Global Oil & Gas Sensors Market Research (MRFR Insights)
The oil & gas sensors market size is projected to reach approximately USD 11.42 Billion by 2030, at a CAGR of 5.17% from 2022 to 2030. The economy relies heavily on the oil and gas sector. In addition to producing the bulk of the world's main energy, the oil and gas sector also contributes significantly as a provider of raw materials for chemical products such as medicines, cleaners, fertilizers, insecticides, and plastics. In the regulation and oversight of the oil and gas sector, sensors are crucial. The development of downsizing and wireless capabilities, along with advancements in communication technologies, are the main factors propelling the market for gas sensors, enabling their integration into various machines and devices to detect harmful gases at a safe distance. Thus, all these factors are anticipated to drive the oil & gas sensors market over the forecast period.
COVID-19 Impact Analysis
It is anticipated that the COVID-19 pandemic will present growth prospects for the gas sensor sector. The COVID-19 pandemic has impacted the increasing need for oxygen for hospitalized patients. As a result, many hospitals are now using oxygen monitors to manage oxygen use effectively. Oxygen sensors are frequently used in hospitals to find oxygen leaks and help safeguard patients. A shortage of skilled workers is another issue facing the oil & gas sector. The limited talent pool makes it challenging for oil and gas businesses to find qualified hires with the technical abilities necessary to work on new energy sources. Additionally, it is anticipated that COVID-19 oil price volatility and the Saudi Arabia-Russia price war will pressure oil-producing businesses to increase their production efficiency. Due to the limited labor pool, oil and gas businesses have had trouble finding qualified workers with the technical expertise needed to work on new energy sources. It is also anticipated that COVID-19 price pressure and the pricing conflict between Saudi Arabia and Russia will force oil-producing businesses to enhance demand and production efficiency.
Oil & Gas Sensors Market Dynamics
The requirement for the oil & gas industry to be modernized, renovated, and upgraded is the main factor driving the market for oil & gas sensors. The oil & gas industry automation improves efficiency and is profitable for investors. Positive market impact is anticipated from upstream activity expansion and cost-effective shale gas extraction. A new application area for sensors in the midstream is the development of long-distance surface pipelines and subsea pipes for the transportation of crude and natural oil. Low crude oil prices have drastically decreased investment in the oil & gas industry. This significantly inhibits the market for oil and gas sensors.
Technological advancement and helpful governmental policies
An increased emphasis on technological innovation and pro-business government regulations are the main factors driving market expansion. Market value is diminished by escalating industrialization and heightened compliance with various safety and occupational health laws. The market will expand due to growing air pollution awareness and the availability of wireless, miniaturized sensors. The development and growth of the micro-electromechanical industry are other factors influencing the market's rise.
Drilling for oil and gas is subject to strict regulations
The requirement for the oil & gas industry to be modernized, renovated, and upgraded is the main factor driving the market for oil and gas sensors. The oil & gas industry automation improves efficiency and is good for investors. Positive market impact is anticipated from upstream activity expansion and cost-effective shale gas extraction. Low crude oil prices have drastically decreased investment in the oil and gas industry. This significantly inhibits the market for oil & gas sensors.
Expanding pipelines along with increasing oil & gas pipeline maintenance
Due to routine maintenance to reduce the risk of leak detection and other factors, pipelines are one of the important applications for AUV offshore services in the oil and gas sector, fueling the market's expansion. The business will offer autonomous underwater vehicle (AUV) services to the offshore market as part of the agreement. The pipeline inspection surveys will primarily benefit the oil and gas industry.
Oil & Gas Sensors Market Segment Overview
Based on type, the oil & gas sensors market segmentation has been divided into pressure, temperature, level, and vibration. In 2021, the pressure segment led held the highest revenue share in the oil & gas sensors market growth. A particular kind of sensor interprets pressure into an electric signal. Additionally, it is used to gauge pressure in separator vessels, wellheads, casing, and tubing. This enables the operator to handle situations like gas bubbles to boost worker safety and optimize oil withdrawal rates during drilling. It also lets the operator quickly modify the flow pressure during drilling operations.
