Sensors Market in Oil And Gas Industry to Grow by USD 1.73 bn | Technavio
ABB Ltd., Amphenol Corp., and Emerson Electric Co. will emerge as major sensors market in oil and gas industry participants from 2021 to 2026
NEW YORK, Feb. 16, 2022 /PRNewswire/ -- The sensors market in oil and gas industry is likely to grow by USD 1.73 billion from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 4.04% during this period.
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Key Market Participants Analysis
ABB Ltd. - The company offers sensors products such as LMS 7100, MS10, and MS 50.
Amphenol Corp. - The company offers sensors product brands such as Telaire and SGX Sensortech.
Emerson Electric Co. - The company offers sensors products such as Rosemount 928 Wireless Gas Monitor and Rosemount 628 Universal Gas Sensor.
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Parent Market Analysis
Technavio has categorized the global sensors market in the oil and gas industry as a part of the global electronic equipment and instruments market. This report has extensively covered external factors that are influencing the parent market growth potential in the coming years. These factors will determine the levels of growth of the sensors market in the oil and gas industry during the forecast period.
Market Driver
The increase in LNG trade is one of the key factors driving the sensors market growth in the oil and gas industry. Various countries are trying to increase the share of natural gas in their energy mix, which is increasing the demand for LNG. Moreover, cross-border disputes and the geopolitical tension over pipelines have renewed the interest in LNG as a transport fuel. On the supply side, investments in LNG infrastructure have been increasing in Australia, Qatar, Africa, Russia, and the US. Asia is leading the demand in LNG import markets owing to the growth in new LNG regasification facilities. Furthermore, China plans to increase its regasification facilities to add about 26 MTPA by 2023.
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Sensors Market In Oil And Gas Industry 2022-2026: Segmentation
- Type
- Wired
- Wireless
The wired segment will have significant market share growth during the forecast period. The growth is attributed to the increase in exploration and production activities in the industry, which would increase the installation of sensors for accurate monitoring of overall operations. Moreover, wired sensors have high reliability, as they are directly linked to the device that receives the input. This will, in turn, drive the market for wired sensors during the forecast period.
- Geography
- APAC
- North America
- Europe
- MEA
- South America
APAC will account for 37% of the market's growth during the forecast period. China and Russia are the key countries for the sensors market in the oil and gas industry in APAC. Moreover, market growth in this region will be faster than the growth of the market in other regions. The significant increase in the adoption of industrial automation in emerging countries such as India and China will drive the sensors market growth in the oil and gas industry in APAC during the forecast period.
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Related Reports:
Sensors Market In Oil And Gas Industry Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.04% |
Market growth 2022-2026 |
USD 1.73 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.47 |
Regional analysis |
APAC, North America, Europe, MEA, and South America |
Performing market contribution |
APAC at 37% |
Key consumer countries |
US, China, Russian Federation, Canada, and Saudi Arabia |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ABB Ltd., Amphenol Corp., Emerson Electric Co., Fortive Corp., General Electric Co., Honeywell International Inc., LORD Corp., Rockwell Automation Inc., RS Technics BV, and Siemens AG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Wired - Market size and forecast 2021-2026
- Wireless - Market size and forecast 2021-2026
- Market opportunity by Type
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2021-2026
- North America - Market size and forecast 2021-2026
- Europe - Market size and forecast 2021-2026
- MEA - Market size and forecast 2021-2026
- South America - Market size and forecast 2021-2026
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Amphenol Corp.
- Emerson Electric Co.
- Fortive Corp.
- General Electric Co.
- Honeywell International Inc.
- LORD Corp.
- Rockwell Automation Inc.
- RS Technics BV
- Siemens AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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