Overview and Scope
Oil and gas sensors are devices or instruments used in the oil and gas industry to measure, monitor, and detect various parameters and properties related to oil and gas exploration, production, processing, and transportation. These sensors are critical in ensuring safe and efficient operations, optimizing processes, and preventing equipment failures or environmental hazards.
Sizing and Forecast
The oil and gas sensors market size has grown strongly in recent years. It will grow from $10.21 billion in 2023 to $10.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increase in offshore exploration and production, rise of industrial iot, need for remote monitoring, increase in shale gas exploration, growing adoption of unmanned systems.
The oil and gas sensors market size is expected to see strong growth in the next few years. It will grow to $13.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing focus on environmental monitoring, expansion of smart oilfields, focus on energy-efficient sensors, adoption of optical and fiber optic sensors, digital transformation in oil and gas. Major trends in the forecast period include technological advances in sensor technology, advancements in wireless sensor networks, innovations in sensing technologies, integration of artificial intelligence, blockchain for sensor data security, robotic process automation (rpa) in inspection.
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Segmentation & Regional Insights
The oil and gas sensors market covered in this report is segmented –
1) By Type: Gas Sensor, Ultrasonic Sensor, Pressure Sensor, Temperature Sensor, Flow Sensor, Level Sensor, Other Types
2) By Connectivity: Wired, Wireless
3) By Sector: Upstream, Midstream, Downstream
4) By Application: Remote Monitoring, Condition Monitoring, Analysis And Simulation
North America was the largest region in the oil and gas sensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oil and gas sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for oil and gas is expected to propel the growth of the oil and gas sensor market going forward. Oil and gas are essential natural resources for energy production and industrial applications. Oil and gas sensors ensure safe and optimal operations in industry by detecting the presence and concentration of various hazardous gases and vapors. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system, US crude oil production will climb to 12.4 million barrels/day in 2023 from a record-high of 11.7 million barrels/day in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day, which is a record high compared to the previous year. Therefore, the increasing demand for oil and gas is driving the growth of the oil and gas sensors market.
Key Industry Players
Major companies operating in the oil and gas sensors market report are Robert Bosch GmbH, Siemens AG, General Electric Company, Honeywell International Inc., ABB Ltd., Emerson Electric Co., TE Connectivity Ltd., Rockwell Automation Inc., Fortive Corp., BD Technologies, Indutrade AB, Lord Corporation, Stellar Technology Solutions LLC, Cubic Sensor and Instrument Co. Ltd., BEI Sensors SAS, 3M Gas And Flame Detection, AlphaSense Inc., OpSens Solutions Inc., RKI Instruments Inc., SGX Sensortech Limited, Nemoto & Co. Ltd., Control Instruments Corp., Oxsensis Ltd., Membrapor AG, Nevada Nanotech Systems Inc., Temposonics GmbH & Co. KG, Thermometrics Corporation
The oil and gas sensors market report table of contents includes:
1. Executive Summary
2. Oil And Gas Sensors Market Characteristics
3. Oil And Gas Sensors Market Trends And Strategies
4. Oil And Gas Sensors Market – Macro Economic Scenario
5. Global Oil And Gas Sensors Market Size and Growth
…..
32. Global Oil And Gas Sensors Market Competitive Benchmarking
33. Global Oil And Gas Sensors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oil And Gas Sensors Market
35. Oil And Gas Sensors Market Future Outlook and Potential Analysis
36. Appendix
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