Oil Gas Sensors Market Overview:
Oil Gas Sensors Market is projected to register a CAGR of 5.17% during the forecast period 2022-2030, with valuation of USD 11.42 Billion.
The oil and gas sensors market is a rapidly growing sector within the oil and gas industry. Sensors are used to measure a wide range of parameters such as pressure, temperature, flow rate, and density, and are essential for monitoring and controlling processes in the upstream, midstream, and downstream sectors of the oil and gas industry.
Increasing Adoption of IoT Products
Oil and gas sensors are IoT-enabled detectors that provide a high level of accuracy, reliability, and flexibility for a variety of applications in the oil and gas industry, including remote monitoring, condition monitoring, and analysis and simulation. Sensors are primarily used to measure pressure, level, flow, and temperature. With the rising use of unconventional drilling, there is a significant demand in the upstream industry for liquid-level sensors. Similarly, according to the Bureau of Labor Statistics, accidents during drilling and exploring activities in the United States accounted for around 40% of all employee deaths. As a result, demand for oil and gas sensors is expected to rise over the projected period, in line with the safety criteria indicated by the Application of Safety Instrumented Systems for the Process Industry in 2017.
The growing adoption of IoT products is a primary driver of the worldwide oil gas sensors market. Furthermore, governments all over the world are enacting rules to encourage the adoption of IoT technology in order to increase efficiency, downtime, and operational costs. According to Oxford Economics, the use of IoT in the oil and gas industry could boost global GDP by USD 816 billion between 2018 and 2028. As a result, the need for sensors in the oil and gas industry is increasing.
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Market Segmentation
The global oil gas sensors market has been segmented based on connectivity, type, and sector.
Based on connectivity, the global oil gas sensors market has been classified into wired and wireless.
Based on type, the global oil gas sensors market has been classified into pressure sensor, temperature sensor, level sensor, vibration sensor, and others. The pressure sensor segment is leading the market and has the largest market share, mainly due to its wide application in the upstream, midstream, and downstream sectors to measure the pressure of gases and liquids and provide accurate data to detect changes in the pressure.
Based on sector, the global oil gas sensors market has been classified into including upstream, midstream, and downstream. The downstream segment of the global oil gas sensors market is projected to register the highest growth rate during the forecast period.
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Key Players
The key players in the global oil gas sensors market are Honeywell (US), Emerson (US), ABB (Switzerland), GE (US), Rockwell (US), Siemens (Germany), TE Connectivity (US), BD Sensors (Germany), Lord (US), Fortive (US), and Bosch (Germany).
Regional Analysis
North America to Dominate the Global Market
Due to increased offshore investments in the oil and gas industry, the global oil and gas sensors market is predicted to grow significantly during the forecast period. According to the International Energy Agency (IEA), offshore oil production will increase to 27.4 million barrels of oil equivalent per day (mboe) by 2040, up from 26.4 million barrels of oil equivalent per day (mboe) in 2016. This would result in an increase in global demand for oil and gas sensors. Due to growing upstream spending in nations such as the United States, Canada, and Mexico, North America has the greatest share of the oil and gas sensor market. The growing use of unconventional drilling techniques presents opportunities for the oil and gas sensor market. For example, the Department of Energy would invest USD 30 million to boost unconventional oil and gas recovery.
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APAC to Follow North America
The Asia Pacific is expected to follow North America. The increasing adoption of industrial automation in emerging nations such as India and China is one of the primary factors driving market growth in this region. Furthermore, according to IBEF, ONGC (India) would invest USD 2.73 billion in drilling oil and gas wells between 2018 and 2019. Furthermore, Saudi Aramco intends to engage in India's downstream sector. Such factors would propel the country's market.
