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The wetgas meters market size is estimated to grow at a CAGR of 5.75% between 2022 and 2027. The market size is forecast to increase by USD 617.01 million. The growth of the market depends on several factors, including the shifting focus of oil and gas E&P activities to unconventional sources, growth in global coalbed methane production, and favorable government support for gas utilities.
This wetgas meters market report extensively covers market segmentation by application (onshore and offshore), type (stainless steel and brass), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The shifting focus of oil and gas E&P activities to unconventional sources is notably driving the market growth, although factors such as the uncertainties associated with low crude oil and gas prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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.
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.
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 1,193.42 million in 2017 and continued to grow by 2021. 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 30% 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.
In Europe, the outbreak of COVID-19 hampered the demand for wetgas meters significantly from the regional oil and gas sector in Q1 2020. However, as the pandemic slowly subsided due to the easing of lockdown restrictions and the implementation of mass COVID-19 vaccination drives in 2021, the oil and gas industry in Europe witnessed a revival in its growth. The resumption of drilling operations in the regional oil and gas industry and the restoration of supply chain operations among gas utilities augmented the demand for wetgas meters in 2021. Furthermore, several new oil and gas field development projects and upstream oil and gas investments will support oil and gas E&P operations. As a result, oil and gas drilling activities will also increase and, subsequently, drive the growth of the wetgas meters market in the region during the forecast period.
The wetgas meters market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the Wetgas Meters Market as a part of the energy market within the global energy market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Wetgas Meters Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.75% |
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Market growth 2023-2027 |
USD 617.01 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.25 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 30% |
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Key countries |
US, Canada, China, India, and Russia |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Apex Instruments Inc., CX Instrument, Dermaga Oil and Gas Sdn. Bhd., DP Diagnostics LLC, 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 |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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