The major factors that drive the growth of the global water cut monitors market include the increase in need and demand for real-time flow monitoring equipment. Further, economies across the globe increase their refining capacity to meet the growing demand for refined products. This has a positive impact on the growth of the global water cut monitor market. In addition, numerous countries are dependent on oil imports to meet their demand for hydrocarbon products, which is expected to drive the demand for the global water cut monitors market, in both exporting and importing countries. Demand for water cut monitors increases owing to the rise in investments in automation and digitization of the oil & gas sector. Moreover, offshore exploration and drilling activities are rising, due to the increase in demand for crude oil globally.
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However, the shift towards the renewable sources of energy for power demand has caused a restrain in the growth of oil & gas sector. This has caused a restrain in growth of water cut monitor system. The growth of the water cut monitors market in the Asia-Pacific region can be connected to increase imports from MEA countries, growth and extension of refineries, and growing speculation in the event of pipeline networks. The demand for oil and gas increases and this provides opportunity for the water cut monitor market to grow in the future. High investments are done in the pipeline network, exploration activities in the oil & gas sector, providing more opportunity for the water cut monitor market.
- The onshore oilfield assistance providers are concentrated on developing services for improving the production from mature players and thus, are coming back with exceptional drilling procedures. Therefore, improvement in digitalization rises the need for water cut meters.
- The onshore segment is expected to dominate the market in the future. This is due to the growing demand for oil and gas. The water cut monitor system is expected to grow during this period, due to real time monitoring devices, escalating investments in developing additional refining capacity.
- M-Flow Technologies Ltd., a provider of accurate and repeatable measurement systems, has been officially associated with Petrobras as a supplier of water cut monitors. Petrobras operates oil tankers, distribution pipelines, thermal power plants, fertilizer plants, petrochemical units, and marine, river and lake terminals.
- Apartment management platform introduce water monitor that cuts wastage of special and costly water for apartment and commercial complex.
- The Lease Automatic Custody Transfer (LACT) segment is estimated to be the fastest-growing segment of the water cut monitors. The LACT unit measures the net volume of liquid hydrocarbon, density compensation of crude, water cut, and flow rate. These factors are essential and play a crucial role in obtaining the value of the oil. The increase in import & export activities between the major oil & gas supplying and consuming nations are anticipated to boost the LACT water cut monitor market.
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COVID-19 Impact Analysis
- The COVID-19 pandemic affected the water cut monitor market negatively as it caused disruption in the supply chain.
- The lockdown forced the oil & gas industries to shut, which heavily impacted the water cut monitor market due to its high application.
- Due to the pandemic, the movement were restricted, which caused the transport segment to suffer and thus, the demand for oil and gas required for them decreased. This impacted the water cut monitor system because of their dependency on the oil & gas sector.
- The production and construction activities came to a halt due to the pandemic and the energy requirement from the oil & gas sector decreased, which affected the growth of water cut monitor system.
- The raw material supply was interrupted due to lockdown in most countries affecting production of water cut monitors.
- With lockdown being uplifted from countries, the energy demand is expected to increase, and thus, the market for water cut monitor system is expected to increase.
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