Based on connectivity, the oil & gas sensors market segmentation is divided into wired and wireless. The wired segment accounted for the majority of revenue share in the market. The benefits of wired gas sensors are their higher accuracy, reduced cost, small size, and ease of maintenance. Due to their direct connection to the unit receiving the input and suitability for usage in mines, oil rigs, and nuclear power plants, wired sensors are frequently among the most reliable systems.
Based on sector, the market is divided into upstream, midstream, and downstream. The upstream segment accounted for the majority of revenue share in the market. The upstream sector entails looking for possible natural gas and crude oil reserves underground or under the sea, drilling exploratory wells, and then drilling and operating the wells that recover and deliver the raw gas or crude oil to the surface. The midstream industry includes the storage, wholesale selling, and transportation of crude or refined petroleum products.
Global Oil & Gas Sensors Market Share, By Region, 2021 (%)
Oil & Gas Sensors Market Overview by Region
By region, the oil & gas sensors market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominates the market with the largest revenue share in 2021. Asia-Pacific is to register a significant growth rate over the forecast period.
North America is a leader in the market, with the highest revenue share in 2021. Considering the economic shale gas exploration and extraction technology that has been developed, North America is anticipated to benefit the market. The market is anticipated to expand due to the renovation and upgrade of outdated oil and gas pipelines. This is also a result of newly proposed pipeline proposals in North America.
The Asia-Pacific market is expected to grow rapidly during the projected period. The need for gas sensors for air quality monitoring is rising as people in the Asia-Pacific region, including China and India, become more conscious of how air pollutants affect human health. The region's ongoing urbanization is another factor driving up demand for gas sensors. Additionally, governments in the Asia-Pacific region are making major investments in smart city initiatives, providing a large market opportunity for smart sensor devices. Such elements are positive for the expansion of the local market.
Oil & Gas Sensors Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Honeywell, Emerson, and ABB dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent oil & gas sensors market research players include Honeywell, Emerson, ABB, GE, Rockwell, Siemens, TE Connectivity, BD Sensors, Lord, Fortive, and Bosch.
Scope of the Oil & Gas Sensors Market Report
- North America
- Rest of Europe
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Oil & Gas Sensors Market Forecast and Size:
To identify and estimate the market size for the oil & gas sensors market report segmented by type, connectivity, sector, and value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers in the oil & gas sensors market forecast between 2020 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the oil & gas sensors market growth
Market Influencing Factors:
To find out the factors which are affecting the oil & gas sensors market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
- Oil & Gas Sensors Manufacturers
- Raw Material Suppliers
- Retailers, Wholesalers, and Distributors
- Governments, Associations, and Industrial Bodies
- Investors and Trade Experts
| Market Size
||2030: USD 11.42 Billion
|| 5.17% CAGR (2022-2030)
| Base Year
| Forecast Period
|| 2022 to 2030
| Historical Data
|| 2019 & 2020
| Forecast Units
|| Value (USD Million)
| Report Coverage
|| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|| By Type, Connectivity, and Sector
| Geographies Covered
|| North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
| Key Vendors
|| Honeywell, Emerson, ABB, GE, Rockwell, Siemens, TE Connectivity, BD Sensors, Lord, Fortive, and Bosch
| Key Market Opportunities
|| Growing emerging markets
| Key Market Drivers
|| Increasing acceptance and popularity of Oil & Gas Sensors
Frequently Asked Questions (FAQ) :
The oil & gas sensors market forecast period is 2020 - 2030
The market is expected to register a CAGR of ~5.17% over the next ten years, according to the oil & gas sensors market research.
Asia-Pacific is expected to register the highest CAGR during 2021 - 2030
North America held the largest share in 2021
The major companies operating in the market include Honeywell, Emerson, ABB, GE, Rockwell, Siemens, TE Connectivity, BD Sensors, Lord, Fortive, and Bosch.
Key Questions Answered
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- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
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