Oil & Gas Sensors Market: Current Analysis and Forecast (2022-2028)

Report Description

Oil & Gas Sensors Market was valued at USD 1470.6 million in 2021 & is expected to grow at a CAGR of 5.1% from 2022-2028. Moreover, the deployment of sensors in the oil and gas industry helps in attaining efficiency and benefits investors. The increasing extraction of shale gas in various countries would increase the adoption of sensors to make the process economical and reduce the rate of sudden incidents. Moreover, the oil and gas industry is a major industry that drives several other industries, is crucial for world energy consumption, and consequently has a tremendous impact on the global economy. It includes processes for exploration, extraction, refining, transportation, and marketing petroleum products. The demand for sensors is increasing at a soaring owing to the need to control and monitor every step in the oil and gas industry, right from oil and gas exploration to refinery. Further, with the rise in the trade of LNG, countries across the globe are trying to increase the share of natural gas in their energy mix which in turn would escalate the market adoption of sensors in the oil and gas industry.

Some of the major players operating in the market include Siemens, ABB, Honeywell International, Robert Bosch GmbH, TE Connectivity Ltd, BD Sensors GmbH, Emerson Electric Co., General Electric, Parker Hannifin Corp (Lord), Fortive.

Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst sensor type, the pressure sensor segment held a dominating share of the market in 2021”

Based on sensor type, the market is segmented into gas sensor, temperature sensor, ultrasonic sensor, pressure sensor, flow sensor, level sensor, and other sensor types. Amongst these, the pressure sensor segment catered the highest share of the market in 2021. Pressure sensors in the oil and gas industry are used to measure the pressure and level of oil, fluid/gas flow, speed, water level, and altitude. Moreover, in the process of oil storage and transportation, the oil pressure sensor is used in the oil tank to monitor the pressure and liquid level in real time.

“Amongst applications, the upstream held the majority share of the market in 2021”

On the basis of application, the market is categorized into upstream, midstream, and downstream. The upstream application held a major share of the smart home market in 2020 and is expected to grow at a substantial CAGR during the forecasted period. Upstream activity includes natural gas and crude oil discoveries and many reservoirs are located underwater or in hard-to-reach places with harsh climates. As a result, the sensors assist manufacturers in obtaining real-time information required for efficient operations in the oil and gas industry.

“North America dominated the Oil & Gas Sensors market in 2021”

North America dominated the oil & gas sensors market in 2021 due to the ongoing shale gas exploration and production activities at a soaring rate. Considering the rapid growth prospects of the region are mainly attributed to the upgradation and refurbishment of aging oil and gas pipelines coupled with new proposed pipelines in the region is expected to propel the adoption of sensors in the oil & gas industry in the region.

Oil & Gas Sensors Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Oil & Gas Sensors market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Oil & Gas Sensors Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Oil & Gas Sensors market were the three major steps undertaken to create and analyze the adoption of Oil & Gas Sensors in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Oil & Gas Sensors market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Oil & Gas Sensors market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Oil & Gas Sensors market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as sensor type, connectivity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Oil & Gas Sensors market. Further, we conducted factor analysis using dependent and independent variables such as sensor type, connectivity, and application of the Oil & Gas Sensors market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Oil & Gas Sensors market sector across the globe. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Oil & Gas Sensors market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Oil & Gas Sensors market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Oil & Gas Sensors market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Oil & Gas Sensors market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the sensor type, connectivity, and application in the global Oil & Gas Sensors market.

The main objective of the Global Oil & Gas Sensors Market Study

The current & future market trends of the global Oil & Gas Sensors market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Oil & Gas Sensors market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the sensor type, connectivity, and application.
• Define and analysis of the regulatory framework for the Oil & Gas Sensors industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Oil & Gas Sensors market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Oil & Gas Sensors market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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