Flow Computer Market Size Forecast to Reach $1.3 Billion by 2026
The Market for flow computer is forecast to reach $1.3 billion by 2026, growing at a CAGR of 5.1% from 2021 to 2026. A flow computer is an electronic device used to calculate and record the flow rate of natural gas and hydrocarbons by using algorithms which pass through analog and digital signals received from pressure transmitters, temperature transmitters, flow metres, gas composition sensors, sampling systems and other devices.
Flow computers are also used for data logging, communication, remote metering, alarming and control functions tasks that flow meters cannot do without a flow computer. The flow measurement sensors on flow computers have mathematical expressions which describe how they interpret the input signals into readable flow measurement outputs through single stream and multi stream computers. The advantage of flow computers are the flow data can be measured, logged and stored remotely and computation is flexible to use depending on the requirements.
Flow Computer Market Segment Analysis - By Type
Flow computers are of two types they are single and multi-stream flow computers. Single stream computers is connected to just a single meter stream (meter run) so that a metering station with three meter streams would require three single stream flow computers. In case of multi stream flow computer it receives the outputs from all flow meters. The advantage of multi-stream flow meters over single flow meters is multi-stream have additional communication capabilities as well as more memory and computing power to implement advanced features which are not available in single run devices. Multi-stream flow meters are set to grow at fastest rate of 7.5% through 2026.
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Flow Computer Market Segment Analysis - By Applications
Flow computers are widely used in industries that are built on transporting large amounts of liquids and gases. Especially oil and gas industries as well as petrochemical manufacturers use flow computers to obtain precise measurements of the products that flow through their pipelines. The Oil and Gas industry is the largest market accounting for 26% share in 2020. Flow computers analyse data and generate reports for products such as crude oil, refined oil, natural gas, ethylene, nitrogen and other products. Operators also utilize flow computers to track natural disasters and potential damage they cause.
Flow Computer Market Segment Analysis – By Geography
North America is projected to grow at the highest CAGR of 7.2% during the forecast period 2021-2026. The growth of this region can be attributed due to high adoption of flow computer technology and presence of large number of flow computer manufacturers. United States is one of the top manufacturing hubs and providers of electronic computer products such as Emerson Electric Co., Schlumberger Ltd and Honeywell International Inc.
Flow Computer Market Drivers
Need for accurate measurement of products
One of the factors driving the market of flow computers is the need for accuracy in oil and gas and petrochemical products in the oil and gas industries. Flow computers provide accurate and consistent results using sophisticated programming, damage-resistant hardware components and graphical user interface to display the readings. Advanced technology allows flow computers to make calculations, provide linearization adjustments and even further reduce temperature error by zeroing the error. Flow computers can provide reading accuracy to +/-0.1 percent.
Adoption of advanced flow computing technology
As the adoption of technology becomes more the more choices become available in the flow computer market. Oil and gas, chemical and water and wastewater industries are widely adopting process automation which leads to reduction in labor cost and fuel prices. These industries have launched technologically advanced products such as scanner model flow computers which offer processing power and support gas chromatograph for flow measurement. Adoption of technological products in the industries driving the market growth.
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Flow Computer Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the flow computer market. The flow computer market is dominated by major companies such ABB Ltd, Honeywell International Inc., Schneider Electric SE, Yokogawa Electric Corporation, Emersion Electric Co., Rockwell Automation, OMNI Flow Computers Inc., Dynamic Flow Computers, KROHNE Messtechnik GmbH, Schlumberger Ltd.
Acquisitions/Technology Launches/Partnerships
In June 2020, KROHNE Messtechnik GmbH launched the FLEXMAG 4050 C, an electromagnetic flow meter with biocompatible disposable flow tube for biopharmaceutical applications which include filtration processes and chromatography. The electromagnetic flow meter provides stable, direct and accurate volumetric flow measurements for meeting the biopharmaceutical requirements.
In Feb 2019, Prosoft technology Inc. launched its enhanced in-chassis flow computer for Rockwell Automation compact logix systems. This flow computer offers Lease Automatic Custody Transfer accuracy solutions for oil and gas companies reducing the maintenance costs.
Key Takeaways
The demand for flow computers is increasing due to need for accurate measurement of crude oil and expensive petrochemical products.
Flow computers are also used for data logging, communication, remote metering, alarming and control functions tasks that flow meters cannot do without a flow computer.
Flow meters which commonly used with flow computers are turbine, vortex, orifice.
North America is one of the fastest growing markets in flow computer due to high adoption of flow computer technology as well as presence of large number of oil and gas companies like Exxonmobil Corp., Chevron Corp., Abraxas Petroleum Corp.
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