Global water cut monitor market is anticipated to grow at a moderate CAGR of 4.2% during the forecast period (2024-2031). A major factor supporting the market growth is growing offshore oil & gas exploration activities. In recent months, several oil majors have emphasized the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the wake of the Russian invasion of Ukraine and subsequent sanctions on Russian energy, to support government energy security efforts and fill the gap until there are sufficient green alternatives to meet the rising global energy demand. However, as governments globally pursue a green transition, scientists and environmentalists are stressing the need to cut fossil fuel funding to ensure that climate targets, such as those of the Paris Agreement, are met.
Browse the full report description of “Water Cut Monitors Market Size, Share & Trends Analysis Report by Sector (Upstream, Downstream, and Midstream), by Location (Onshore and Offshore), and by Application (Well Testing, Separation Vessels, Lease Automatic Custody Transfer, Tank Farms and Pipelines, MPFM Applications, and Refinery), Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/water-cut-monitors-market
In March, at the CERAWeek by S&P Global energy conference in Houston, the CEO of Saudi Arabia’s state-owned oil company Aramco, Amin Nasser, emphasized the ongoing global dependence on fossil fuels. Nasser suggested that instead of pumping money into green energy, governments should support the expansion of fossil fuel operations globally, to ensure energy security in the face of the growing global energy demand. These explorations are driving the market growth for the water cut monitor market.
For instance, Cairn, boasting a vast portfolio encompassing 62 blocks spanning over 60,000 sq. km in India, sets sights on boosting the nation’s oil and gas output by 50.0%. The private exploration and production firm aims to drill 20 exploration wells by 2025, targeting approximately 500 million barrels of oil equivalent (MMboe) in gross unrisked prospective resources. Furthermore, in FY24, Cairn’s reserves and resources (R&R) portfolio surged to 1.4 billion barrels of oil equivalent (Bboe), marking a notable 19.0% increase. With total reserve and resource additions surpassing production, the company achieved an impressive resource replacement ratio (RRR) of 533.0%.
ONGC, IOC, and other oil PSUs will invest about Rs 1.2 lakh crore ($14.0 billion) in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals, and laying pipelines to meet the needs of the world's fastest-growing energy-consuming nation. The investment proposed in 2024-25 is 5.0% higher than Rs 1.12 lakh crore ($13.0 billion) spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore ($3.7 billion) in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made is slightly higher than Rs 30,500 crore ($3.7 billion) capex in the 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. Indian Oil Corp (IOC), the country's top oil refiner, will be the top spender with an investment outlay of Rs 30,910 crore ($3.7 billion), with the bulk of it in expansion and upgrade of its seven refineries that produce fuel. This outlay also includes Rs 3,299 crore ($396.0 million) in the petrochemical business and another Rs 236.48 crore ($284.0 million) in the small oil and gas exploration portfolio it has.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Sector
o By Location
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Ametek Inc, Emerson Electric Co., Halliburton, and Weatherford, among others.
Key questions addressed by the report.
Global Water Cut Monitor Market Report Segment
By Sector
By Location
By Application
Global Water Cut Monitor Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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