Global Oil & Gas Sensors Market was valued US$ 7.06 Bn in 2017 and expected to reach US$ 10.58Bn by 2026, at a CAGR 5.2 % during the forecast period.
This market research analysis identifies the increasing adoption of ultrasonic sensors, increasing demand for sensors due to refining capacity additions are propelling the global oil & gas sensors market growth. Further, growing IoT in the oil & gas industry is also propelling the global oil & gas sensors market. Increasing Unconventional Drilling Techniques Such as Mpd and directional drilling posing a prominent business opportunity for the Oil & Gas Sensors manufacturers to increase their sales in the coming years.
However, there are some challenges that will hinder the growth of the market such as rising investment in the renewable sector would affect the demand for sensors.
Based on the type, the pressure sensor type segment is expected to hold the largest market share by 2026. A pressure sensor usually acts as a transducer, it senses the pressure and converts it into an electric signal. Further, Pressure sensors are also used to measure gauge pressure on casing and tubing on wellheads and on separator vessels. This allows the operator to rapidly adjust the flow pressure during the drilling operations, resulting in optimizing oil withdrawal rates and deal with conditions such as gas bubbles to increase the safety of the workers working in drilling operations. Increased focus on augmenting production from oil & gas wells and improved economic and operational benefits provided by technology is anticipated to drive the pressure sensor market.
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Based on the connectivity, the Wireless connectivity sensors account for the largest market share during the forecast period. Wireless sensors have a growing demand as they eliminate cables, resulting in reduced installation, operating costs and maintenance cost. Moreover, wireless sensors have a wide variety of applications in the oil & gas industry varying with different characteristics and requirements.
Geographically, The Asia Pacific is anticipated to experience higher growth between 2017 and 2026 owing to increasing adoption of industrial automation in emerging countries such as India and China are some of the key factors behind the growth of the oil & gas sensors market in this region. Moreover, according to IBEF, ONGC (India) is investing USD 2.73 Bn on drilling oil & gas wells from 2018 to 2019. Furthermore, Saudi Aramco is planning to invest in the downstream sector in India. Such factors would drive the oil and gas sensors to advertise in the country.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global Oil & Gas Sensors market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in global Oil & Gas Sensors market.
Scope of Global Oil & Gas Sensors Market
Global Oil & Gas Sensors Market, by Type
• Condition Monitoring
• Asia Pacific
• South America
• Middle East and Africa
• ABB Ltd
• MTS Sensor Technology GmbH & Co. Kg
• General Electric (GE)
• BD Sensors
• TE Connectivity
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