Global Turbine Flow Meters for Subsea Applications Market: Rising Investments in Subsea Production Technologies to Drive Growth, Says TMR

According to a new research study by Transparency Market Research (TMR), the global market for turbine flow meters for subsea applications is likely to expand substantially in the coming years. Thanks to the efficiency, fast speed, and high level of accuracy of turbine flow meters, their popularity has remarkably increased across the world, resulting in an upswing in their sales.

The increasing need for economic, efficient as well as accurate measurement equipment in the subsea industry is the key driving force behind the significant rise in the turbine flow meters market, states the research report.

The rising investments in subsea production technologies will also support the growth of this market considerably during the forecast period. However, the advent of new devices, such as differential pressure based flow meters, may limit the adoption of turbine flow meters for subsea applications in the near future, reports the study.

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The report evaluates the worldwide turbine flow meters for subsea applications on the basis of flow range of turbine flow meters, segmenting it into 1100-2250 l/min, 250-1100 l/min, 50-250 l/min, and 1.2-50 l/min.

The global market for turbine flow meters used for subsea applications has also been assessed on the basis of its geographical spread in this study. As per the study, the market is spread across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

The Middle East and Africa is expected to present lucrative growth opportunities to market participants in the years to come. The presence of large offshore reserves and the increasing number of exploration projects in West Africa are anticipated to boost the demand for turbine flow meters in this region.

Europe is also projected to witness a steady demand for turbine flow meters in the years to come due to the upcoming exploration projects in the region. The region will also gain momentum due to the investment inflow, thanks to the stringent guidelines by government agencies associated with subsea exploration in European nations.

Asia Pacific, on the other hand, will be driven by the increasing investments by exploration companies in FPSO and FLNG systems in the near future, notes the study.

The competitive landscape of the global market for turbine flow meters for subsea applications has also been analyzed in this study. Environmental Technologies Ltd., Flowtechnik Ltd., AW-Lake Co., Omni Instruments Ltd., Hoffer Flow Controls Inc., and ABB Ltd. are some of the key market players mentioned in this report.

Turbine Flow Meters for Subsea Applications Market is expected to rise at a remarkable CAGR By 2023

To operate an oil and gas facility efficiently reliable measurement and control appliances must be utilized during the operations. Turbine flow meters are designed to measure volumetric flow by responding to the viscosity of the respective fluid to be measured. Apart from viscosity, density and velocity of the fluid are the other major parameters which influence the measurement of the turbine flowmeters. These flow meters have been an effective flow measurement technology for the subsea industry. Turbine flow meters have several features which make them an excellent choice for subsea applications. The flow sensing element utilized in these flow meters are lightweight and compact compared to other metering technologies. As a result, these devices are usually preferred in subsea applications. Turbine flow meters are suitable for use on all low to medium viscosity fluids. These flowmeters are specifically designed for subsea operations at various depth levels. The market for turbine flow meters in subsea applications is expected to grow at a substantial rate owing to fast speed and high accuracy response of these devices.

The requirement of economic and accurate measurement equipments in the subsea industry is the major driver attracting investment in turbine flow meters market. The turbine flow meters are a proven technology which is much more economical as compared to other measurement techniques. The new cost pressures have led subsea oil and gas companies to adopt cost effective techniques in hydrocarbon facilities. As a result of this the market for turbine flow meters is predicted to grow along with the growing investment in subsea production technologies. Many companies offer customized turbine flowmeters to meet the extreme regulations associated with subsea applications. However, with the advancement in technology many new methods such as differential pressure based flow meters are developed which may hamper the growth of the market in future.

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The market for turbine flow meters in subsea applications can be segmented on the basis of flow range of subsea turbine flow meters. The manufacturing companies offer a range of subsea turbine flow meters which are selected based on the requirement of the operator and the characteristics of the fluid. On the basis of flow range the market can be categorized as 1.2-50 l/min, 50-250 l/min, 250-1100 l/min and 1100-2250 l/min. The length and operating pressure of the turbine flow meters may also vary depending upon the range of flow meters.

The increasing offshore production activities in Brazil and Africa region will provide the major market for turbine flow meters in subsea applications in the coming future. Planned expansion projects and the large offshore reserves of West Africa is one of the prospective regions for the growth of for turbine flow meters in subsea applications. The strict guidelines issued by government agencies in European nations will further attract investment in this market. The shallow water exploration projects planned in Europe are predicted to be the potential segment for the growth of the turbine flow meters market. The exploration companies in Asia Pacific are also increasing investment in FPSO and FLNG systems which would provide growth opportunities for turbine flow meters in subsea applications.

Some of the major companies offering turbine flow meters for subsea applications are Flowtechnik Ltd, Environmental Technologies Ltd., AW-Lake Company, Hoffer Flow Controls, Inc., Omni Instruments Ltd. and ABB Ltd.