Oil and Gas Custody Metering System Market: Introduction
- Custody metering system refers to a fiscal measurement used to determine the quantity and financial value of a petroleum product. It acts as a supervisory system for gas and liquid flow measurement.
- This system is selected based on several parameters such as flow rate, maximum operating and permissible differential pressure, temperature range, type of liquid & its characteristics, and availability of installation space. This metering system can be installed in both offshore and onshore locations.
Key Drivers and Restrains of Oil and Gas Custody Metering System Market
- Increase in demand for natural gas from end-use industries, such as automobile, chemical, and power plant on account of their environment-friendly features is a key factor driving the global oil and gas custody metering system market. This metering system is used as a billing meter to measure the amount of gas used in industrial and commercial establishments. Furthermore, rise in use of natural gas in the residential sector as domestic fuel for cooking purpose is projected to augment market growth.
- Surge in investments for the production of oil and gas to meet the demand for petroleum products is anticipated to drive the global oil and gas custody metering system market during the forecast period. The custody metering system is used to quantify the volume of hydrocarbons produced as oil and gas at well site.
- Technological innovations in design of custody metering systems to improve operational efficiency are likely to propel the global oil and gas custody metering system market. However, volatile fossil fuel price, along with high cost associated with E&P activity is anticipated to hamper the global market during the forecast period.
To clarify your doubts about the report on Oil and Gas Custody Metering System Market, Request a Brochure here
Ultrasonic Segment to Hold Major Share of Global Market
- The global oil and gas custody metering system market can be segmented based on flow meter and application
- On the basis of flow meter, the global oil and gas custody metering system market can be divided into coriolis, ultrasonic, vortex, thermal, differential pressure, positive displacement and others. Ultrasonic is one of the most extensively used flow meters in the oil and gas custody metering system market due to their ability to reduce pressure drop, increase reliability, and enhance accuracy. These flow meters typically use the transit-time method and are suitable for use in crude oil production, processing, and transportation applications.
- In terms of application, the global oil and gas custody metering system market can be divided into offshore and onshore. The offshore segment is anticipated to witness considerable growth due to increase in the number of marginal fields in onshore locations, along with availability of oil and gas reserves in deep-water.
North America Oil and Gas Custody Metering System Market to Expand Rapidly
- In terms of region, the global oil and gas custody metering system market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The oil and gas custody metering system market in North America is expected to expand at a significant pace during the forecast period. This growth of this market in the region can be attributed to increasing investments in exploration and production of shale gas. Moreover, rise in demand for advanced flow measuring technologies will further fuel market growth.
- Oil and gas custody metering system market in Europe is projected to witness growth during the forecast period due to ongoing capital expenditure in offshore drilling activities to reduce fossil fuel imports
- This market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period due to increase in demand for natural gas primarily in Japan, South Korea, India, and China from end-use industries, including chemical and manufacturing sectors. Metering systems can determine the accurate amount of hydrocarbon delivered into a pipeline and onto a truck, barge or a ship, making its adoption viable.
- The oil and gas custody metering system market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period due to rise in demand for advanced flow meter technology to measure the quantity of hydrocarbon resources exported to consumers
Looking for Regional Analysis or Competitive Landscape in Oil and Gas Custody Metering System Market, ask for a customized report
Key Players Operating in Global Market
Leading companies operating in the global oil and gas custody metering system market include:
- KROHNE Group
- Oil & Gas Systems International
- Endress+Hauser Management AG
- ODS Metering Systems
- Schlumberger Limited
- Kamehr Sdn Bhd.
- ENCE GmbH
Global Oil and Gas Custody Metering System Market: Research Scope
Global Oil and Gas Custody Metering System Market, by Flowmeter
- Differential Pressure
- Positive Displacement
Global Oil and Gas Custody Metering System Market, by Application
Global Oil and Gas Custody Metering System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.