Oil & Gas Sensors Market: 2019 Global Size, Share, Industry Trends, Investments, Key Players, Merger, Acquisitions, And Regional Outlook To 2023

Oil & Gas Sensors Market: 2019 Global Size, Share, Industry Trends, Investments, Key Players, Merger, Acquisitions, And Regional Outlook To 2023

“\”\”Oil & Gas Sensors Market\”\””
According to the latest report “Oil & Gas Sensors Market by Type (Pressure, Temperature, Level, Vibration), Connectivity (Wired, Wireless), Sector (Upstream, Midstream, Downstream), and Region with Forecast To 2023, published by Market Research Future, Global Oil & Gas Sensors Market to Grow up at 4% CAGR by 2023.

Oil & Gas Sensors Market Highlights:

The key players of the global oil & gas sensors market are Emerson (US), ABB (Switzerland), GE (US), Rockwell (US), Siemens (Germany), TE Connectivity (US), BD Sensors (Germany), Lord (US), Fortive (US), and Bosch (Germany).

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Oil & Gas Sensors Market Drivers and Restraints:

Oil & gas sensor is widely used for various oil & gas processes in refineries, petrochemicals, underwater development facilities, and oil & gas platforms. The sensors are also used to remotely monitor pipelines, natural gas leaks, corrosion, equipment condition, and real-time reservoir status. Additionally, due to the evolution of digital technologies and wireless communication, wireless sensor is estimated to grow at a phenomenal rate during the forecast period. This would also help in reducing the installation and operating costs.

Increasing adoption of IoT products is a major driver for the growth of the global oil & gas sensors market. Additionally, governments around the globe are developing policies to encourage the use of IoT technology to improve efficiency, downtime, and operating cost. According to Oxford Economics, oil & gas industry adoption of IoT could increase the global GDP by approximately USD 816 billion from 2018 to 2028.  Thus, accelerating the demand for sensors in oil & gas industry.

Oil & gas sensors are the detectors with IoT technology, offering high level of accuracy, reliability, and flexibility for various applications in the oil & gas industry such as remote monitoring, condition monitoring, and analysis & stimulation. Sensors are majorly used to detect pressure, level, and flow, and temperature.  With the increased growth of unconventional drilling, there is high demand for liquid level sensors in upstream sector. Similarly, according to the Bureau of Labor Statistics, the accident cases in the US during drilling and exploration activities were responsible for around 40% of the workforce deaths. Thus, the demand for oil & gas sensors are estimated to increase during the forecast period, in line with the safety standards mentioned by Application of Safety Instrumented Systems for the Process Industry, in 2017

Global Oil & Gas Sensors Market Segments Analysis:

The scope of the study segments the oil & gas sensors market by its connectivity, type, sector, and by region.

By Connectivity:

Wired

Wireless

By Type:

Pressure Sensor

Temperature Sensor

Level Sensor

Vibration Sensor

Others

By Sector:

Upstream

Midstream

Downstream

Global Oil & Gas Sensors Market Regional Analysis:

Region wise, North America held the largest market share of the global oil & gas sensors market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in oil & gas processes and high demand for IoT products such as sensors in oil & gas industry. The sensor market in the oil & gas industry would be mainly driven by the growth in unconventional resources in the countries such as US and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico is also likely to positively impact the oil & gas sensors market during the forecast period.

Global oil & gas sensors market is expected to witness substantial growth during the forecast period owing to growing offshore investments in oil & gas industry. According to IEA, offshore oil production is estimated to reach 27.4 million barrels of oil equivalent per day (mboe) by 2040 from 26.4 million barrels of oil equivalent per day (mboe) in 2016.  This would result increase in the demand for oil & gas sensors globally. North America holds the largest share in the oil & gas sensor market due to increased upstream spending which would boost the sensor demand in the countries such as US, Canada, and Mexico. Increasing unconventional drilling techniques offer opportunity for the oil & gas sensor market. For instance, Department of Energy would invest USD 30 million to increase the unconventional oil & gas recovery.  Europe holds the second largest share in the oil & gas sensors market with investment in refinery capacity addition and expansion of pipelines. 

TABLE OF CONTENTS:

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

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

3.1.3 BARGAINING POWER OF SUPPLIERS

3.1.4 THREAT OF SUBSTITUTES

3.1.5 SEGMENT RIVALRY

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

Continued…

LIST OF TABLES:

TABLE 1 GLOBAL OIL & GAS SENSORS MARKET: BY REGION, 2018–2023

TABLE 2 NORTH AMERICA: OIL & GAS SENSORS MARKET: BY COUNTRY, 2018–2023

TABLE 3 EUROPE OIL & GAS SENSORS MARKET: BY COUNTRY, 2018–2023

TABLE 4 ASIA-PACIFIC OIL & GAS SENSORS MARKET: BY COUNTRY, 2018–2023

TABLE 5 MIDDLE EAST & AFRICA OIL & GAS SENSORS MARKET: BY COUNTRY, 2018–2023

TABLE 6 SOUTH AMERICA OIL & GAS SENSORS MARKET: BY COUNTRY, 2018–2023

TABLE 7 GLOBAL OIL & GAS SENSORS MARKET, BY CONNECTIVITY, BY REGIONS, 2018–2023

Continued…

LIST OF FIGURES:

FIGURE 1 RESEARCH PROCESS OF MRFR

FIGURE 2 TOP-DOWN & BOTTOM-UP APPROACH

FIGURE 3 MARKET DYNAMICS

FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS

FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS

FIGURE 6 PORTER’S FIVE FORCES ANALYSIS

FIGURE 7 VALUE CHAIN ANALYSIS

FIGURE 8 GLOBAL OIL & GAS SENSORS MARKET SHARE, BY CONNECTIVITY, 2017 (%)

FIGURE 9 GLOBAL OIL & GAS SENSORS MARKET, BY CONNECTIVITY, 2018–2023 (USD MILLION)

Continued…

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