CHICAGO, Dec. 5, 2019 /PRNewswire/ -- According to the new market research report "Water Cut Monitors Market by Sector (Upstream, Midstream, Downstream) Location (Onshore, Offshore) Application (Well Testing, Separation Vessel, LACT, Tank Farm & Pipeline, MPFM Applications, Refinery), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Water Cut Monitors Market is expected to grow from an estimated USD 188 million in 2019 to USD 241 million by 2024, at a CAGR of 5.0%, during the forecast period. The growth of the Water Cut Monitors Market can be attributed to the rising demand for advanced and precise real-time monitoring instruments from the oil & gas sector, especially for upstream applications.
The onshore segment is expected to hold the largest share of the Water Cut Monitors Market, by location, during the forecast period.
The onshore segment led the Water Cut Monitors Market in 2018 and is expected to grow at a considerable pace during the forecast period. The onshore oilfield service providers are focused on improving services for enhancing the production from mature fields and thus are coming up with advanced drilling procedures. Therefore, enhancement in digitalization increases the demand for water cut meters. With the adoption of water cut monitors, oil & gas operators can monitor water cut at upstream, midstream, and downstream applications. During drilling, accurate water cut measurement is crucial, as the oil operator wants to supply oil with minimum impurities at all stages of the supply chain to get maximum returns in terms of revenue. Thus, rising demand for real-time measurement instruments from oil operators in regions such as North America and Europe to manage production, reduce downtime, and incur lower human risk is a key factor driving the growth of the Water Cut Monitors Market.
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The upstream sector segment is expected to be the largest segment of the Water Cut Monitors Market.
The upstream segment is expected to be the largest segment of the Water Cut Monitors Market, by sector, in 2018. Water cut monitors in the upstream sector are primarily used in well testing, separation vessel, and MPFM applications. The upstream sector is experiencing rapid digitalization by transforming traditional operating models into smarter operations, which reduces nonproductive time. Additionally, there has been a considerable increase in drilling activities globally. For instance, the total numbers of new wells drilled globally were approximately 71,000 in 2018, of which, about 4,000 were offshore and the remaining 67,000 onshore. The new well drilling activity witnessed a y-o-y growth of 7% from 2017. Thus, rising drilling activities and increasing adoption of real-time monitoring systems are major factors expected to drive the demand for water cut monitors in the upstream sector.
Asia Pacific: the leading Water Cut Monitors Market
In this report, the Water Cut Monitors Market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific market is expected to lead the Water Cut Monitors Market by region. The growth of the Water Cut Monitors Market in the Asia Pacific region can be attributed to rising imports from Middle East countries, development, and expansion of refineries, and increasing investment in the development of pipeline networks.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Water Cut Monitors Market. They are Weatherford (Switzerland), Emerson (US), Phase Dynamics (US), and Ametek Inc. (US). The leading players are trying to enter the market of developing economies and are adopting various strategies to increase their market shares.
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