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The sensors market share in the oil and gas industry is expected to increase by USD 1.73 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.04%.
This sensors market in the oil and gas industry market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the sensors market in oil and gas industry segmentation by type (wired and wireless) and geography (APAC, North America, Europe, MEA, and South America). The sensors market in oil and gas industry report also offers information on several market vendors, including ABB Ltd., Amphenol Corp., Emerson Electric Co., Fortive Corp., General Electric Co., Honeywell International Inc., LORD Corp., Rockwell Automation Inc., RS Technics BV, and Siemens AG among others.
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The increase in LNG trade is notably driving the sensors market growth in the oil and gas industry, although factors such as price volatility in the oil and gas industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sensors market in the oil and gas industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Sensors Market Driver in Oil and Gas Industry
One of the key factors driving the global sensors market growth in the oil and gas industry is the increase in LNG trade. This is because several countries are trying to increase the share of natural gas in their energy mix, which is increasing the demand for LNG. Furthermore, cross-border disputes and the geopolitical tension over pipelines have renewed the interest in LNG as a transport fuel. On the supply side, investments in LNG infrastructure have been increasing in Australia, Qatar, Africa, Russia, and the US. For instance, in March 2018, Mozambique approved its first onshore LNG project, which consisted of a nameplate capacity of more than 12 MTPA. Asia is leading the demand in LNG import markets owing to the growth in new LNG regasification facilities. Furthermore, China plans to increase its regasification facilities to add about 26 MTPA by 2023. Thus, rising LNG trade globally would further increase the demand for gas sensors in the oil and gas industry during the forecast period.
Key Sensors Market Trend in Oil and Gas Industry
Another key factor driving the sensors market growth in the oil and gas industry is the increasing adoption of IoT products. With the increasing use of unconventional drilling, there is a significant demand in the upstream industry for liquid-level sensors. Similarly, according to the Bureau of Labor Statistics (BLS), accidents during drilling and exploring activities in the US accounted for around 40% of all employee deaths. Thus, governments all over the world are approving rules to encourage the adoption of IoT technology to increase efficiency, downtime, and operational costs. According to Oxford Economics, the use of IoT in the oil and gas industry could boost the global GDP by USD 816 billion between 2018 and 2028. As a result, the demand for oil and gas sensors is expected to rise over the forecast period.
Key Sensors Market Challenge in Oil and Gas Industry
One of the key challenges to the global sensors market growth in the oil and gas industry is the price volatility in the oil and gas industry. The need for continuous monitoring of high-value assets makes the oil and gas industry highly dependable on sensors. Therefore, the slowdown due to price volatility can significantly affect market growth. For instance, crude oil prices have fallen significantly since the beginning of 2020, which was attributed to the economic contraction caused by the COVID-19 and, in a span of a month, a sudden increase in crude oil supply following the suspension of agreed production cuts among the Organization of the Petroleum Exporting Countries (OPEC) and partner countries. Moreover, with falling demand and increasing supply, daily price changes for the US benchmark crude oil West Texas Intermediate (WTI) have become extremely volatile. In March 2020, the prices had decreased by more than 10% within four days and the prices increased by more than 10% in a span of two days. Such factors are expected to limit the growth of the market in focus during the forecast period.
This sensors market in the oil and gas industry market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global sensors market in the oil and gas industry as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sensors market in oil and gas industry during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the sensors market in oil and gas industry encompasses successful business strategies deployed by the key vendors. The sensors market in oil and gas industry is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The sensors market in oil and gas industry forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the sensors market in oil and gas industry, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electronic equipment and instruments market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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37% of the market's growth will originate from APAC during the forecast period. China and Russian Federation are the key markets for the sensors market in the oil and gas industry in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the adoption of industrial automation in emerging countries such as India and China will facilitate the sensors market growth in the oil and gas industry in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic in 2020 led to the imposition of lockdowns, which further led to the decline in the demand for oil and gas in the region. As a result, this led to the closure of several refineries. For instance, according to FSG, approximately 200,000 barrels a day of refining capacity was expected to be halted in Asia by mid-2022 due to the shifting of electricity production from fuel-based to renewable plants. However, factors such as vaccination drives and the rise in demand for oil and gas would further bolster the demand for more new refineries, and subsequently, it will drive the demand for sensors in oil and gas industry during the forecast period.
