The global oil & gas sensor market size is projected to reach a value of USD 10,438.6 million by 2025, growing at a CAGR of 4.8%.
Adroit Market Research report on global oil & gas sensor market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global oil & gas sensor market have been studied in detail.
Sensorization is the next move with the growing trend of big data analytics, wearable devices and interactive workstations, as it allows remote monitoring and management of field operations by an Oil & Gas company. With diminishing oil supplies and rising costs, drilling activities need to take place at the exact locations. Studying the data obtained from the sensors and the other seismic images thus enables manufacturers to provide much more precise knowledge on where to drill. This helps them improve their processes in the supply chain and control inventories. For example, in collaboration with Silicon Microgravity, BP plc has deployed sensors that helped them maximize reservoir yields, and the sensors are sensitive enough to measure one billionth of Earth's gravity level. Moreover, these sensors are compact and durable enough to be sent deep into boreholes, where they can differentiate between oil and water.
Cheap sensors, extended connectivity coupled with increased computing capacity drive sensor demand during the oil and gas procurement process. Sensors incorporated into equipment provide real-time insights that help businesses schedule maintenance and maximize operational activity. In addition, performance, sustainability, and health and safety can only be maximized for the oil and gas industry if systems, equipment, and sensors from around the value chain of the industry exchange data and learn from each other.
In addition, the growing adoption of IIoT (Industrial Internet of Things) sensors in the oil and gas industry is motivated primarily by the need to cut costs. There is a growing preference for IIoT-enabled smart asset management solutions to add insight to automated workflows, get real-time updates and do predictive maintenance. Thus, it will be easy to locate when workers are exposed to unhealthy hazardous substances with the help of wireless sensors and personal monitoring systems, and then effective action can be taken. Therefore all of the above factors are expected to have a positive impact during the forecast period on the market for sensors in the oil and gas industry.
Asia Pacific is expected to be the largest market for oil & gas sensors. Increasing adoption of industrial automation in emerging countries like India and China are some of the main factors that are responsible for market growth in that region. Those factors will drive the demand for the nation. Furthermore, North America is expected to be the fastest growing region in the global oil and gas sensor market. The US is the biggest oil and gas market in North America. The country's emerging shale resources and government policies aimed at making the world the top producer of oil and gas in the next few years are expected to fuel demand in the oil and gas industry for the market.
The global oil & gas sensor market is fragmented with the presence of many global and regional players. These include Emerson, ABB, Siemens, Rockwell, Honeywell, Fortive, and General Electric among others.
Key Segments of the Global Oil & Gas Sensor Market
Type Overview, 2015-2025 (USD Million)
Connectivity Overview, 2015-2025 (USD Million)
Application Overview, 2015-2025 (USD Million)
- Remote Monitoring
- Condition Monitoring
Sector Overview, 2015-2025 (USD Million)
Regional Overview, 2015-2025 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central and South America
- Rest of Central and South America
- Middle East & Africa