The oil and gas industry operate in an extremely unpredictable environment. With the oil price fluctuations coupled with the industry's digitization boom, demand for innovation and investment has pushed to meet the costs, ease the costs, and improve the operations of the industry.
Dallas, United States - April 23, 2021 /MarketersMedia/ —
The global oil & gas sensor market size is projected to reach a value of USD 10,438.6 million by 2025, growing at a CAGR of 4.8%. As Machine to Machine (M2 M), the Internet of Things (IoT) and, of course, the Industrial Internet of Things (IIoT) make the transition from technology magazines to strategic corporate initiatives, businesses recognize a significant opportunity to improve productivity, performance, and profitability through Wireless Sensor Networks (WSN). Such networks have emerged as a critical technology for oil & gas exploration and manufacturing companies seeking a competitive edge.
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Oil & gas sensors are IoT-enabled detectors that provide high levels of precision, reliability, and versatility for a variety of oil & gas applications, including remote monitoring, condition monitoring, and analysis & stimulation. Pressure, flow, and level, as well as temperature, are all detected by sensors. Liquid level sensors are in high demand in the upstream market, thanks to the rise in unconventional drilling. Likewise, as per the Bureau of Labor Statistics, accidents that happen during exploration and drilling operations in the U. S. hold for around 40% of all employee deaths. The increasing adoption of Internet of Things (IoT) products is a major driver of the global oil and gas sensors industry. Governments all over the world are also designing policies to promote the use of IoT technology in order to increase production, downtime, and operating costs.
The oil and gas sensors market will expand significantly due to the rising demand for digital technology in the energy sector to reduce costs and improve workforce productivity. The ability to provide real-time data, increase operating performance, reduce safety risks, and reduce environmental footprints is just a few of the essential factors driving product demand. Furthermore, volatile oil prices, as well as the high costs associated with the exploration and production of traditional and unconventional resources, would bolster the market outlook.
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The global economy highly depends on the oil and gas sector. Sensors play a crucial role in the monitoring and controlling of the oil & gas industry. Sensors are used at any stage of the oil and gas production process, from discovery to refinement. Sensors are used to keep track of a variety of critical parameters that are needed for safe and efficient operations. In dangerous situations where human interaction is not necessary, sensors are used. Sensors are critical for the safety of both humans and machines. Factors to consider the global oil & gas sensors industry is increasing owing to factors such as the huge adoption of ultrasonic sensors and the growing demand for sensors.
Furthermore, the increasing use of IoT in the oil and gas industry is propelling the global demand for oil and gas sensors. Unconventional drilling processes such as directional drilling and Mpds’ are becoming more common, providing a noteworthy business opportunity for Oil & Gas Sensors providers in the coming years. However, some obstacles will stymie the market's expansion, such as increased investment in the renewable energy industry, which will impact sensor demand.
Asia Pacific is expected to be the largest market for oil & gas sensors. Increasing adoption of industrial automation in emerging countries like India and China are some of the main factors that are responsible for market growth in that region. Those factors will drive the demand for the nation. Furthermore, North America is expected to be the fastest growing region in the global oil and gas sensor market. The US is the biggest oil and gas market in North America. The country's emerging shale resources and government policies aimed at making the world the top producer of oil and gas in the next few years are expected to fuel demand in the oil and gas industry for the market.
The global oil & gas sensor market is fragmented with the presence of many global and regional players. These include Emerson, ABB, Siemens, Rockwell, Honeywell, Fortive, and General Electric among others.
Key Segments of the Global Oil & Gas Sensor Market
Type Overview, 2015-2025 (USD Million)
Pressure
Level
Flow
Temperature
Connectivity Overview, 2015-2025 (USD Million)
Wired
Wireless
Application Overview, 2015-2025 (USD Million)
Remote Monitoring
Condition Monitoring
Analysis
Sector Overview, 2015-2025 (USD Million)
Upstream
Midstream
Downstream
Regional Overview, 2015-2025 (USD Million)
North America
U.S.
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Central and South America
Brazil
Mexico
Rest of Central and South America
Middle East & Africa
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