Surge in subsea exploration and production drives global turbine flowmeter market
The increasing offshore production activities in Brazilian and African regions will provide the major market for turbine flowmeters in subsea applications in the coming future, a new market study by Transparency Market Research says.
Turbine flowmeters are velocity measurement devices used for measuring the volumetric flow of liquid or gas.
At oil and gas facilities, turbine flowmeters are deployed for the transfer of hydrocarbons and gases in a controlled manner.
Advanced turbine flowmeters commonly used at oil and gas facilities incorporate the functionality of flow computers for correcting properties such as pressure, fluid, and temperature of the liquid or gas under observation and achieve the desired accuracy for the application.
Other than the oil and gas industry, turbine flowmeters find miscellaneous applications in water, chemicals, and the food and beverages industries.
Turbine flowmeters features that make them an excellent choice for volumetric measurement devices in the subsea industry.
The flow sensing elements used in turbine flowmeters are compact and lightweight compared to other metering technologies and as a result, turbine flowmeters are suitable for subsea operations at different depth levels.
Their high accuracy and fast speed response also make them highly viable for subsea operations.
The continuous rise in energy demands from the mounting global population and the strengthening industrial sector in the past few years, coupled with matured onshore reserves of oil and gas, have boosted exploration and production activities from subsea reserves.
With the section of subsea oil and gas exploration and production garnering an increased level of attention on a global front, the market for turbine flowmeters is also expected to tread along an upward growth trajectory in the coming years.
The market is benefitting especially from the rising offshore oil and gas exploration and production activities in Africa and Brazil in the next few years.
A number of planned expansion projects and the vast offshore reserves in West Africa are potential growth sectors for the global market for turbine flowmeters.
Strict guidelines related to operations at oil and gas facilities in Europe could prove to be another significant factor propelling the market in the near future.
Along with this, a number of shallow water exploration projects planned in European countries will significantly boost the demand for turbine flowmeters.
However, the depression that currently engulfs the global oil market owing to the continuously declining crude oil prices can hamper the overall development of the global turbine flowmeter market to a certain extent.
The development of numerous newer volumetric flow measuring devices at a rapid pace owing to technological advancements is also expected to hinder the growth of turbine flowmeters to a certain extent on the global front.
The market features a large number of companies offering customised turbine flowmeters according to the specific regulations associated with operations at subsea facilities.
Companies offer a wide range of turbine meters that are chosen on the basis of the characteristics of the fluid/gas under observation.
Based on flow range, the market is segmented into 1,100-2,250L/min, 250-1,100L/min, 50-250L/min, and 1.2-50L/min.
Some of the major vendors operating in the global turbine flow meters market for subsea operation are Environmental Technologies, Flowtechnik, Omni Instruments, AW-Lake Company, ABB, and Hoffer Flow Controls.
The full market study is available here.