Oil & Gas Sensors

Oil & Gas Sensors

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.

Moreover, the deployment of sensors in the oil and gas industry helps in attaining efficiency and benefits investors. Increasing shale gas extraction in various countries would increase the adoption of sensors to make the process economical and reduce the rate of sudden incidents.

• Based on sensor type, the market is segmented into gas , temperature, ultrasonic, pressure, flow, level, and other sensor types. Amongst these, the pressure sensor segment catered to 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.
• By connectivity, the market is bifurcated into wired and wireless sensors. Among these, wired sensors captured a significant share of the oil & gas sensors market in 2021. The major share of wired sensors can be attributed to the growing exploration and production activities in the oil and gas industry which drives the demand for the wired sensor. As wired sensors are directly linked to the device that receives an input which enhances its reliability.
• On the basis of application, the market is categorized into upstream, midstream, and downstream. The upstream application held a major share of the oil and gas sensors 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.
• For a better understanding of the market adoption of the Oil & Gas Sensors, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. 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.
• 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), and Fortives.