PUBLISHER: The Business Research Company | PRODUCT CODE: 1427935
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427935
Oil and gas sensors play a crucial role in the oil and gas industry, serving as devices or instruments designed to measure, monitor, and detect various parameters and properties throughout the stages of oil and gas exploration, production, processing, and transportation. These sensors are essential for ensuring the safety and efficiency of operations, optimizing processes, and averting equipment failures or environmental risks.
Several types of oil and gas sensors are employed, each tailored to specific functions. These include gas sensors, ultrasonic sensors, pressure sensors, temperature sensors, flow sensors, level sensors, and others. Pressure sensors, for instance, are instrumental in measuring and monitoring the pressure of fluids or gases within systems or environments. They operate through both wired and wireless connections, finding applications across the upstream, midstream, and downstream sectors. These applications span remote monitoring, condition monitoring, analysis, and simulation, contributing to the seamless functioning of the oil and gas industry.
The oil and gas sensors research report is one of a series of new reports from The Business Research Company that provides oil and gas sensors market statistics, including the oil and gas sensors industry's global market size, regional shares, competitors with oil and gas sensors market share, detailed oil and gas sensors market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas sensors industry. This oil and gas sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed during the historical period can be attributed to several key factors, including the increase in offshore exploration and production, the rise of Industrial Internet of Things (IoT), the imperative for remote monitoring, the upsurge in shale gas exploration, and the 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 anticipated growth in the forecast period can be attributed to a heightened emphasis on environmental monitoring, the expansion of smart oilfields, a focus on energy-efficient sensors, increased adoption of optical and fiber optic sensors, and the ongoing digital transformation in the oil and gas industry. Notable trends expected in the forecast period encompass technological advances in sensor technology, progress in wireless sensor networks, innovations in sensing technologies, the integration of artificial intelligence, the use of blockchain for sensor data security, and the application of robotic process automation (RPA) in inspection processes.
The anticipated growth in the oil and gas sensor market is driven by the increasing demand for oil and gas, which are crucial natural resources for energy production and industrial applications. These sensors play a pivotal role in ensuring safe and optimal industrial operations by detecting the presence and concentration of various hazardous gases and vapors. As an illustration, the U.S. Energy Information Administration projects a rise in U.S. crude oil production from a record-high of 11.7 million barrels/day in 2022 to 12.4 million barrels/day in 2023. Moreover, in September 2022, the U.S. witnessed a record-high daily consumption of 86.6 billion cubic feet of natural gas compared to the previous year. This surge in demand for oil and gas is a key driver propelling the growth of the oil and gas sensors market.
The increasing adoption of renewable energy sources is expected to contribute to the market's growth. Renewable energy sources, characterized by their environmentally friendly and sustainable nature, can benefit from the deployment of oil and gas sensors to enhance operational efficiency and safety. For example, the International Energy Agency (IEA) predicts that renewables will constitute nearly 95% of the global power capacity expansion by 2026, with solar PV emerging as the primary contributor, contributing more than half of this growth. Hence, the escalating adoption of renewable energy sources serves as another driver propelling the growth of the oil and gas sensors market.
Major players in the oil and gas sensors market are actively engaged in developing groundbreaking technologies, such as color sensors, to overcome challenges in industrial machinery and to maximize their market share and profitability. Color sensors, designed to detect and measure variations in color, find applications in industrial equipment maintenance and real-time oil monitoring. For example, in November 2022, the Japanese electronics company OMRON introduced the B5WC Color Sensor, specifically designed for industrial use. This compact sensor can detect subtle color changes, allowing for the real-time monitoring of oil deterioration in hydraulic equipment. The integration of this sensor into equipment facilitates remote monitoring, leading to improved equipment visualization and a reduction in man-hours required for inspection and maintenance.
Major companies in the oil and gas sensors market are focusing on the development of advanced instruments leveraging the Internet of Things (IoT), such as IoT-enabled sensors, to cater to the needs of the oil and gas industry and drive their revenues. IoT-enabled sensors are devices embedded with IoT technology to collect and transmit data for various applications. In October 2023, a U.S.-based technology provider for reservoir characterization, SLB, launched the Methane Point Instrument-an advanced device for continuous monitoring in oil and gas operations. This compact, self-installed instrument utilizes IoT-enabled sensors for accurate and automated methane measurement, contributing to emissions reduction. Its 'always on' design ensures cost-effectiveness and rapid deployment capabilities.
In December 2022, Ion Science Ltd., a UK-based manufacturer of gas sensors and instruments, acquired Analox Group, a UK-based gas sensing and analysis manufacturer, for an undisclosed amount. This strategic acquisition enhances Ion Science's capabilities by incorporating the expertise of Analox Group in gas sensing and analysis. The goal is to strengthen existing product offerings and develop innovative solutions to meet customer needs in the gas detection market.
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
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.
The countries covered in the oil and gas sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The oil and gas sensors market consist of sales of micro-electromechanical systems (MEMS) pellistors, infrared gas sensors, catalytic pellistors, thermal conductivity gas sensors, metal oxide gas sensors, electrochemical gas sensors, evaluation kits, and indoor air quality sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oil And Gas Sensors Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oil and gas sensors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oil and gas sensors ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oil and gas sensors market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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