Oil & Gas Sensors Market Research Report - Global Forecast till 2030

Oil & Gas Sensors Market Research Report: Information by Type (Pressure, Temperature, Level, Vibration), Connectivity (Wired, Wireless), Sector (Upstream, Midstream, Downstream), and Region – Global Forecast till 2030

ID: MRFR/E&P/5500-HCR | November 2022 | Region: Global | 188 Pages         

Oil & Gas Sensors Market

Oil & Gas Sensors Market share is projected to be worth USD 11.42 Billion by 2028, registering a CAGR of 5.17% during the forecast period (2021 - 2028).

Segmentation

By Type Pressure Temperature Level Vibration
By Connectivity Wired Wireless
By Sector Upstream Midstream Downstream

Key Players

  • Honeywell (US)
  • Emerson (US)
  • ABB (Switzerland)
  • GE (US)
  • Rockwell (US)
  • Siemens (Germany)
  • TE Connectivity (US)
  • BD Sensors (Germany)
  • Lord (US)
  • Fortive (US)
  • Bosch (Germany)

Drivers

  • New product launches and R&D amongst major key players
  • Increasing adoption of IOT products
  • Growing offshore investments in oil & gas industry
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Oil & Gas Sensors Market Scenario


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 global oil & gas sensors market is expected to grow rapidly over the forecast period, owing to increased demand for sensors as refining capacity expands. Oil & gas sensors are IoT-enabled detectors that provide high levels of precision, dependability, and flexibility for a variety of oil & gas applications, including remote monitoring, condition monitoring, and analysis & stimulation. Pressure, level, and flow, as well as temperature, are all detected via sensors. Liquid level sensors are in significant demand in the upstream industry, thanks to the rise in unconventional drilling.


Oil & gas sensors are IoT-enabled detectors that provide high levels of precision, dependability, and flexibility for a variety of oil & gas applications, including remote monitoring, condition monitoring, and analysis & stimulation. Pressure, level, and flow, as well as temperature, are all detected via sensors. Liquid level sensors are in significant demand in the upstream industry, thanks to the rise in unconventional drilling. The Gas sensors are mostly used in critical industries like oil and gas, chemical, mining, and power to detect and monitor the presence of flammable and poisonous gases. These vital businesses emit a huge number of gases into the atmosphere, including carbon monoxide, carbon dioxide, ammonia, hydrogen sulfide, and hydrocarbons. Excessive emissions of these gases into the atmosphere can harm human health.


The global oil & gas sensors market is projected to grow at a high rate during the forecast period, mainly due to the growing demand for sensors due to refining capacity additions. According to IEA, oil demand is estimated to grow by 6.9 million barrels a day by 2023.  Thus, governments around the world have developed attractive investment plan to increase its refinery capacity which would further drive the growth of the global oil & gas sensor market. For instance, in 2018, Indian Oil Corporation plans to invest around USD 24.83 billion to increase its refinery capacity, improve its petrochemical production, expand gas business, and extend its pipeline network. Similarly, in May 2018, Abu Dhabi National Oil Company announced to invest USD 45 billion to expand its facility into one of the world’s largest refining and petrochemical plants which would boost ADNOC’s refining capacity by 65% to 1.5 billion barrels per day by 2025. These investments would in turn drive the need for efficient sensors to record accurate data.


Global oil & gas sensors market is expected to witness substantial growth during the forecast period owing to growing offshore investments in oil & gas industry. According to IEA, offshore oil production is estimated to reach 27.4 million barrels of oil equivalent per day (mboe) by 2040 from 26.4 million barrels of oil equivalent per day (mboe) in 2016.  This would result increase in the demand for oil & gas sensors globally. North America holds the largest share in the oil & gas sensor market due to increased upstream spending which would boost the sensor demand in the countries such as US, Canada, and Mexico. Increasing unconventional drilling techniques offer opportunity for the oil & gas sensor market. For instance, Department of Energy would invest USD 30 million to increase the unconventional oil & gas recovery. Europe holds the second largest share with investment in refinery capacity addition and expansion of pipelines.


The global oil & gas sensors market is expected to grow at ~5.17% CAGR during the forecast period.


Oil & Gas Sensors Market Key Players


The key players of 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).


Industry News



  • TE Connectivity Ltd. announced in March 2020 that it had acquired the majority of First Sensor's shares. The company intends to extend its product offerings with this acquisition, which will include innovative, market-leading sensors, connectors, and systems.

  • Measurement Specialties Inc., a TE Connectivity Ltd. affiliate, completed the acquisition of Silicon Microstructures Inc. from Elmos Semiconductor AG in September 2019. SMI's design and manufacturing skills in microelectromechanical systems (MEMS) sensor technology, combined with TE's operating size, client base, and current sensor technologies, result in more comprehensive worldwide sensing solutions offered for customers.


Oil & Gas Sensors Market Segmentation


 


 


Global oil & gas sensors market has been segmented based on connectivity, type, sector, and region. Based on type, the market is classified into pressure sensor, temperature sensor, level sensor, vibration sensor, and others. Pressure sensor segment is leading the Oil & Gas Sensors Market and has the largest market share, mainly due to its wide application in upstream, midstream, and downstream sector to measure the pressure of gases and liquids and provide accurate data to detect changes in the pressure. The global market is further segmented based on sector, including upstream, midstream, and downstream. Downstream segment of the global market is estimated to register the highest growth rate during the forecast period.  


Oil & gas sensors are the detectors with IoT technology, offering high level of accuracy, reliability, and flexibility for various applications in the oil & gas industry such as remote monitoring, condition monitoring, and analysis & stimulation. Sensors are majorly used to detect pressure, level, and flow, and temperature.  With the increased growth of unconventional drilling, there is high demand for liquid level sensors in upstream sector. Similarly, according to the Bureau of Labor Statistics, the accident cases in the US during drilling and exploration activities were responsible for around 40% of the workforce deaths. Thus, the demand for oil & gas sensors are estimated to increase during the forecast period, in line with the safety standards mentioned by Application of Safety Instrumented Systems for the Process Industry, in 2017


Increasing adoption of IoT products is a major driver for the growth of the global oil & gas sensors market. Additionally, governments around the globe are developing policies to encourage the use of IoT technology to improve efficiency, downtime, and operating cost. According to Oxford Economics, oil & gas industry adoption of IoT could increase the global GDP by approximately USD 816 billion from 2018 to 2028.  Thus, accelerating the demand for sensors in oil & gas industry.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2028: USD 11.42 Billion
  • 2030 : Significant value
  •   CAGR   5.17% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022Β toΒ 2030
      Historical Data   2019Β &Β 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Connectivity and Sector
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   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)
      Key Market Opportunities   New product launches and R&D amongst major key players
      Key Market Drivers

  • Increasing adoption of iot products
  • Growing offshore investments in oil & gas industry


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    Frequently Asked Questions (FAQ) :

    The oil & gas sensors market is poised to mark 5.17% CAGR.

    The key players are Honeywell (US), ABB (Switzerland), Emerson (US), Fortive (US), GE (US), Rockwell (US), Siemens (Germany), BD Sensors (Germany), TE Connectivity(US), Lord (US), and Bosch (Germany).

    The pressure sensor segment is projected to account for the maximum market share.

    The segments of the oil & gas sensors market, on the basis of sector, are midstream, upstream, and downstream

    The segments of the oil & gas sensors market, by type, are vibration sensor, pressure sensor, level sensor, temperature sensor, and others