The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Flow Computer Market Research. The growth sectors of the Flow Computer Market Research are identified with precision for a better growth perspective.
Flow computers are used to store, process and analyze the data inputs from different sensors and meters such as temperature, pressure, density among others to monitor and detect the flow of a liquid or a gas substance in manufacturing and industrial facilities. The flow meters use a set of different algorithm and platforms. Flow computers are essential components of large systems such as wastewater treatment plants with multiple flows that need to be continuously analyzed and managed. These devices offer automated data collection and data management in various processes. There is a rising need for computing flow metrics such as flow rate, temperature, pressure, density, and viscosity with high reliability from industries such as oil & gas.
Flow meters, which form a part of flow computing systems, have also witnessed rapid development in recent years. The adoption of turbine flow meters has grown at a high pace role in the development of sophisticated fighter and surveillance airplanes, helicopters, cruise missiles, and drones due to their ability to withstand high g-forces. Military and government departments across the globe, as well as major aerospace manufacturers, utilize turbine flowmeters as an integral component in their equipment test stands. The dependence of the oil and gas industry on automation has significantly increased in the past decade. The fall in the prices of crude oil from 2014 to 2016 led to multiple rounds of industry layoffs, which has reduced the number of skilled workers in the oil and gas industry. Initiatives to increase digitization in the oil and gas industry are being implemented, which has led to an increase in investments in automation equipment, including flow computers.
According to Market Research Future analysis, the global flow computer market reached USD 925.69 million in 2018 and has been estimated to be valued at USD 1,474.13 million by 2024 at 8.49% CAGR during the forecast period 2019–2024.
Some of the prominent players in the global flow computer market are ABB Ltd, Honeywell International Inc, Schneider Electric SE, Yokogawa Electric Corporation, Emersion Electric Co, Rockwell Automation (Allen-Bradley), ProSoft Technology Inc. (Belden Inc.), KROHNE Messtechnik GmbH (KROHNE Group), OMNI Flow Computers, Inc., Schlumberger Limited, Thermo Fisher Scientific Inc, and Contrec Ltd.
The MRFR analysis offers a comprehensive understanding of market dynamics. The flow computer market is analyzed across key geographies, namely North America, Europe, Asia-Pacific, Middle East and Africa, and Central & South America.
The global flow computer market has been segmented on the basis of component, operations, connectivity, equipment, applications, and region. The global flow computer market, by component, has been segmented into hardware, software, and services.
The hardware segment accounted for the largest market share of 55% in 2018, with a market value of USD 505.03 million; it is expected to register the highest CAGR of 7.93% during the forecast period. The software segment was the second-largest market in 2018, valued at USD 261.57 million; it is projected to exhibit the highest CAGR of 9.97%.
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