The Europe Flow Computer in Oil & Gas Market would witness market growth of 5.7% CAGR during the forecast period (2023-2029).
The need for high-tech flow computers rises as more and more users learn how greater data analysis may provide them a competitive edge and boost productivity, as well as how much data they must gather, store, analyze, and communicate. Many oil and gas industry participants are vying for the development of a tough, unified platform outfitted with integrated measurement and controls, edge computing, sophisticated connectivity, and inherent cybersecurity. This element has contributed to the increased flow of computer processing power.
The most serious risks that an organization will experience if someone gains unauthorized access to the infrastructure of an oil and gas company include planned sabotage/shutdown, production disruption, equipment damage, utility outages, product quality, undetected spills, compliance violations, illegal pipeline tapping, safety violations, etc. Hackers are now being threatened to use specific techniques, such as DNS hijacking, hacking webmail and corporate VPN services, or even scraping publically accessible data for data to try and breach communications or discover a means to stay present in corporate networks for espionage reasons, which has further boosted the demand for flow computers in the sector and thus aiding the market growth.
Russia is amongst the top oil and gas producers. Most of the nation's oil and gas is sold to foreign nations. This implies that a sizable portion of the nation's income comes from oil and gas. It is one of the world's largest gas producers and has one of the largest gas reserves. Russia plans to launch several new projects to benefit from the downstream sector's rapid growth over the next few years. Also, the Russian Government intends to do more to support expanding the sector. These factors can provide more opportunities for the flow computer usage in the oil & gas sector for calculating precise liquid flow and various other operations, boosting the market growth in the region.
The Germany market dominated the Europe Flow Computer in Oil & Gas Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $71.7 million by 2029. The UK market is exhibiting a CAGR of 4.8% during (2023 - 2029). Additionally, The France market would display a CAGR of 6.5% during (2023 - 2029).
Based on Operation, the market is segmented into Midstream & Downstream and Upstream. Based on Component, the market is segmented into Hardware, Software and Support Services. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Flow Computer in Oil & Gas Market is Projected to reach USD 1.1 Billion by 2029, at a CAGR of 5.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Honeywell International, Inc., ABB Ltd., Thermo Fisher Scientific, Inc., Schneider Electric SE, TechnipFMC plc, Sick AG, Badger Meter, Inc., Hoffer Flow Controls, Inc., and Spirax Sarco Limited.
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