Market Research Future published a half-cooked research report on global oil & gas sensors market. The oil & gas sensors market is expected to expand at ~ 4.80% CAGR during the period 2018 to 2023.
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.
Based on sector, the market is segmented as upstream, midstream, and downstream. Downstream segment is estimated to dominate the market during the forecast period due to the increase in capacity addition of the refineries especially in North America and Asia Pacific. Considering the connectivity, the market is segmented as wired and wireless. Wireless sensors in the oil & gas industry are installed in all the upstream, midstream, and downstream processes. Wireless sensors have a wide variety of applications in the oil & gas industry varying with different requirements and characteristics.
The global oil & gas sensors market is expected to grow at ~ 4.80% CAGR during the forecast period.
North America accounts for the largest market share whereas Asia-Pacific is the fastest growing region.
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.
Scope of the Report
This report provides an in-depth analysis of the global oil & gas sensors market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the oil & gas sensors market by its connectivity, type, sector, and by region.