US & Canada, Nov. 27, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Oil & Gas Sensors Market is observing significant growth owing to growing expansion of the oil and gas industry worldwide and rising demand for ultrasonic sensors.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Oil & Gas Sensors Market comprises of type, connectivity, function, and application which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Oil & Gas Sensors Market Growth: According to an exhaustive report by The Insight Partners, the Oil & Gas Sensors Market is experiencing significant growth, driven by rising investment in capacity expansion of offshore projects and evolution of 5G technology in sensors. The market, valued at $6.8 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.6% during 2023–2031.
Increasing investment in oil & gas exploration activities: For instance, according to the Urwald eV report published in November 2023, between 2021 and 2023, 384 businesses across the globe have reported an average capital expenditure of more than US$ 10 million in oil & gas exploration activities. The top seven companies invested in oil & gas exploration are China National Petroleum Corporation (CNPC) (US$ 5.9 billion), China National Offshore Oil Corporation (CNOOC) (US$ 3.2 billion), Saudi Aramco (US$ 2.8 billion), Pemex (US$ 2.6 billion), Sinopec Group (US$ 2.4 billion), Pioneer Natural Resources (US$ 2.1 billion), and Shell plc (US$ 2.0 billion). These investments support oil & gas companies to adopt technologically advanced oil & gas sensors by expanding their business worldwide.
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Growing oil and gas production: According to the US Energy Information Administration data of March 2024, crude oil production averaged 12.9 million barrels per day (b/d) in 2023, surpassing the previous US and global record of 12.3 million barrels per day set in 2019. In December 2023, average monthly crude oil production in the US reached a monthly record high of more than 13.3 million barrels per day. Plant capacity expansion operations, with the increasing spending on infrastructure development and rising operational complexities, create demand for oil & gas sensors for smooth operational activities. Oil & gas sensors help plant operators effectively manage and control operations in real-time.
Growing Demand for Ultrasonic Sensors: the growing demand for oil & gas has led to high production output from existing infrastructure that must be more dependable and efficient. To meet these demands, oil & gas sensor companies, such as Fuji Electric Co Ltd, Honeywell International Inc, Siemens AG, and Murata Manufacturing Co Ltd, are offering ultrasonic sensors that measure liquids in severe and complex process conditions. These sensors are widely used for remote monitoring, condition monitoring & maintenance, analysis & simulation, and flow control in various oil & gas applications. An ultrasonic flow sensor is used in upstream, midstream, and downstream applications to compute the mass flow or volume flow of fluids in pipelines, tanks, and other processing equipment. The sensor also monitors equipment such as monitor pumps, flowlines, valves, and any other component that requires a precise flow rate to maintain the flow of oil.
Geographical Insights: North America dominated the Oil & Gas Sensors Market in 2023. Europe is the second-largest contributor to the global Oil & Gas Sensors Market, followed by Asia Pacific.
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Oil & Gas Sensors Market Segmentation, Applications, Geographical Insights:
- Based on type, the market is segmented into pressure sensor, temperature sensor, flow sensor, and level sensor. The pressure sensor segment accounted for the largest oil & gas sensors market share in 2023.
- On the basis of connectivity, the market is divided into wired and wireless. The wired segment held a larger oil & gas sensors market in 2023.
- In terms of function, the oil & gas sensors market is categorized into remote monitoring, condition monitoring and maintenance, analysis and simulation, and others. The remote monitoring segment held the largest oil & gas sensors market share in 2023.
- Based on application, the oil & gas sensors market is segmented into upstream, midstream, and downstream. The upstream segment held the largest oil & gas sensors market share in 2023.
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Key Players and Competitive Landscape:
The Oil & Gas Sensors Market is characterized by the presence of several major players, including:
- Honeywell International Inc
- TE Connectivity Ltd
- Robert Bosch GmbH
- ABB Ltd
- Siemens AG
- Rockwell Automation Inc
- Analog Devices Inc
- Emerson Electric Co
- SKF AB
- GE Vernova
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Oil & Gas Sensors Market Recent Developments and Innovations:
- "NevadaNano, an innovator in environmental, social, and governance (ESG) solutions, announced that it had closed its Series C funding round. First-time investors Honeywell Ventures and Emerson Ventures led the round, joined by several existing investors.”
- “ABB launched its new FusionAir Smart Sensor, a touch-free room sensor with optional room control sensors capable of monitoring the temperature, humidity, carbon dioxide (CO2), and VOCs to improve the overall IAQ and reduce the risk of viral exposure.”
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Conclusion:
The oil & gas industry has played a significant role in the economic transformation of various countries. The industry accounted for the largest share of global consumption of energy resources. Natural gas is projected to become the fastest-growing fossil fuel in the coming years. Oil production is increasing and fulfills energy demand. According to the International Energy Agency (IEA), global oil demand is expected to rise by 6% from 2022 to 2028 and reach 105.7 million barrels per day, with a significant requirement from the aviation and petrochemical industries. Rising demand for oil among various industries increases the demand for numerous oil & gas sensors such as pressure sensors, temperature sensors, flow sensors, and level sensors for monitoring and controlling plant operations.
Oil & gas sensors have found various upstream, midstream, and downstream applications, including optimizing pipeline performance, measuring flow, detecting leaks, and preventing potential accidents or environmental hazards by ensuring workers' safety. Growing demand for operational reliability and efficiency, rising need for early detection of potential hazards, increasing industrial automation, and favorable government initiatives are propelling the oil & gas sensors market. Moreover, the expanding oil & gas industry and the growing need for real-time monitoring of oil & gas plants are boosting the market growth. Technological advancement and integration of cutting-edge technologies such as AI and IoT in the development of advanced sensors contribute significantly to the oil & gas sensors market growth.
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With projected growth to $10.5 Billion by 2031, the Oil & Gas Sensors Market represents a significant opportunity for solution providers, system integrators, and end-user. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Contact Person: Ankit Mathur
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Phone: +1-646-491-9876
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