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Oil and Gas Custody Metering System Market Growth during the Forecast Period 2019-2027
1/17/2022
Oil and Gas Custody Metering System Market: Introduction
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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.
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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
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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.
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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.
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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
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The global oil and gas custody metering system market can be segmented based on flow meter and application
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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.
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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
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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
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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.
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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
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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.
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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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