Increasing Adoption of Wireless Sensors and Miniaturized Sensors to Fuel Oil & Gas Sensors Market Growth During Forecast Period
According to our latest study, “Oil & Gas Sensors Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Connectivity, Function, and Application," the market was valued at US$ 6.8 billion in 2023 and is expected to reach US$ 10.5 billion by 2031; it is estimated to record a CAGR of 5.6% from 2023 to 2031. The report includes growth prospects owing to the current oil & gas sensors market trends and their foreseeable impact during the forecast period.
The oil & gas industry is constantly seeking ways to improve efficiency, increase safety, and optimize operations. This has led to a greater focus on technological innovation, particularly in the field of sensor technology; for example, the development of wireless sensors. These sensors eliminate the need for complex and expensive wiring systems, enabling easy installation and flexibility in monitoring various parameters in the oil & gas infrastructure. Wireless sensors offer real-time data collection, reducing downtime and enhancing decision-making capabilities. They also provide remote monitoring and control capabilities to operators by improving overall operational efficiency. The growing demand for automated monitoring sensors encourages market players to develop new innovative sensors used in the oil & gas industry. For instance, in November 2023, SKF AB expanded its portfolio by launching a new wireless sensor that supports the oil & gas industry to automate machine monitoring in hazardous areas.
Oil & Gas Sensors Market Analysis — by Geography
Oil & Gas Sensors Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Pressure Sensor, Temperature Sensor, Flow Sensor, and Level Sensor), Connectivity (Wired and Wireless), Function (Remote Monitoring, Condition Monitoring and Maintenance, Analysis and Simulation, and Others), Application (Upstream, Midstream, and Downstream), and Geography
Oil & Gas Sensors Market Dynamics and Analysis by 2031
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Source: The Insight Partners Analysis
Miniaturized sensors, another technological advancement in sensor technology, are smaller in size yet retain high-performance capabilities. These sensors are designed to withstand harsh operating conditions, including high temperatures and extreme pressures, making them ideal for use in oil & gas exploration and production activities. The compact size of miniaturized sensors allows for easy integration into existing infrastructure, reducing installation costs and minimizing disruption to operations. For instance, WIKA Alexander Wiegand SE & Co. KG provides a miniature pressure sensor that offers high measurement performance in extreme pressure spikes. Thus, the increasing adoption of wireless sensors and miniaturized sensors is expected to create lucrative opportunities for the oil & gas sensors market growth during the forecast period.
Honeywell International Inc, TE Connectivity Ltd, Robert Bosch GmbH, ABB Ltd, Siemens AG, Rockwell Automation Inc, Analog Devices Inc, Emerson Electric Co, SKF AB, and GE Vernova are among the key players profiled in the oil & gas sensors market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the oil & gas sensors market forecast by type, connectivity, function, application, and region from 2023 to 2031. Based on type, the oil & gas sensors market is categorized into pressure sensor, temperature sensor, flow sensor, and level sensor. In terms of revenue, the pressure sensor segment held the largest oil & gas sensors market share and is expected to record the highest CAGR during the forecast period.
The scope of the oil & gas sensors market report focuses on North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America dominated the market in 2023, followed by APAC and Europe.
The APAC oil & gas sensors market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest oil & gas sensors market share in APAC. According to the International Trade Administration (ITA), the oil & gas industry in China, including upstream and downstream segments, is dominated by three major players: Sinopec, China National Offshore Oil Corporation (CNOOC), and China National Petroleum Corporation (CNPC). These companies are constantly striving to scale up their production capacities to address their customers’ energy needs. According to the US Energy Information Administration report of April 2024, China raised its cumulative crude oil refinery capacity to 14.8 million barrels per day in 2023. Moreover, oil refining companies in China, including Shandong Yulong Petrochemical Ltd, are planning to raise their production capacity to 400,000 barrels per day by the end of 2025. Thus, the oil & gas sensors market in China is anticipated to expand significantly during the forecast period owing to the expanding energy industry and the significant presence of three oil companies.
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