Oil and Gas industry is vital for the global economy. The global oil & gas sensors market depends on this factor significantly, which is expecting substantial growth during the forecast period (2018-2023) at ~4.80% CAGR, reveals Market Research Future (MRFR).
The rising adoption of IoT products is counted to be a significant driver for the growth of the global oil & gas sensors market. The governments around the globe are developing policies to persuade the use of IoT technology in order to develop downtime, efficiency, and operating cost has also motivated the market to expand. As per claims from Oxford Economics, the oil & gas industry could mount the global GDP by approximately USD 816 billion valuations from the years 2018 to 2028. This is accelerating the demand for sensors in the oil & gas industry all over the world.
The global oil & gas sensors market is also estimated to inflate at a high rate during the foretell period owing to the mounting demand for sensors in support of refining capacity additions. Therefore, as per IEA, oil demand is estimated to rise by 6.9 million barrels a day by the year 2023. For this, governments around the world have developed an attractive investment plan to mount refinery capacity, which would more drive the growth of the global oil & gas sensor market.
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In the case of point, in the year 2018, Indian Oil Corporation planned to invest approximately USD 24.83 billion to raise its refinery capacity, improve its petrochemical production, expand gas business, and extend its pipeline network. In the same way, in May 2018, Abu Dhabi National Oil Company also announced investing USD 45 billion to swell its facility into one of the world’s largest refining and petrochemical plants, which would improve ADNOC’s refining capacity by 65% to 1.5 billion by 2025. These investments would, in turn, impel the need for efficient sensors to record accurate data and also motivating the global Oil and Gas industry.
Furthermore, more factors such as widening connectivity, cheap sensors, coupled with rising computing power, are also motivating the demand for sensors in oil and gas. The sensors incorporated in equipment offers real-time insights that help the companies in planning the maintenance and optimize the operational activity.
Segmentation of Market: Oil and Gas Sensors
The global Oil and Gas sensors market has been further studied among the segments of connectivity, type, and sector.Graph Analytics
Among the type segment, the market has included a temperature sensor, pressure sensor, vibration sensor, level sensor, and others. With these, the pressure sensor segment is leading the market. It has the largest market share, particularly owing to its wide application in upstream, midstream, and downstream sectors aiming to measure the pressure of gases and liquids and provide accurate data to detect changes in the pressure.
Based on sector segment, the market has included upstream, midstream, and downstream. Among these, the downstream segment is estimated to record the highest growth rate during the assessment period.
As per the regional analysis, the global Oil and Gas sensors market has also been studied among various vital regions such as North America, Europe, Asia Pacific, and more.
North America region occupies the largest share in the oil & gas sensor market owing to the increased upstream expenditure, which would boost the oil and gas sensors demand in countries such as the US, Canada, and Mexico. In fact, the rising unconventional drilling techniques also offer the opportunity for the oil & gas sensor market as the Department of Energy would invest USD 30 million to mount the unconventional oil & gas recovery.
In the same way, the Europe region also holds the second-largest share in the oil & gas sensors market with rising investment in refinery capacity addition and expansion of pipelines. Automation of the oil and gas industry also boosts efficacy and is beneficial to investors in the region of APAC. An increase in demand for oil and gas in countries like India and China have been favorable to the market’s expansion. Therefore, the growth in downstream activities and economical extraction of shale gas is accepted to influence the sensors market positively.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
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