(MENAFN- PR Newswire)
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. 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.
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Technavio has announced its latest market research report titled Global wetgas meters market 2024-2028
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| 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. 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.
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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.
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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.
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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.
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