The oil and gas measuring instrumentation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Oil And Gas Measuring Instrumentation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The oil and gas measuring instrumentation market size has grown steadily in recent years. It will grow from $20.6 billion in 2023 to $21.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing demand of oil and gas, increasing demand for petroleum products, various regulations on the environment, increasing exploration and extraction of shale gas, upgradation of aged oil platforms.
The oil and gas measuring instrumentation market size is expected to see exponential growth in the next few years. It will grow to $26.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rapid industrialization, increasing offshore and deepwater activities, growing focus on reducing maintenance costs, increasing demand for portable gas measuring instruments, increasing oil production. Major trends in the forecast period include advancements in exploration and production techniques, advancements in artificial intelligence (ai) and machine learning (ml), advancements in drilling technologies, advanced analytics, integration of wireless and remote monitoring technologies.
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Scope Of Oil And Gas Measuring Instrumentation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Oil And Gas Measuring Instrumentation Market Overview
Market Drivers –
The surging oil and gas exploration activities are expected to propel the growth of the oil and gas measuring instrumentation market going forward. Oil and gas exploration involves the identification of potential locations for drilling and extraction through various processes and methods such as seismic prospecting, magnetometric prospecting and others to discover new sources of oil and gas. Oil and gas measuring instruments are essential for exploration activities as they provide accurate data on reservoir characteristics, enabling efficient assessment and optimization of extraction processes. For instance, in January 2024, according to the Energy Information Administration (EIA), a US-based government agency, onshore drilling for oil and gas surged from 464 to 708 activities, while offshore drilling modestly increased from 14 to 15 compared to 2021. Additionally, in September 2021, according to the Institute for Energy Economics and Financial Analysis (IEEFA), a US-based think tank that researches economic and environmental issues related to energy, offshore gas exploration projects in Australia will see an expenditure of AUD 5.1 ($3.29) billion by 2027. Therefore, surging oil and gas exploration activities are driving the growth of the oil and gas measuring instrumentation market.
Market Trends –
Major companies operating in the oil and gas measuring instrumentation market are innovating new advance instrument, such as methane point instrument, to expand their product scope within the marketplace offerings. This is a self-installed methane monitoring system designed for the oil and gas sector, featuring IoT sensors for precise emission detection and quantification. For instance, in October 2023, Schlumberger NV, a US-based oilfield services company, launched the methane point instrument. This instrument stands out for its unparalleled leak detection sensitivity, compactness, robustness, and ‘plug-and-play’ functionality, along with a built-in solar panel, wind measurement capabilities, and methane sensing. It is easily deployable across any infrastructure with minimal cost. This technology supports the reporting requirements of the oil and gas methane partnership 2.0 (OGMP) and aligns with proposed US EPA rules for methane.
The oil and gas measuring instrumentation market covered in this report is segmented –
1) By Type: Stationary Measuring Instrumentation, Portable Measuring Instrumentation, Other Types
2) By Process: Upstream Process, Midstream Process, Downstream Process
3) By Application: Oil Industry, Gas Industry, Other Applications
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Regional Insights –
North America was the largest region in the oil and gas measuring instrumentation market in 2023. The regions covered in the oil and gas measuring instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the oil and gas measuring instrumentation market are Siemens AG, General Electric Company, Honeywell International Inc., Danaher Corporation, ABB Ltd., Schlumberger NV, Emerson Electric Co., Sika AG, Agilent Technologies Inc., Ametek Inc., Yokogawa Electric Corporation, Endress+Hauser Group AG, Krohne Messtechnik GmbH, Oxford Instruments PLC, Process Sensing Technologies Ltd., Berthold Technologies GmbH & Co.KG, WIKA Alexander Wiegand SE & Co. KG, TEGAM Inc., Noshok Inc., ABLE Instruments & Controls Ltd., Chandler Instruments Company LLC, Control Instruments Corp., NORIS Group GmbH, Nova Analytical Systems, Bourdon Instruments
Table of Contents
1. Executive Summary
2. Oil And Gas Measuring Instrumentation Market Report Structure
3. Oil And Gas Measuring Instrumentation Market Trends And Strategies
4. Oil And Gas Measuring Instrumentation Market – Macro Economic Scenario
5. Global Oil And Gas Measuring Instrumentation Market Size and Growth
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32. Global Oil And Gas Measuring Instrumentation Market Competitive Benchmarking
33. Global Oil And Gas Measuring Instrumentation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oil And Gas Measuring Instrumentation Market
35. Oil And Gas Measuring Instrumentation Market Future Outlook and Potential Analysis
36. Appendix
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