Worldwide Oil & Gas Sensors Markets to 2023 - Growing IoT in the Oil & Gas Industry is a Key Driver

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.

Market Developments

• 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 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 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
2.4 Assumptions

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
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Adoption of Ultrasonic Sensors
5.2.1.2 Increasing Demand for Sensors Due to Refining Capacity Additions
5.2.1.3 Growing Iot in Oil & Gas Industry
5.2.2 Restraints
5.2.2.1 Rising Investment in the Renewable Sector Would Affect the Demand for Sensors
5.2.3 Opportunities
5.2.3.1 Increasing Unconventional Drilling Techniques Such as Mpd and Directional Drilling
5.2.3.2 Growing Offshore Investments
5.2.4 Challenges
5.2.4.1 Low Acceptance Level Toward Adopting New Technologies

6 Oil & Gas Sensors Market, By Type
6.1 Introduction
6.2 Pressure Sensor
6.2.1 34
6.3 Temperature Sensor
6.4 Level Sensor
6.5 Flow Sensor
6.6 Others

7 Oil & Gas Sensors Market, By Application
7.1 Introduction
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
8.1 Introduction
8.2 Wired
8.2.1 North America is Expected to Be the Fastest Growing Market
8.3 Wireless
8.3.1 Wireless is Expected to Be the Fastest Growing Segment

9 Oil & Gas Sensors, By Sector
9.1 Introduction
9.2 Upstream
9.3 Midstream
9.4 Downstream

10 Oil & Gas Sensors Market, By Region
10.1 Introduction
10.2 North America
10.3 Asia Pacific
10.4 Europe
10.5 Middle East & Africa
10.6 South America

11 Competitive Landscape
11.1 Introduction
11.2 Market Share Analysis
11.3 Competitive Scenario

12 Company Profiles
12.1 Benchmarking

13 Company Profile
13.1 Honeywell
13.2 Emerson
13.3 Lord
13.4 Siemens
13.5 ABB Ltd.
13.6 Fortive
13.7 Rockwell
13.8 Indutrade
13.9 MTS Sensor Technology GmbH & Co. KG
13.10 General Electric (GE)
13.11 BD Sensors
13.12 Bosch
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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