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A water cut meter is used to measure the water content of crude oil and hydrocarbons as it flows through the pipeline. It is basically used in the oil & gas industry to measure the water cut of oil flowing from a well, produced oil from a separator, crude oil transfer in pipelines, and loading tankers. The oil & gas industry is a primary driver of the global economy, which is going through a significant transformation that uptick the demand in the global market. It improves the production efficiency by enhancing oil and water separation, reduces the retention time, improves fiscal reporting, and the automatic rerouting of oil back are the major factors leading to the growth water cut meter in the oil & gas industry. An increase in oil & gas production and exploration activities coupled with advancement in technology to optimize production and exploration are the primary market dynamics propelling the demand through which the water cut meter market is increasing its market share in the global market.
The water cut meter market is segmented into type, sector, application, and geography. Based on type, the market is divided into onshore and offshore. Based on the sector, the global water cut meter market is segmented into the upstream, midstream, and downstream segments. Based on the application, the market is categorized into automatic well testing (AWT), basic sediment and water (BS&W), separation vessels, MPFM application, lease automatic custody transfer (LACT), pump protection, and others segments. The water cut meter market is dominated in the upstream market, owing to the rise in digitalization and increased exploration & production activities.
The increasing need for real-time measuring devices in oil & gas production and exploration activities, and associated advantages of water cut meter over the conventional monitoring methods, are the major drivers leading the demand for the water cut meter market during the forecast period. An increase in well drilling activities combined with digitalization is also propelling the demand for the water cut meter market during the forecast period. Significant digitalization of oilfields and a small number of competitors providing water cut meter for subsea applications holds a growing opportunity for the water cut meter market during the forecast period.
Key Market Driver -
Increase need for real time measuring devices
Key Market Restraint -
Variation in oil prices hampers the market growth
Some of the globally acclaimed companies for water cut meter market are Weatherford, Emerson, Schlumberger, AMETEK STC, EESIFLO, Phase Dynamics, ZelenTech, M-Flow Technologies Limited, Kam Controls, Inc., Delta C Technologies, Agar Corporation, Inc., Sentech AS, Haimo Technologies, Aquasant Messtechnik AG, Lemis Process, HMA Group, and AppliTek.
The water cut meter market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the market due to an increase in oil and gas production from the U.S. New exploration of oilfields and oil reserves in North America also propels the demand for the water cut meter market during the forecast period. Europe is expected to be the second-largest market in the global demand owing to increasing growth in oil drilling activities and the growing demand for natural gas during the forecast period. Middle East & Africa is followed by the Asia-Pacific region owing to the increase in oil & gas exploratory projects and the new development of oilfields in the Middle East region. Hence, a significant increase in demand for oil & gas accelerates the demand for the water cut meter market during the forecast period.
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