Market Overview

The Global Sensors in Oil & Gas Market to 2024 - Key Players are Honeywell International, Siemens, ABB, Rockwell Automation, and GE Sensing & Inspection Technologies

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Dublin, June 24, 2019 (GLOBE NEWSWIRE) -- The "Sensors in Oil and Gas Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The sensors market in the oil and gas industry is estimated to grow at a CAGR of about 6.54% over the forecast period 2019-2024.

With the increasing trend of big data analytics, wearables devices, and interactive workstations, sensorization is the next step because it facilitates remote monitoring and managing of field operations by an Oil & Gas company.

Key Highlights

  • With diminishing oil resources and rising prices, it's necessary that drilling operations take place at the exact locations. Thus, studying the data received from the sensors and the other seismic images enables the manufacturers with far more accurate information about where to drill. This helps them to improve their supply chain operations and inventory management.
  • For instance, BP plc has deployed sensors in partnership with the Silicon Microgravity, which helped them to optimize reservoir yields and the sensors are sensitive enough to measure one-billionth of the level of Earth's gravity. Those sensors are also small and robust enough to be sent deep into boreholes, where they can distinguish oil from water.
  • Moreover, the rising adoption of IIoT (Industrial Internet of Things ) sensors in the oil and gas industry is mainly driven by the need to reduce costs. The preference for IIoT-enabled smart asset monitoring solutions is increasing in order to add intelligence to automated workflows, get real-time alerts and do predictive maintenance.
  • However, on the flip, strict restrictions that are imposed to curb the adverse effects on the environment along with, the rigid regulations imposed on oil & gas drilling activities restrict the growth of the sensors market in the oil and gas industry.

Major Market Trends

Upstream Industries Offers Potential Growth

  • The upstream industry finds and produces crude oil and natural gas. The upstream is sometimes also known as the exploration and production (E&P) sector. Crude oil is widely used in transportation, industrial activities, and electric power. Natural gas and crude oil are located deep underground, concealed in rock layers. Many reservoirs are below the sea or in regions that are difficult to access and have an extreme climate. Thus, sensors along with other useful seismic images help the manufactures to get accurate information about where to drill. This helps them in reducing the extra cost associated with drilling costs.
  • Further, cheap sensors, widening connectivity coupled with increasing computing power are driving the demand for sensors during the procurement process for Oil and Gas. Sensors, incorporated in equipment gives real-time insights, which help the companies in planning the maintenance and optimizes the operational activity.
  • Moreover, for Oil and Gas industry, efficiency, productivity, and health and safety will only be maximized if systems, equipment, and sensors from across the industry's value chain are sharing data and learning from one another. Thus with the help of wireless sensors and personal monitoring systems, it will be easy to locate when workers are being exposed to unhealthy hazardous substances and subsequently effective actions can be taken.
  • Therefore all the above factors are expected to have a positive impact on the sensors market in the oil and gas industry during the forecast period.

North America Holds a Significant Market Share

  • The United States is the largest market for oil and gas in North America. The country's newfound shale resources and government policies that aim at making the country the top oil and gas producer in the next few years is expected to drive the demand for sensors market in the oil and gas industry.
  • For instance, with the United States Department of the Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
  • Further, according to the U.S. Energy Information Administration, the United States will become a net energy exporter in 2020 and will remain so throughout the projection period as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production coupled with slow growth in U.S. energy consumption.
  • Therefore, as the new opportunities in the oil and gas sector are coming up in this region it is expected that it will have a positive outlook on the sensors market in the oil and gas industry as well.

Competitive Landscape

The sensors market in the oil and gas industry is fragmented and competitive in nature. Due to the increase in demand for oil and natural gas at various end-users such as the automobile industry, cosmetics industry, etc, many companies are entering into this market. Thus, the deployment of sensors at different oil and gas industry activities such as upstream, midstream, and downstream is also growing at an organizational level. This creates a competitive environment among the players.

Some of the players are Honeywell International, Siemens, ABB, Rockwell Automation, GE Sensing & Inspection Technologies among others.

Topics Covered

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Demand for Safety Systems in the Oil & Gas Industry
4.3.2 Increasing Need for a Simplified Network Architecture in the Wireless Sensor Segment
4.4 Market Restraints
4.4.1 Rigid Regulations Imposed on Oil & Gas Drilling Activities
4.5 Market Opportunities
4.5.1 Growing adoption of IIoT
4.6 Industry Value Chain Analysis
4.7 Industry Attractiveness - Porter's Five Force Analysis

5 MARKET SEGMENTATION
5.1 By Sensor Type
5.1.1 Gas Sensor
5.1.2 Temperature Sensor
5.1.3 Ultrasonic Sensor
5.1.4 Pressure Sensor
5.1.5 Flow Sensor
5.1.6 Level Sensor
5.2 By Connectivity
5.2.1 Wired
5.2.2 Wireless
5.3 By Oil and Gas Industry Activity
5.3.1 Upstream
5.3.2 Midstream
5.3.3 Downstream
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 South Korea
5.4.3.4 Rest of Asia-Pacific
5.4.4 Latin America
5.4.4.1 Brazil
5.4.4.2 Mexico
5.4.4.3 Rest of Latin America
5.4.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Honeywell International Inc.
6.1.2 TE Connectivity Ltd.
6.1.3 Robert Bosch GmbH
6.1.4 ABB Ltd.
6.1.5 Siemens AG
6.1.6 Rockwell Automation Inc.
6.1.7 Analog Devices Inc.
6.1.8 Emerson Electric Company
6.1.9 GE Measurement & Control Solutions (Baker Hughes, a GE company)
6.1.10 AB SKF
6.1.11 Omron Corporation
6.1.12 Panasonic Corporation
6.1.13 STMicroelectronics
6.1.14 NXP Semiconductors N.V.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/dcyrvi

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Related Topics: Oil, Gas and Chemical Sensors 

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