Sensors in Oil and Gas Market to Represent Significant Revenue Growth 2023

sensor market in the oil and gas industry is expected to record a CAGR of over 6.54%, during the forecast period of 2018-2023. The scope of the report is limited to the emerging opportunities for sensor manufacturers, in the oil and gas industry. The regions considered in the scope of the report include – North America, Europe, and others.

The oil and gas industry is a high-risk environment. Therefore, the usage of sensors in the industry is not uncommon. Sensors that offer various functions are integral components, in all upstream and downstream activities. Ranging from exploration activities (upstream) to leak monitoring while transportation (downstream), sensors are widely used in the industry. However, the increasing safety concerns among the workforce (especially while maintaining aging pipeline infrastructure) pressurizes the oil and gas manufacturers to include gas and temperature sensors in case of fire emergencies, thus increasing the demand for several sensors, across the oil and gas industry. The increasing adoption of smart sensing technology, as a part of Industrial IoT, is anticipated to provide significant opportunities for the growth of the oil and gas industry, to curb safety issues to a substantial extent.

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The increasing demand for fossil fuels (especially from the transport and petrochemical industries across high-GDP regions) results in a demand for more energy sources, thus augmenting the growth of the oil and gas industry. According to Motorola Solutions, an increase of 33% in global oil demand is expected, by 2035. This high demand further leads to an increase in exploration activities, like seismic surveying, which uses pressure sensors, thus supporting the growth of sensors, across the oil & gas industry.

Rising Adoption of Pressure Sensors

By sensor type, pressure sensors (which are widely used for drilling, exploration, and leak detection activities in the oil and gas industry) are expected to account for the major share of the market studied, during the forecast period. According to the statistics provided by the Bureau of Labor Statistics, the accident cases due to the equipment contact (during drilling and explorations) and explosions were the responsible for around 40% of the workforce deaths, in the United States. The pressure sensors and key elements of the safety systems are expected to witness an increase in demand, in line with the safety standards mentioned by Application of Safety Instrumented Systems for the Process Industry, in 2017.

As per a survey by the Industrial Safety & Hygiene News Magazine, in the United States, around 60% of the oil and gas professionals mentioned improving the safety culture in the work environment to be their primary goal. Therefore, after pressure sensors, leakage detection sensors are expected to account for a substantial market share, during the forecast period.

Asia-Pacific Dominates the Sensors in Oil and Gas Market

Asia-Pacific, the largest oil and gas producer of 2017, has witnessed an increasing inflow of investments in emerging economies, such as China and India, and is, therefore, a lucrative market for sensor vendors. In addition, investments in mineral and petroleum explorations are on the rise, in Australia. Due to the above-mentioned factors, Asia-Pacific is anticipated to account for a larger market share than Europe and Middle East & Africa, during the forecast period. However, the increasing adoption of IIoT in the Americas and EMEA is expected to provide growth opportunities, for sensor vendors. Owing to an anticipated increase in the demand for fossil fuels, the European segment is expected to register the fastest growth in the sensor market in the oil and gas industry, over the forecast period. North America, with focus on shale gas exploration, is expected to compete closely with the EMEA regions.

Key Developments in the Market

June 2018: Honeywell International Inc., a prominent technology company, launched Searchzone Sonik, a connected gas detector incorporated with advanced ultrasonic technology. This product is capable of detecting high-pressure gas leaks, in storage, production, processing, and distribution activities, in the oil and gas industry.

Companies Mentioned:

Honeywell International Inc., TE Connectivity Ltd, Robert Bosch GmbH, ABB Ltd, Siemens AG, Rockwell Automation, Analog Devices Inc., Emerson Electric Company, GE Sensing & Inspection Technologies GmbH, SKF AB, Omron Corporation, NXP Semiconductors N.V., Panasonic Corporation, STMicroelectronics, Murata Manufacturing Co. Ltd., Hansford Sensors Ltd., Mouser Electronics

Reasons to Purchase The Report

Current and future state of the sensor market in the oil and gas industry outlook in the developed and emerging economies
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
The regions that are expected to witness the fastest growth, during the forecast period
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