is expected that the adoption of flow sensors will also proportionally increase.
- Flow measurement is critical in the upstream oil and gas sector. It is required in upstream operations that span offshore to onshore activities, which include well testing, enhanced oil recovery, fractionation, completion, and separation, to recovery and preparation of crude oil and natural gas.
- During the exploration and drilling stages at oil and gas fields, there is a need for accurate and dependable flow instrumentation to ensure production is optimized.
- When a shale gas reserve is found, the first stage of the extraction process is to pump water-based solutions into the well to release the trapped gas. Here monitoring the flow is necessary to verify the outputs of hydraulic-driven equipment, such as power units on drilling rigs, and to monitor test machinery and tools for proper fluid flow rates.
- The choice of the suitable flow sensor for fuel gas to flare and acid gas measurements as well as monitoring liquefied natural gas (LNG) during the processing, transportation, and storage is critical. Further, the adoption of automation across the oil and gas value chain also had a major impact on the adoption of flow sensors, due to the greater need for efficiency and accuracy in the operation of the equipment.
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North America to Account for the Largest Share
- North America holds the largest market share of the flow sensors market, due to the thoroughly developed oil and gas, chemicals, and power generation industries.
- The North American renewable power generation sector was expected to continue to invest significantly in new projects, in 2017. According to the US Department of Energy, the hydropower sector is expected to grow from the current capacity of 101 GW, to almost 150 GW by 2050.
- An improving US economy (the United States is expected to hold its strong position as an exporter of chemicals) and a rebounding manufacturing sector are further expected to contribute to the growth of this market.
- North America has been a frontrunner in the deployment of smarter manufacturing infrastructure based on IoT techniques. Companies establish and maintain an operational process across control methods, manufacturing, and business processes.
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