Oil & Gas Sensors Market Size, Share and Global Trend By Sector (Upstream, Mid-stream, Downstream), By Type (Pressure Sensor, Temperature Sensor, Level Sensor, Flow Sensor, Others), By Connectivity (Wired, Wireless), By Application (Remote Monitoring, Condition Monitoring, Analysis & Simulation) and Regional Forecast, 2024-2032

Oil and Gas industry is vital for the global economy. The oil and gas industry is not only responsible for the majority of primary energy generation but also acts as a significant supplier of raw materials for chemical products which include pharmaceuticals, solvents, fertilizers, pesticides, and plastics. For reliable and stable operation of oil and gas industry, control and monitoring play an important role. Control and monitoring boost efficiency, decrease operating cost and increase profitability. Sensors play an essential role in the control and monitoring of the oil and gas industry.

Sensors are used in every step of the oil and gas industry; right from oil and gas exploration to refinery. Different type of sensors is used to collect data in numerous applications in the oil and gas industry. Sensors are used to monitor various vital parameters which are crucial for stable and reliable operations. Sensors can be used in hazardous conditions where human intervention is not possible. Sensors play an essential role in the safety of both man and machines. Sensors can be used to find flaws in the system.

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Based on the type of sectors, oil and gas sensors market can be segmented into upstream, midstream, and downstream. The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil or raw natural gas to the surface. The midstream sector involves transportation (by pipeline, rail, barge, oil tanker or truck), storage, and wholesale marketing of crude or refined petroleum products.

The downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas. The downstream sector reaches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas (LPG) as well as hundreds of petrochemicals. Based on connectivity, oil and gas sensors is divided into wired connections and wireless. Oil and gas sensors are used for remote monitoring, condition monitoring, and analysis & simulations. 

The primary market driver for global oil and gas sensors market is the need for modernization, refurbishment, and up-gradation of the oil and gas industry. Automation of oil and gas industry boosts efficacy and is beneficial to investors. Increase in demand for oil and gas in countries like India, USA, and China. Growth in downstream activities and economical extraction of shale gas is expected to influence the sensors market positively. Emerging long-distance surface pipeline and subsea pipelines for transport for crude and natural oil is a new avenue for midstream for the use of sensors. As a result of low crude oil prices, investment in oil and gas has reduced significantly. This acts as a significant restraint for oil and gas sensors market.

Key Players Covered

Some of the notable companies in the global Oil & Gas Sensors market are Honeywell, Gems Sensors, LORD Corporation, Oxsensis Ltd, TE Connectivity, Opsens Solutions, SGX Sensortech, Emerson Electric Co., 3M Gas & Flame Detection, BEI Sensors, ABB, Pyromation, Smart Fibres Ltd, Fafnir GmbH, SKF, Baker Hughes, Thermometrics Corporation, Siemens and Bosch Rexroth.

SEGMENTATION

Regional Analysis

The global oil and gas sensors market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to positively influence oil and gas sensors market due to development of affordable shale gas exploration and extraction technology. Upgradation and refurbishment of aging oil and gas pipelines and new proposed pipelines in Europe and North America are expected to grow the oil and gas sensors market. New proposed pipelines in Asia-Pacific and Middle-East & Africa is expected to boost the use of sensors in mid-stream sector. Increase in petroleum refining activities in India, China, USA is expected to increase the use of sensors in the downstream market. Upgradation and modernization of infrastructure in OPEC countries can spur the oil and gas sensor market. 

Key Industry Developments

• In July 2019, Emerson has acquired the software and automation business of Zedi company to strengthen its global position in Oil & Fas automation.
• In April 2018, Weir Oil & Gas has announced that the company has achieved success in designing an intelligent sensor which can accurately communicate mud gas liquid level in real-time, reduce clean up cost and lowering non-productive time.