DUBLIN, Dec. 7, 2018 /PRNewswire/ --
The "Oil & Gas Sensors Market by Type (Pressure, Level, Flow,Temperature), Connectivity (Wired, Wireless), Application (Remote Monitoring, Condition Monitoring, Analysis), Sector (Upstream, Midstream, Downstream), and Region - AGlobal Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global oil & gas sensors market is projected to reach a size of USD 9.4 Billion by 2023 from an estimated USD 7.4 billion in 2018 at a CAGR of 4.81%.
This growth can be attributed to the increasing demand for sensors due to capacity addition in the refinery sector and the growth in the IoT sector.
By Type, pressure sensor segment is expected to be the largest contributor in the oil & gas sensor market during the forecast period
The report segments the oil & gas sensor market, by type, into pressure sensor, level sensor, temperature sensor, flow sensor, and others including vibration sensor. The pressure sensor type segment is expected to hold the largest market share by 2023. Factors such as increased focus on augmenting production from oil & gas wells and improved economic and operational benefits provided by technology are expected to drive the pressure sensor market.
Wired sensor accounts for the largest market share during the forecast period
The oil & gas sensor market, by connectivity, is segmented into wired and wireless sensor. The wired segment is expected to dominate the oil & gas sensor market by 2023. Increasing exploration and production activities in the oil & gas industry would result in growth of sensor installation. This would drive the market for wired sensors because of its high reliability as wired sensors are directly linked to the device that receives the input.
By sector, the downstream segment is expected to grow at the fastest rate during the forecast period
The downstream segment is expected to grow at the fastest rate during the forecast period. Downstream sector includes refining of petroleum crude oil, processing and purifying natural gas, and distribution of products derived from crude oil and natural gas. Asia Pacific is the largest consumer of oil & gas sensors, with oil & gas investment increasing in countries such as India, China, and Japan.
Asia Pacific is expected to be the largest market for oil & gas sensors during the forecast period
In this report, the oil & gas sensors market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to be the largest oil & gas sensors market from 2018 to 2023.
Increasing adoption of industrial automation in emerging countries such as India and China are some of the key factors responsible for the growth of the oil & gas sensors market in this region. Moreover, according to IBEF, ONGC (India) is investing USD 2.73 billion on drilling oil & gas wells from 2018 to 2019. In addition, Saudi Aramco is planning to invest in the downstream sector in India. Such factors would drive the oil & gas sensors market in the country.
The major players in the global oil & gas sensors market are Emerson (US), ABB (Switzerland), Siemens (Germany), Rockwell (US), Honeywell (US), Fortive (US), and General Electric (US), among others. Honeywell focuses on innovation and development of the products for various oil & gas processes. It provides a comprehensive offering of sensors for the oil & gas industry, which help customers in achieving better energy efficiencies.
- Siemens introduced a new generation temperature transmitter for various sensor types that provide results in extreme temperatures up to -5 degree Celsius. It uses 4 wire connection for both sensors SITRANS TH420 and TR420 to increase data accuracy and reliability.
- ABB expanded its operations network with a new collaborative operations center for the oil, gas, and chemical industries in Norway.
- Emerson introduced a new platform for its Rosemount X-well technology for surface sensing temperature measurement solutions.
- Fortive (Gems Sensors) launched a new Ultrasonic Level Sensor, XLS-1. The ultrasonic sensing technology enables the level sensor to sense oil, water, and harsh chemicals, while ignoring foam and condensation.
Key Topics Covered
1.1 Objectives of the Study
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
184.108.40.206 Key Secondary Sources
2.1.2 Primary Data
220.127.116.11 Key Data From Primary Sources
18.104.22.168 Key Industry Insights
22.214.171.124 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
3 Executive Summary
4 Premium Insights
4.1 Oil & Gas Sensors Market, By Country
4.2 Oil & Gas Sensors Market, By Connectivity
4.3 Oil & Gas Sensors Market, By Type
4.4 Oil & Gas Sensors Market, By Application
4.5 Oil & Gas Sensors Market, By Sector
4.6 Asia Pacific Oil & Gas Sensors Market
5 Market Overview
5.2 Market Dynamics
126.96.36.199 Increasing Adoption of Ultrasonic Sensors
188.8.131.52 Increasing Demand for Sensors Due to Refining Capacity Additions
184.108.40.206 Growing Iot in Oil & Gas Industry
220.127.116.11 Rising Investment in the Renewable Sector Would Affect the Demand for Sensors
18.104.22.168 Increasing Unconventional Drilling Techniques Such as Mpd and Directional Drilling
22.214.171.124 Growing Offshore Investments
126.96.36.199 Low Acceptance Level Toward Adopting New Technologies
6 Oil & Gas Sensors Market, By Type
6.2 Pressure Sensor
6.3 Temperature Sensor
6.4 Level Sensor
6.5 Flow Sensor
7 Oil & Gas Sensors Market, By Application
7.2 Remote Monitoring
7.2.1 Asia Pacific is Projected to Be the Largest Market for Remote Monitoring
7.3 Condition Monitoring & Maintenance
7.3.1 North America is Projected to Be the Fastest Growing Market for Condition Monitoring & Maintenance
7.4 Analysis & Simulation
7.4.1 North America is Expected to Hold the Largest Market Share
8 Oil & Gas Sensors Market, By Connectivity
8.2.1 North America is Expected to Be the Fastest Growing Market
8.3.1 Wireless is Expected to Be the Fastest Growing Segment
9 Oil & Gas Sensors, By Sector
10 Oil & Gas Sensors Market, By Region
10.2 North America
10.3 Asia Pacific
10.5 Middle East & Africa
10.6 South America
11 Competitive Landscape
11.2 Market Share Analysis
11.3 Competitive Scenario
12 Company Profiles
13 Company Profile
13.5 ABB Ltd.
13.9 MTS Sensor Technology GmbH & Co. KG
13.10 General Electric (GE)
13.11 BD Sensors
13.13 TE Connectivity
For more information about this report visit https://www.researchandmarkets.com/research/43b6rs/worldwide_oil_and?w=5
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