Wetgas Meter Market: Current Analysis and Forecast (2022-2028)

A wet gas meter is a device used to measure the flow of a mixture of gas and liquid, typically in the oil and gas industry. It helps to accurately determine the volume and energy content of the wet gas stream. This information is used for production and allocation reporting, fiscal metering, and process control purposes. Wet gas meters use different technologies such as coriolis, ultrasonic, or differential pressure to measure the flow. In recent times, wet gas meters witnessed significant demand owing to measuring the total volume of wet gas, including the volume of liquid components, enabling precise measurement and allocation of natural gas resources.

The Wetgas Meter Market is expected to grow at a steady rate of around 7% owing to the increasing demand for the measurement of partially separated gas and correcting the gas flow rate of the natural gas resources. Major companies in the market are focusing to provide wetgas meter market with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in September 2020, Emerson launched a new flow meter to deliver accuracy and stability for the demanding hydrogen application and is suitable for mass flow measurement.

Based on the type, the market is bifurcated 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. A steel wet gas meter is a type of flow meter used to measure the flow rate of wet gases, such as natural gas, that contain liquid droplets. It typically consists of a steel body and a measuring chamber filled with a liquid, typically glycerin, which helps to reduce friction and stabilize 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.

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 increasing oil and gas exploration activities and new field development is expected to propel the demand in the coming time. For example, Saudi Aramco's Marjan expansion and increase the production by 300,000 barrels of oil each day (BPD) of Arabian Medium Crude Oil, process 2.5 BSCFD of gas, and produce an additional 360 MBCD of C2+NGL. The improvement will entail another offshore gas oil partition plant, and 24 offshore oil, gas, and water injection platform.

For a better understanding of the market adoption of the wetgas meter industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America led the market in 2021 with the highest market share. This is mainly due to the increasing demand for energy and the increasing adoption of gas-based vehicles in the region. Also, the stringent government regulation for carbon emissions and focus to replace liquid-based vehicles with gas-based vehicles with technological advancement is expected to propel the market growth during the forecast period. Furthermore, the increasing offshore oil & gas drilling exploration coupled with the growing investment and increasing research & development along with the growing digitalization will support the market growth. Additionally, the development of the new oil & gas field such as the Keystone XL pipeline and the Cactus II Pipeline in Texas propel the wetgas meter market due to the requirement for the continuous monitoring of the liquid & gas flow rate & pressure to prevent unwanted machine failure.

Some of the major players operating in the market include: 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.