Report : Asia Pacific Flare Gas Ultrasonic Flowmeters Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Inline and Clamp-on) and End Users (Oil & Gas and Chemicals & Petrochemicals)
According to our latest market study on "Asia Pacific Flare Gas Ultrasonic Flowmeters Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type and End Users," the market is expected to grow from US$ 6.85 million in 2022 to US$ 8.92 million by 2028; it is estimated to record a CAGR of 4.5% from 2022 to 2028.
The growth of the Asia Pacific flare gas ultrasonic flowmeters market is primarily attributed to growth prospects in industrial sectors such as oil & gas and chemical. The oil & gas industry across Asia Pacific is focused on improved operational efficiencies, accuracy, and increased safety. The countries in the region are highly focused on adopting a noninvasive flare gas ultrasonic flowmeter used to read and analyze the flow without contact. They are also used to measure the accuracy of fixed flowmeters. According to The World Bank Group, the gas flaring volume at upstream oil and gas facilities and LNG liquefaction plants in East Asia Pacific increased from 7,519.06 million- cubic meters in 2020 to 6,893.43-million-cubic meters in 2021. Additionally, per the Gas Report data published by the International Energy Agency in 2020, the global LNG trade is expected to reach 585 bcm/y by 2025, with an increase of 21% compared to 2019. The growth of the Asian market is prominently attributed to the rising LNG imports led by China and India.
Moreover, according to the Asia Pacific flare gas ultrasonic flowmeters market analysis by Business Market Insights, a US$ 16 billion FDI will be approved in Southeast Asia's greenfield upstream oil and gas project in 2023. The investments will boost Southeast Asia's oil and gas infrastructure, propelling the demand for flare gas ultrasonic flowmeters in the coming years. According to the US Energy Information Administration, China used ~35.5 billion cubic feet per day of natural gas in 2021, and more than half came from domestic production. China also imports natural gas and liquified petroleum gas (LPG). The Chinese government introduced policies to promote coal-to-natural gas use to reduce air pollution, which is considered a significant factor for increased natural gas production and its imports. Thus, the government's efforts to produce and use natural gas propel the demand for flare gas ultrasonic flowmeters across Asia Pacific.
Furthermore, the increasing investments in the oil & gas industry will increase oil and gas production in the coming years. As per the Shell LNG Outlook 2021, the global LNG demand is expected to reach 635.02 metric tons by 2040, as the demand for natural gas continues to grow strongly in countries of Asia Pacific. Thus, rising flare volumes across East Asia Pacific, increasing demand for oil and gas, and trade gains are driving the Asia Pacific flare gas ultrasonic flowmeters market.
According to India Brand Equity Foundation, the Indian government approved 100% foreign direct investments (FDI) in upstream and private sector refining projects. Additionally, in May 2022, Oil and Natural Gas Corporation (ONGC) announced its aim to invest US$ 4 billion in bolstering exploration activities in the fiscal years 2022–2025, which accounts for 50% growth compared to the previous three-year period. Furthermore, India's crude oil production was 29.7 MMT, and with the help of FDI, it plans to build an export-oriented infrastructure. Thus, the increasing FDI and expansions will boost the country's oil and gas sector, further expected to drive the flare gas ultrasonic flowmeters market in India during the forecast period.
Impact of COVID-19 Pandemic on Asia Pacific Flare Gas Ultrasonic Flowmeters Market
Although the COVID-19 pandemic adversely impacted the Asia Pacific flare gas ultrasonic flowmeter market in 2020, it achieved a strong recovery in 2021. With ease in restrictions and the reopening of business units in 2021, industries showed tremendous resilience. China, India, Pakistan, and Bangladesh are expected to become the largest LNG exporters in the coming years.
According to Mitsubishi Heavy Industries, Ltd., China and India are expected to boost their regasification Capacity additions and account for almost 60% of Asia Pacific's total regasification Capacity between 2020 and 2024. Thus, the flare gas ultrasonic flowmeters market is expected to grow for the oil & gas industry during the forecast period.
The report segments the Asia Pacific flare gas ultrasonic flowmeters market as follows:
By type, the Asia Pacific flare gas ultrasonic flowmeters market is segmented into inline and clamp-on. In 2022, the inline segment accounted for a larger flare gas ultrasonic flowmeters market share. Moreover, the Asia Pacific flare gas ultrasonic flowmeters market is segmented into oil & gas and chemicals & petrochemicals. In 2022, the chemicals & petrochemicals segment accounted for a larger flare gas ultrasonic flowmeters market share.
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