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.
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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
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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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.