Wetgas Meter Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Stainless Steel Wet Gas Meters and Brass Wet Gas Meters); Application (Municipal, Chemical, Oil & Gas, Industrial, and Others); and Region/Country
Global Wetgas Meter Market is expected to grow at a significant rate of around 7% during the forecast period. Wetgas meters are used in various industries, such as oil and gas, chemical processing, and power generation. The market is expected to grow due to increasing demand for reliable measurement of wet gas in various applications and the need for accurate energy billing and regulatory compliance. Also, the market for wet gas meters is growing due to increasing demand for natural gas as a cleaner energy source and the growth of shale gas production. In addition, the market for wet gas meters is growing due to increased production and exploration of unconventional gas reserves, which often contain a high percentage of liquids.
Dermaga Oil & Gas Sdn. Bhd., EMCO Controls A/S, Emerson Electric Co., EXPRO HOLDINGS UK 2 LIMITED, SLB, TechnipFMC plc, Weatherford, SEIL ENTERPRISE CO., FORCE TECHNOLOGY, and KROHNE are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, stainless-steel wet gas meter category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into stainless steel wet gas meters and brass wet gas meters. The stainless-steel wet gas meter segment is expected to witness significant market growth during the forecast period. The flow rate of wet gases, such as natural gas, which contain liquid droplets, is measured by a steel wet gas meter. It usually has a steel body and a measuring chamber with liquid—usually glycerin—in it to reduce friction and steady the measurement. The movement of the gas through the meter results in a pressure drop that is proportional to the flow rate, which is then measured and recorded.
“Amongst application, the oil & gas to hold a significant CAGR in the market in 2020.”
Based on the application, the market is segmented into municipal, chemical, oil & gas, industrial, and others. The oil & gas industry is expected to register a significant CAGR during the forecast period owing to the increasing demand for oil and gas around the world. Also, the wet gas flow technology evolved and was used in the fiscal production allocation along with the determination of the money transaction between the host government and operating companies. In addition, the increasing investment in the exploration of unconventional oil & gas resources as well as offshore exploration activities will increase the demand for the wet gas flow meter to obtain the optimized performance.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global wetgas meter market. This is mainly due to the increasing demand for energy and the increasing adoption of gas-based vehicles in the region. Additionally, the focus on replacing liquid-based vehicles with gas-based vehicles and the strict government regulations for carbon emissions are expected to drive market expansion during the projection period. Additionally, the market expansion will be supported by rising offshore oil and gas drilling exploration, rising investment, rising research and development, and rising digitization. Also, the presence of several leading players in the region and the increasing exploration of shale gas opens lucrative opportunities for investment in the continent. For instance, as per World Energy Council, the US has 1161 trillion cubic feet of recoverable unconventional gas which is the higher in the world. In addition, technological advancements such as the integration of the IoT, AI, and the requirement of horizontal drilling for optimized output are propelling the wetgas meter market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global wetgas meter market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Wetgas Meter Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global wetgas meter market were the three major steps undertaken to create and analyze the adoption of wetgas meters in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wetgas meter market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the wetgas meter market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the wetgas meter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Wetgas Meter market. Further, we conducted factor analysis using dependent and independent variables such as various types and applications of wetgas meters. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the wetgas meter market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global wetgas meter market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the wetgas meter market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global wetgas meter market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global wetgas meter market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global wetgas meter market.
The main objective of the Global Wetgas Meter Market Study
The current & future market trends of the global wetgas meter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the wetgas meter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of type and application.
- Define and analysis of the regulatory framework for the wetgas meter
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the wetgas meter market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the wetgas meter market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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