Oil and Gas Custody Metering System Market: Introduction
Custody metering system refers to a fiscal measurement used to determine the quantity and financial value of a petroleum product. It acts as a supervisory system for gas and liquid flow measurement.
This system is selected based on several parameters such as flow rate, maximum operating and permissible differential pressure, temperature range, type of liquid & its characteristics, and availability of installation space. This metering system can be installed in both offshore and onshore locations.
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Key Drivers and Restrains of Oil and Gas Custody Metering System Market
Increase in demand for natural gas from end-use industries, such as automobile, chemical, and power plant on account of their environment-friendly features is a key factor driving the global oil and gas custody metering system market. This metering system is used as a billing meter to measure the amount of gas used in industrial and commercial establishments. Furthermore, rise in use of natural gas in the residential sector as domestic fuel for cooking purpose is projected to augment market growth.
Surge in investments for the production of oil and gas to meet the demand for petroleum products is anticipated to drive the global oil and gas custody metering system market during the forecast period. The custody metering system is used to quantify the volume of hydrocarbons produced as oil and gas at well site.
Technological innovations in design of custody metering systems to improve operational efficiency are likely to propel the global oil and gas custody metering system market. However, volatile fossil fuel price, along with high cost associated with E&P activity is anticipated to hamper the global market during the forecast period.
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Ultrasonic Segment to Hold Major Share of Global Market
The global oil and gas custody metering system market can be segmented based on flow meter and application
On the basis of flow meter, the global oil and gas custody metering system market can be divided into coriolis, ultrasonic, vortex, thermal, differential pressure, positive displacement and others. Ultrasonic is one of the most extensively used flow meters in the oil and gas custody metering system market due to their ability to reduce pressure drop, increase reliability, and enhance accuracy. These flow meters typically use the transit-time method and are suitable for use in crude oil production, processing, and transportation applications.
In terms of application, the global oil and gas custody metering system market can be divided into offshore and onshore. The offshore segment is anticipated to witness considerable growth due to increase in the number of marginal fields in onshore locations, along with availability of oil and gas reserves in deep-water.
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