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The wetgas meters market size is forecast to increase by USD 681.1 million at a CAGR of 6% between 2023 and 2028. The market's expansion hinges on various factors, including the increasing emphasis on unconventional sources in oil and gas exploration and production (E&P), the rising global production of coalbed methane, and supportive government policies favoring gas utilities. These dynamics drive innovation and investment in extracting resources from unconventional reserves, reshaping the energy landscape. The shift towards unconventional sources reflects efforts to diversify energy portfolios and enhance energy security amidst evolving global demands. Additionally, growth in coalbed methane production underscores advancements in extraction technologies and operational efficiencies. Government backing for gas utilities further propels market growth by fostering infrastructure development and regulatory frameworks conducive to expanding market reach and enhancing operational capabilities. Together, these factors underscore a strategic alignment towards sustainable energy practices and resilient energy solutions in response to changing market dynamics and environmental considerations.
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In the realm of chemical processing and power generation, precise gas measurement solutions are crucial, facilitated by advancements such as stainless steel wet gas meters and brass wet gas meters. These meters accurately monitor gas flow rates, pressure, and temperature in applications ranging from pharmaceutical manufacturing to transportation and municipal applications. Enhanced by sensor technologies and digital connectivity options, these solutions integrate into smart technologies and IIoT solutions, optimizing operational efficiency and ensuring regulatory compliance. The rise in shale gas production and exploration of unconventional gas reserves underscores the need for reliable energy billing and adoption of cleaner energy sources like glycerin. Addressing challenges such as pressure drop and management of liquid droplets, these advancements support industrialization efforts and promote sustainable practices in energy utilization. As industries evolve, robust gas measurement technologies play a pivotal role in driving efficiency and innovation across diverse sectors.
Shifting focus of oil and gas E&P activities to unconventional sources is a key wetgas meters market driver. Oil companies are increasingly shifting their operations to unconventional oil and gas resources such as tight oil, shale oil, shale gas, and CBM. For these unconventional resources, the oil industry needs advanced on-site processing equipment to increase ROI. Heavy oil is a highly viscous, dense oil. Heavy oil is mainly found in 192 basins around the world. Non-traditional upstream oil and gas operations use wet gas meters to continuously measure oil, gas, and water without phase separation from the initial hydrocarbon stream produced from hydrocarbon wells. There are three main types of wet gas meters used in non-traditional upstream oil and gas operations.
In addition, these include the Type I Wet Gas Metering System, a single-phase commercial gas meter that measures gas and liquid flow rates in typical wells. Type II wet gas measurement systems are used to measure flow rates during production wellheads or well tests. Type III wet gas metering systems are polyphase gas meters used to measure the flow of oil, water, and gas mixtures. Therefore, increasing production activities of unconventional oil and gas resources such as tight oil, shale oil, shale gas, and coalbed methane (CBM) production are expected to drive the growth of the wet gas meter market.
An increase in global LNG trade is a key trend prevailing in the wetgas meters market. LNG trading has experienced dynamic changes in recent years. On the supply side, we are seeing growth with new projects being launched around the world.LNG trade is gaining global importance due to the advantages of natural gas as a fuel in the global energy mix. Asia remains the most important region for LNG production. Demand for LNG is increasing in China, India and other Asian countries, and the liquefied natural gas market in these countries is growing faster than coal and oil.
Moreover, these top regions exporting LNG include North America, Australia, Middle East, Africa and Russia. The most important importing countries include parts of Asia, Europe and South America. LNG is growing seven times faster than the pipeline gas trade and is projected to account for about half of all gas traded worldwide by 2035. Such factors will increase the market growth during the forecast period.
Uncertainties associated with low crude oil and gas prices is the major challenge restricting the market. The recent volatility in global oil prices (since February 2022) due to the Russo-Ukrainian war has had a severe impact on the global oil industry. Russia is one of the largest oil and gas producers. The territorial invasion of Ukraine has had a negative impact on the energy sector around the world, especially in Europe. The war between Russia and Ukraine has complicated trade relations between almost all countries as the European Union and other countries have imposed sanctions on oil exports from Russia.
However, after Russia invaded Ukraine in February 2022, the US president signed an executive order on March 8, 2022, banning imports of Russian oil, natural gas and coal. For example, volatility in global crude oil prices caused turmoil in the oil and gas industry, ultimately adversely affecting investment in the upstream oil and gas sector. Such factors will hinder the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wetgas Meters Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apexinst: The company offers wetgas meters such as W-NK wet gas meter.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the onshore application segment will be significant during the forecast period. The onshore segment includes the wet gas meter market, which is growing due to increasing onshore oil and gas development activity and an increasing number of refineries.
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The onshore segment was valued at USD 1.23 billion in 2018. Onshore upstream oil and gas E&P activities and projects have been in existence for more than a century and have experienced continuous technological advancements focused on increasing oil and gas production. Globally, onshore oil and gas development activities are concentrated in the United States, Canada, Russia and many Middle Eastern countries. Russia, the United States, Saudi Arabia and Mexico are increasing investment in upstream oil and gas projects. However, global oil price volatility has become a major challenge, hindering the development of conventional and unconventional oil and gas projects.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Oil and gas fields in European countries are reaching maturity and production from these more mature oil and gas fields is declining. Most European countries are facing production problems due to the depletion of oil and gas reserves. Therefore, European countries' dependence on oil and gas imports continues to increase. However, many countries are stepping up oil and gas E&P activities to curb their dependence on imports. Additionally, several initiatives have been taken by various governments in the region to ensure energy security.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The pursuit of cleaner energy sources is transforming oil and gas applications, prompting innovations in chemical applications and fostering advancements in gas-based vehicles to reduce carbon emissions. Technologies like IoT and AI enhance efficiency in offshore oil and gas drilling and shale gas exploration, optimizing the extraction of recoverable unconventional gas through methods such as horizontal drilling. In industrial and municipal sectors, precise flow meters like ultrasonic meters and Coriolis meters ensure accurate measurement in well testing and transportation applications, supporting sustainable practices and regulatory compliance. The integration of digital and smart meters with wireless communication systems enables real-time monitoring and data analytics, enhancing operational reliability and cost-effectiveness in industrial settings. As endorsed by the World Energy Council, these technological advancements underscore a strategic shift towards environmentally responsible energy solutions while optimizing resource utilization and reducing environmental impact.
Industry Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2024-2028 |
USD 681.1 million |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
5.5 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 31% |
Key countries |
US, Russia, China, Canada, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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