DUBLIN--(BUSINESS WIRE)--The "Oil & Gas Sensors Market by Type (Pressure, Level, Flow, Temperature), Connectivity (Wired, Wireless), Application (Remote Monitoring, Condition Monitoring, Analysis), Sector (Upstream, Midstream, Downstream), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
"Increasing adoption of ultrasonic sensors is expected to drive the overall oil & gas sensors market"
The oil & gas sensors market is expected to grow from USD 7.4 billion in 2018 to USD 9.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8%, from 2018 to 2023.
The oil & gas sensors market is driven by various factors, such as increasing adoption of ultrasonic sensors and increasing demand for sensors due to refining capacity additions. However, rising investments in the renewable sector can hinder the growth of the oil & gas sensors market.
"Pressure sensors segment is expected to grow at a higher CAGR during the forecast period"
Pressure sensors segment is the fastest growing segment in the oil & gas sensors market. This sensor is used to measure the pressure of gases or liquids. They are used to provide accurate and reliable data to detect small changes in the pressure usually in the upstream and midstream sector. Hence, increasing use of pressure sensors for upstream and midstream applications is expected to result in the highest CAGR of pressure sensors segment.
"Remote monitoring segment is expected to hold the largest market share during the forecast period"
Remote monitoring includes pipeline integrity monitoring, tank level monitoring, equipment-based condition monitoring (CBM), pipeline Pressure Relief Valve monitoring, refineries Pressure Relief Valve monitoring, wellhead automation, and monitoring. Remote monitoring can reduce the maintenance cost in marine environments, which are mostly corrosive and require more maintenance.
"Asia Pacific is expected to record the highest growth rate during the forecast period"
Asia Pacific is expected to have the highest growth rate during the forecast period because of the increasing energy consumption in the region. The oil demand in Asia Pacific would grow by an average of 2% annually by 2023. This would be driven by the rising consumption of petrochemical materials such as ethane and naphtha. It is projected that Asia Pacific would account for roughly 60% of the global oil product demand growth in the next 5 years.
Market Dynamics
Drivers
- Increasing Adoption of Ultrasonic Sensors
- Increasing Demand for Sensors Due to Refining Capacity Additions
- Growing IoT in Oil & Gas Industry
Restraints
- Rising Investment in the Renewable Sector Would Affect the Demand for Sensors
Opportunities
- Increasing Unconventional Drilling Techniques Such as MPD and Directional Drilling
- Growing Offshore Investments
Challenges
- Low Acceptance Level Toward Adopting New Technologies
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Oil & Gas Sensors Market, By Type
7 Oil & Gas Sensors Market, By Application
8 Oil & Gas Sensors Market, By Connectivity
9 Oil & Gas Sensors Market, By Sector
10 Oil & Gas Sensors Market, By Region
11 Competitive Landscape
12 Company Profiles
- ABB Ltd.
- BD Sensors
- Bosch
- Emerson
- Fortive
- General Electric (GE)
- Honeywell
- Indutrade
- Lord
- MTS Sensor Technologies GmbH
- Rockwell
- Siemens
- TE Connectivity
For more information about this report visit https://www.researchandmarkets.com/research/kr32x3/9_4_billion?w=4