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The sensors market share growth in oil and gas industry by the wired segment will be significant during the forecast period. The growth is attributed to the increase in exploration and production activities in the industry, which would surge the installation of sensors for accurate monitoring of overall operations. Furthermore, wired sensors had high reliability, as they are directly linked to the device that receives the input. This will, in turn, drive the market for wired sensors in the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the sensors market size in oil and gas industry and actionable market insights on post COVID-19 impact on each segment.
Sensors Market Scope in Oil and Gas Industry
Growth momentum & CAGR
Accelerate at a CAGR of 4.04%
Market growth 2022-2026
$ 1.73 billion
YoY growth (%)
APAC, North America, Europe, MEA, and South America
Performing market contribution
APAC at 37%
Key consumer countries
US, China, Russian Federation, Canada, and Saudi Arabia
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
ABB Ltd., Amphenol Corp., Emerson Electric Co., Fortive Corp., General Electric Co., Honeywell International Inc., LORD Corp., Rockwell Automation Inc., RS Technics BV, and Siemens AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key finding 2
*Exhibit 03: Key finding 3
*Exhibit 04: Key finding 5
*Exhibit 05: Key finding 6
*Exhibit 06: Key finding 7
*Exhibit 07: Key finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis: Electronic equipment and instruments
*2.2.2 Inbound logistics
*2.2.4 Outbound logistics
*2.2.5 Marketing and sales
*2.2.6 After-sales service
*2.2.7 Support activities
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 12: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Type
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 22: Type - Market share 2021-2026 (%)
**5.2 Comparison by Type
*Exhibit 23: Comparison by Type
**5.3 Wired - Market size and forecast 2021-2026
*Exhibit 24: Wired - Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Wired - Year-over-year growth 2021-2026 (%)
**5.4 Wireless - Market size and forecast 2021-2026
*Exhibit 26: Wireless - Market size and forecast 2021-2026 ($ million)
*Exhibit 27: Wireless - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Type
*Exhibit 28: Market opportunity by Type
***6. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
**6.1 Customer landscape
*Exhibit 29: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*The regions covered in the report are:
*Exhibit 30: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 31: Geographic comparison
**7.3 APAC - Market size and forecast 2021-2026
*Exhibit 32: APAC - Market size and forecast 2021-2026 ($ million)
*Exhibit 33: APAC - Year-over-year growth 2021-2026 (%)
**7.4 North America - Market size and forecast 2021-2026
*Exhibit 34: North America - Market size and forecast 2021-2026 ($ million)
*Exhibit 35: North America - Year-over-year growth 2021-2026 (%)
**7.5 Europe - Market size and forecast 2021-2026
*Exhibit 36: Europe - Market size and forecast 2021-2026 ($ million)
*Exhibit 37: Europe - Year-over-year growth 2021-2026 (%)
**7.6 MEA - Market size and forecast 2021-2026
*Exhibit 38: MEA - Market size and forecast 2021-2026 ($ million)
*Exhibit 39: MEA - Year-over-year growth 2021-2026 (%)
**7.7 South America - Market size and forecast 2021-2026
*Exhibit 40: South America - Market size and forecast 2021-2026 ($ million)
*Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 42: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 43: Market opportunity by geography ($ million)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increase in LNG trade
*8.1.2 Rising need for modernization of oil and gas industry
*8.1.3 Increase in the number of fabless semiconductor companies
**8.2 Market challenges
*8.2.1 Price volatility in the oil and gas industry
*8.2.2 Shortage of skilled labor
*8.2.3 Increasing investments in the renewable sector
*Exhibit 44: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Increasing adoption of IoT products
*8.3.2 Growing offshore investments in the oil and gas industry
*8.3.3 Growing adoption of ultrasonic sensors
***9. Vendor Landscape
*Exhibit 45: Vendor landscape
**9.2 Landscape disruption
*Exhibit 46: Landscape disruption
*Exhibit 47: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 48: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 49: Market positioning of vendors
*10.3 ABB Ltd.
