NEW YORK, Aug. 8, 2024 /PRNewswire/ -- The global wetgas
meters market size is estimated to grow by USD 681.1 million from 2024-2028, according
to Technavio. The market is estimated to grow at a CAGR of
over 6% during the forecast period. Shifting focus of oil and gas E
and P activities to unconventional sources is driving market
growth, with a trend towards increase in global lng
trade. However, uncertainties associated with low crude oil and gas
prices poses a challenge. Key market players include Apex
Instruments Inc., CX Instrument, Dermaga Oil and Gas Sdn. Bhd., DP
Diagnostics, 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.
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Onshore
and Offshore), Type (Stainless steel and Brass), and Geography
(Europe, North America, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Apex Instruments Inc.,
CX Instrument, Dermaga Oil and Gas Sdn. Bhd., DP Diagnostics,
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
|
Key Market Trends Fueling Growth
The global LNG trade has experienced significant growth over the
past few years, with the supply side expanding due to new projects
starting worldwide. According to Shell's 2024 LNG outlook study,
the world's LNG trade reached 404 million tons (mt) in 2023, a
1.76% increase from 2022. The importance of natural gas as a fuel
in the global energy mix has led to the LNG trade assuming global
significance. In North America,
the Federal Energy Regulatory Commission (FERC) approved the
construction of nine LNG terminals in November 2023. Asia remains the major region for LNG
production, with China,
India, and other Asian countries
experiencing rising demand. Major LNG exporting regions include
North America, Australia, the Middle East, Africa, and Russia, while major importers include parts of
Asia, Europe, and South
America. LNG has grown seven times faster than pipeline gas
trade and is expected to account for around half of all globally
traded gas by 2035. The increasing LNG trade is expected to lead to
increased investments in natural gas liquefaction, regasification,
and floating projects, meeting fiscal metering requirements. Wetgas
meters are preferred by most customers as they pay only for gas
with moisture content. Therefore, the global wetgas meters market
is expected to witness substantial growth during the forecast
period, in line with the expanding LNG trade.
The Wetgas Meters Market is experiencing significant growth due
to increasing trends in shale gas exploration and the shift towards
cleaner energy sources like natural gas. The World Energy Council
reports that recoverable unconventional gas reserves are on the
rise, driving demand for advanced metering solutions. Wetgas meters
are essential in various industries, including Oil & Gas,
Chemical, and Municipal sectors. These meters measure gas flow
rates, pressure, and temperature for applications like well
testing, transportation, and industrial processes. IoT and AI
technologies are transforming the market with smart sensors and
digital connectivity options. Ultrasonic and Coriolis meters are
popular choices due to their accuracy and ability to measure liquid
droplets in gas streams. Wetgas meters are also used in power
generation, energy billing, and pharmaceutical applications.
Horizontal drilling and shale gas production have increased the
need for reliable and efficient wetgas meters in the Oil & Gas
industry. Wireless communication systems and IIoT solutions enable
real-time data monitoring and analysis, improving industrialization
and industrial settings' efficiency. Wetgas meters are also crucial
for gas-based vehicles and natural gas transportation
applications.
Discover 360° analysis of this market. For
complete information, schedule your consultation- Book
Here!
Market Challenges
- The global crude oil and natural gas markets have experienced
significant volatility over the past decade, leading to
industry-wide disruptions and negative impacts on upstream oil and
gas companies. Between 2012 and 2014, the US shale oil production
surge resulted in a global oversupply, causing crude oil prices to
decline from USD66.14 per barrel in
March 2019 to USD32.01 per barrel in March 2020. Natural gas prices also declined by
33.8% from January 2019 to
January 2020. More recently, the
Russia-Ukraine war has caused further price
fluctuations, with the US banning imports of Russian oil, natural
gas, and coal in March 2022. These
price changes directly affect the profitability and performance of
upstream oil and gas companies, as production costs largely remain
fixed. The cancellation or postponement of oil and gas exploration
and production (E&P) projects results from the low price
environment. Since oil and gas are extracted from the same well,
any fluctuation in crude oil prices impacts both oil and natural
gas E&P activities. Additionally, natural gas is mainly traded
in the international market due to the imbalance in global demand
and supply. The pricing mechanisms vary regionally, with
internationally traded natural gas often indexed to crude oil
prices due to their high substitutability in certain markets.
Overall, the uncertainties associated with oil and gas prices
negatively impact the growth of the upstream oil and gas industry
and, consequently, the demand for wetgas meters during the forecast
period.
- ai_dominating_segment_factor
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This wetgas meters market report extensively covers market
segmentation by
- Application
- Type
- 2.1 Stainless steel
- 2.2 Brass
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Onshore- The Wetgas Meters Market is experiencing
significant growth due to increasing demand for accurate and
efficient gas measurement in various industries. Key players in
this market include Siemens, Honeywell, and Schneider Electric.
They offer advanced technologies such as ultrasonic and Coriolis
metering to ensure high precision and reliability. These meters
help businesses save costs by reducing gas consumption and
minimizing leaks. The market is expected to continue expanding due
to regulatory compliance requirements and the shift towards
renewable energy sources.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
Wetgas meters, also known as oil in gas meters, are essential
devices used in the oil and gas industry for measuring the volume
or flow rate of natural gas mixtures containing liquid hydrocarbons
or other impurities. These meters play a crucial role in various
sectors, including chemical processing, power generation, and
energy billing. In oil and gas production, they are used for
measuring the gas flow rates in shale gas production and
unconventional gas reserves. Wetgas meters are also used in
municipal applications, transportation, and well testing. The
sensors in these meters measure the pressure, temperature, and
liquid content of the gas stream. Advanced sensor technologies,
digital connectivity options, and smart technologies, including
IIoT solutions, are transforming wetgas meters into more efficient
and accurate tools for the industrialization of the oil and gas
sector. Wetgas meters are an essential component in the transition
to cleaner energy sources, such as natural gas, by ensuring
efficient and accurate measurement and billing. Additionally, they
are used in pharmaceutical applications for the measurement of
glycerin and other liquid components. Despite the challenges posed
by the presence of liquid droplets and the resulting pressure drop,
wetgas meters continue to provide reliable and accurate
measurements, making them an indispensable tool in the oil and gas
industry.
Market Research Overview
Wetgas meters, also known as liquid and gas flow meters, play a
crucial role in the oil and gas industry by accurately measuring
the flow rates of natural gas, which can contain liquid droplets
such as condensate or glycerin. These meters are essential in
various applications, including chemical processing, power
generation, energy billing, and shale gas production from
unconventional gas reserves. Wetgas meters help optimize
operations, reduce pressure drop, and minimize carbon emissions in
municipal and industrial settings. The integration of IoT, AI, and
sensor technologies in wetgas meters enhances digital connectivity
options and enables smart technologies and IIoT solutions. The
World Energy Council estimates that recoverable unconventional gas
resources could meet more than a third of global energy demand by
2050. Horizontal drilling and shale gas exploration have increased
the demand for wetgas meters in the oil and gas sector. In
addition, the growing use of natural gas as a cleaner energy source
in municipal applications, transportation, and industrial settings
further boosts the market's growth. Ultrasonic and Coriolis meters
are popular wetgas meter technologies, while wireless communication
systems ensure seamless data transfer and analysis.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Type
-
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wetgas-meters-market-size-is-set-to-grow-by-usd-681-1-million-from-2024-2028--shifting-focus-of-oil-and-gas-e-and-p-activities-to-unconventional-sources-to-boost-the-market-growth-technavio-302216739.html
SOURCE Technavio