Subsea Multiphase Flowmeter Market: Overview
Subsea multiphase flowmeters are used in obtaining data on individual phase flow rates of constituent phases on the multiphase, water, oil, and gas. Companies adopt these in subsea development wells with the key objective of attaining substantial cost savings. Advancements in multiphase meters and measurement systems have made them versatile to use in all pressures and environments and for different fluid phases. There is a key focus on raising the accuracy level unattained earlier. A case in point is the application of the technology to 20,000 psi. Some of the key objectives are improving test quality, optimizing oilwell performance, and enable data-driven decision making. Adoption of continuous in-line measurement in the oil and gas has led to production performance in subsea operations. Technologies used in flowmeters are temperature and pressure sensors.
The key materials used in making of flowmeter are Inconel, Hastelloy, and duplex stainless steel.
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Subsea Multiphase Flowmeter Market: Key Trends
The study offers a key growth assessment of new avenues, major technological advances, insights into shares and size of all the key segments, and market sizing of lucrative products and technology segments region-wise.
The drive for the subsea multiphase flowmeter market has come from the several benefits they offer to end users in the offshore oil and gas operations. Growing traction of remote metering operations for subsea operations has bolstered the prospects in the subsea multiphase flowmeter market. The need for improving the safety elements, such as reduction of gas flaring and oil and gas spills. Rapidly aging maturing oil wells in offshore environment is a key trend bolstering the growth of the subsea multiphase flowmeter market. This has also played a role in the uptake of offshore oil and gas operations. The shift from radioactive technology to non-radioactive is one of the favorable trends opening new avenues for equipment manufacturers.
The high capital expenditure required in installing or deploying these has dampened the growth prospects in the subsea multiphase flowmeter market. Nevertheless, in long run, it has come out to be a cost-effective technology as its steady application by offshore oil and gas operators has helped them garner substantial operational savings.
Subsea Multiphase Flowmeter Market: Competitive Analysis and Key Developments
Numerous players are leaning on offering technology advanced products. In this regard, combined subsea multiphase flowmeter and wetgas meter have attracted the attention of manufacturers. Providers of subsea multiphase flowmeters are keen on meeting the stringent industry standards. Top oilfield equipment manufacturers are offering equipment and oilfield technical services that promise strikingly high return on investments (RoI) for end users in the oil and gas industry. This is also one of the winning imperative new entrants may focus on in near future.
Some of the players aspiring for consolidating their stakes in the subsea multiphase flowmeter market are Haimo Technologies Group Corp., AMETEK Inc., Fluor, KROHNE Oil and Gas, Emerson, Halliburton, Pietro Fiorentini, Schlumberger, and Weatherford International.
Subsea Multiphase Flowmeter Market: Regional Assessment
On the geographical front, North America and Asia Pacific have been presenting substantial revenue streams, on the back of governments and industry players investing substantially on offshore exploration projects. Especially in North Sea, Gulf of Mexico, Canada, South East Asia and Australia, such projects have seen proliferation of demand for subsea multiphase flowmeters.
Countries that have in recent years been cynosure of attention for offshore oil and gas production in parts of North America have been hotbed of opportunities. Moreover, economies in South East Asia and Africa have seen subsea multiphase measurement systems rendering substantive economic benefits, thereby propelling the expansion of opportunities in these regions.
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