*Exhibit 50: ABB Ltd. - Overview
*Exhibit 51: ABB Ltd. - Business segments
*Exhibit 52: ABB Ltd. - Key News
*Exhibit 53: ABB Ltd. - Key offerings
*Exhibit 54: ABB Ltd. - Segment focus
**10.4 Amphenol Corp.
*Exhibit 55: Amphenol Corp. - Overview
*Exhibit 56: Amphenol Corp. - Business segments
*Exhibit 57: Amphenol Corp. - Key News
*Exhibit 58: Amphenol Corp. - Key offerings
*Exhibit 59: Amphenol Corp. - Segment focus
**10.5 Emerson Electric Co.
*Exhibit 60: Emerson Electric Co. - Overview
*Exhibit 61: Emerson Electric Co. - Business segments
*Exhibit 62: Emerson Electric Co. - Key News
*Exhibit 63: Emerson Electric Co. - Key offerings
*Exhibit 64: Emerson Electric Co. - Segment focus
**10.6 Fortive Corp.
*Exhibit 65: Fortive Corp. - Overview
*Exhibit 66: Fortive Corp. - Business segments
*Exhibit 67: Fortive Corp. - Key News
*Exhibit 68: Fortive Corp. - Key offerings
*Exhibit 69: Fortive Corp. - Segment focus
**10.7 General Electric Co.
*Exhibit 70: General Electric Co. - Overview
*Exhibit 71: General Electric Co. - Business segments
*Exhibit 72: General Electric Co. - Key News
*Exhibit 73: General Electric Co. - Key offerings
*Exhibit 74: General Electric Co. - Segment focus
**10.8 Honeywell International Inc.
*Exhibit 75: Honeywell International Inc. - Overview
*Exhibit 76: Honeywell International Inc. - Business segments
*Exhibit 77: Honeywell International Inc. - Key News
*Exhibit 78: Honeywell International Inc. - Key offerings
*Exhibit 79: Honeywell International Inc. - Segment focus
*10.9 LORD Corp.
*Exhibit 80: LORD Corp. - Overview
*Exhibit 81: LORD Corp. - Product and service
*Exhibit 82: LORD Corp. - Key offerings
**10.10 Rockwell Automation Inc.
*Exhibit 83: Rockwell Automation Inc. - Overview
*Exhibit 84: Rockwell Automation Inc. - Business segments
*Exhibit 85: Rockwell Automation Inc. - Key News
*Exhibit 86: Rockwell Automation Inc. - Key offerings
*Exhibit 87: Rockwell Automation Inc. - Segment focus
**10.11 RS Technics BV
*Exhibit 88: RS Technics BV - Overview
*Exhibit 89: RS Technics BV - Product and service
*Exhibit 90: RS Technics BV - Key offerings
**10.12 Siemens AG
*Exhibit 91: Siemens AG - Overview
*Exhibit 92: Siemens AG - Business segments
*Exhibit 93: Siemens AG - Key News
*Exhibit 94: Siemens AG - Key offerings
*Exhibit 95: Siemens AG - Segment focus
**11.1 Scope of the report
*11.1.1 Market definition
*11.1.3 Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 96: Currency conversion rates for US$
**11.3 Research Methodology
*Exhibit 97: Research Methodology
*Exhibit 98: Validation techniques employed for market sizing
*Exhibit 99: Information sources
**11.4 List of abbreviations
*Exhibit 100: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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