Substantial increase in the focus on developing integrated flow metering solutions with automation and digitalization technologies, suitable for various applications are expected to drive the global subsea multiphase flowmeter market. As per Future Market Insights (FMI), the global subsea multiphase flowmeter market is projected to be valued at ~US$ 616.6 Mn in 2021.
The ongoing COVID-19 crisis has caused severe impact on the global economy. It has resulted in partial to complete shutdown of the supply chain networks and manufacturing activities across certain regions. Subsequently affected the subsea multiphase flowmeter market, adversely affecting growth. However, subsea multiphase flowmeter market is expected to recover sharply as the economic activity resumes post the containment of pandemic.
The production measurement segment is gaining prominence owing to its functionality of measuring the inflow and outflow of oil & gas such. Moreover, in the near future, it is expected that the scope of production measurement can be extended to enhancing inflow profiling in deepwater reserves, which will further augment demand for subsea multiphase flowmeter.
Key Takeaways of Subsea Multiphase Flowmeter Market Study
- Subsea flowmeter market is expected to register 8.5% CAGR between 2021 and 2031
- The U.S. is expected to have highest market share the global subsea multiphase flowmeter market. Within North America, it is expected to account for over 66% of sales
- The U.K. will emerge as a key market within Europe, exhibiting 5.6% y-o-y growth in 2021
- Expansion of oil and gas production will continue supporting growth in Germany and France
- China will continue driving sales in East Asia, backed by rising demand for energy
“Key industry participants are investing in strategic alliances, partnerships and product innovations to gain a competitive advantage in the evolving global market. These partnerships allow companies to improve their production capacity and strengthen their technical expertise.” says Future Market Insights analyst.
For More Details, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-11893
The subsea multiphase flowmeter market is gradually growing at a strong trend in due to increasing integration of technologies with automation and digitalization in subsea multiphase flowmeters for challenging flow metering solutions for regular production monitoring and measurement. Rise in oil and gas investments and increase in oil and gas projects provide extensive opportunities for the subsea multiphase flowmeter market.
The subsea multiphase flowmeter market witness moderate consolidation, in which the leading players account for more than 70% of the market share. The penetration of small regional players makes this market more competitive. Some of the key players in the market are Weatherford, Baker Hughes, AMETEK Inc., Schlumberger Limited, ABB Ltd, TechnipFMC PLC, Emerson, KROHNE Japan KK, Peitro Fiorentini S.p.a., Haimo Technologies Group Corp., and Tokico System Solutions Ltd among others. These players have higher shares in the global market, and have longstanding relationships with a number of end users, giving them an upper hand among their peers.