The overall oil & gas sensors market is expected to grow from USD 1 billion in 2020 to USD 1.6 billion by 2027; it is expected to grow at a CAGR of 7.0% during 2021–2027.
Oil and Gas industry is vital for the global economy. Sensors play an essential role in the control and monitoring of the oil and gas industry. It is not only responsible for the majority of primary energy generation but also acts as a significant supplier of raw materials for companies which produce chemical products. Gas Sensor usually detects the presence of gas in the environment and makes people aware of it by sounding the alarms. These sensors can detect a wide range of gases such as toxic gases, flammable and combustible gases. It is widely used by various industries such as transportation, food & beverage, metals, chemicals, power stations and smart cities. The increasing awareness of people related to the air quality has driven the need for gas sensors in office and homes.
The driving factor for the current scenario is Wireless sensors and they are expected to grow at the highest CAGR in the global oil & gas sensors market during the forecast period. They have a growing demand as they eliminate cables, resulting in reduced installation and operating costs. Along with that, there is one more factor which is Pressure sensors, as it is the fastest-growing segment in the market as they provide accurate and reliable data to detect small changes in the pressure usually in the upstream and midstream processes.
Due to various health and safety regulations across the globe, there is increase in adoption of gas sensors in air quality monitors and HVAC system which increased the demand for gas sensors from critical industries. However, the long duration required for the development of new and innovative gas sensors acts as a restraint for the market growth. Technological advancements in consumer devices and rise in use of advanced sensors in these devices is expected to provide growth opportunities for gas sensor market.
Globally, the oil and gas sensors market is segmented into the Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. The Asia Pacific and the Middle East and Africa will exhibit notable growth of the market due to newly planned pipelines. It will also increase the adoption of sensors in mid-stream sectors. North America is foreseen to impact the market positively owing to the continuous development of cost-effective shale gas extraction and exploration technology. Also, newly proposed pipelines and refurbishment and update of traditional oil and gas pipelines will contribute to the growth of market size into North America and Europe part.
Oil and Gas industry is vital for the global economy. Sensors play an essential role in the control and monitoring of the oil and gas industry. It is not only responsible for the majority of primary energy generation but also acts as a significant supplier of raw materials for companies which produce chemical products. Gas Sensor usually detects the presence of gas in the environment and makes people aware of it by sounding the alarms. These sensors can detect a wide range of gases such as toxic gases, flammable and combustible gases. It is widely used by various industries such as transportation, food & beverage, metals, chemicals, power stations and smart cities. The increasing awareness of people related to the air quality has driven the need for gas sensors in office and homes.
The driving factor for the current scenario is Wireless sensors and they are expected to grow at the highest CAGR in the global oil & gas sensors market during the forecast period. They have a growing demand as they eliminate cables, resulting in reduced installation and operating costs. Along with that, there is one more factor which is Pressure sensors, as it is the fastest-growing segment in the market as they provide accurate and reliable data to detect small changes in the pressure usually in the upstream and midstream processes.
Due to various health and safety regulations across the globe, there is increase in adoption of gas sensors in air quality monitors and HVAC system which increased the demand for gas sensors from critical industries. However, the long duration required for the development of new and innovative gas sensors acts as a restraint for the market growth. Technological advancements in consumer devices and rise in use of advanced sensors in these devices is expected to provide growth opportunities for gas sensor market.
Globally, the oil and gas sensors market is segmented into the Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. The Asia Pacific and the Middle East and Africa will exhibit notable growth of the market due to newly planned pipelines. It will also increase the adoption of sensors in mid-stream sectors. North America is foreseen to impact the market positively owing to the continuous development of cost-effective shale gas extraction and exploration technology. Also, newly proposed pipelines and refurbishment and update of traditional oil and gas pipelines will contribute to the growth of market size into North America and Europe part.
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