Flow Computer Oil Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Global Flow Computer in Oil and Gas Market was valued at USD 541.59 Million in 2020. It is expected to reach USD 776.64 Million by 2026, registering a CAGR of 6.2%, over the period of 2021-2026. The overall function of a flow computer is to calculate and record the flow rate using industry-standard algorithms as natural gas and several hydrocarbons pass through a segmented section of the pipeline. These meters could be but are not limited to orifice meters, ultrasonic meters, linear meters, or Coriolis meters. A typical orifice measurement application requires a differential pressure transmitter, static pressure transducer, and temperature probe.

• Traditional oil and gas production site designs had one or two wells per pad. In contrast, modern production well pad designs integrate numerous wells, each of which may produce oil, natural gas, and water. Whereas wellhead and facility controls were once performed in separate locations, many more sites perform everything at the same location: the well pad. The economics of the modern oil and gas field requires concentrating measurement and control in a single location.
• The concentration at the wellhead has increased the demand for flow computers, which are supported by sophisticated control algorithms and the ability to provide real-time and historical data to multiple users. As more and more users discover the competitive advantage and productivity improvements they can gain from better data analysis and the requirements to collect, store, process, and transmit data, increasing the demand for high-tech flow computers increases.
• The development of a rugged, single platform equipped with consolidated measurement and controls, edge computing, advanced connectivity, and intrinsic cybersecurity is being sought after by many players in the oil and gas industry. This factor has led to expanding flow computer processing capabilities.
• The most critical risks that a company will face if somebody gets unauthorized access to oil and gas companies’ infrastructure are planted sabotage/shutdown, equipment damage, production disruption, utility interruption, product quality, undetected spills, compliance violation, illegal pipeline tapping, safety violation, etc. Specific tactics threaten hackers to try and compromise communications or find a way to maintain a presence in corporate networks for espionage purposes, such as DNS hijacking, attacking webmail and corporate VPN servers, or even scraping publicly available information for data.
• Due to the COVID-19 pandemic, the oil and gas industry witnessed a slowdown in supply growth in the United States and other non-OPEC countries. The global oil demand is expected to contract in 2020, according to a study by the International Energy Agency (IEA). IEA had predicted that the daily need for crude oil was likely to decrease in 2020, from 100.1 million barrels in 2019 to 91.7 million barrels in 2020, due to the economic and mobility impacts of the COVID-19 pandemic which included widespread shutdowns across the world.

Scope of the Report

The flow computer is used for flow measurement, monitoring, and control process. It undertakes calculation of corrected flow of liquid and gas, on the basis of signals received from flow meters, pressure transmitters, and from temperature transmitters. In the oil and gas sectors, they undertake liquid & gas measurement, wellhead measurement and optimization, custody transfer and control and fuel monitoring, among others. The market has been segmented on the basis of offering and geography.

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Key Market Trends

Evolving Data Computational Capacity of Flow Computers

• The development of single, rugged platform equipped with consolidated measurement and controls, edge computing, advanced connectivity and intrinsic cyber security by many players for the oil and gas industry has led to the expansion of flow computer processing capabilities.
• Many players like Quorum are already offering integrated solutions for core processing demands across the upstream, midstream and downstream segments of the value chain. Quorum offers its software platform to more than 75% of the top oil and gas producers in the United States.
• Further product improvements in new and traditional technology flowmeters are also contributing to the data capturing ability of such systems. Vortex and turbine suppliers have now started offering flowmeters with two sensors and simultaneously calibrated dual flowmeter. FCI expanded its Adaptive Sensor Technology (AST) to offer ST80 Series Thermal Mass Flow Meter that has enhanced the rangeability, accuracy, extended service life, and reliability for process industry air/gas flow measurement.
• The introduction of these sensors have led to the possibility to create new internal and external applications for flow computeres. For instance, predictive maintenance along with virtual- and augmented-reality capabilities has the potential to enable remote maintenance and technical support thereby reducing flow measurement costs in day to day operations.
• The launch of these sensors has led to the possibility of creating new external and internal applications for flow computers. For instance, predictive maintenance and virtual- and augmented-reality capabilities can enable remote maintenance and technical support, thereby, reducing flow measurement costs in day-to-day operations.

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