Oil & Gas Sensors Market size will witness growth on account of growing demand for digital technologies from energy sector to reduce cost and enhance workforce productivity. Ability to offers real time data, improve operational efficiency, reduce safety risk, & environmental footprints are some of the indispensable factors propelling the product demand. In addition, volatile crude prices along with high cost associated with E&P of conventional and unconventional resources will further complement the business outlook.
Ongoing investments toward upstream sector along with abundant availability of unconventional resources including shale and tight gas primarily across the U.S. will propel the oil & gas sensors market. Surging petroleum product demand coupled with growing efforts to reduce foreign import dependency has enhanced the investment toward oil and gas drilling. For instance, in 2018, the Kuwait Petroleum Corporation announced to invest USD 112 million in O&G sector to enhance production in next five years.
Pressure oil & gas sensors will witness growth on account of its wide applicability across midstream and upstream sector. Ability to offer reliable and accurate data, detecting small changes in pressure will make its adoption preferable over alternate technologies.
Increasing capital expenditure toward construction and renovation of refinery facilities to cater high value-added product demand will stimulate downstream oil & gas sensors market. For instance, in 2019, Abu Dhabi National Oil Company and Saudi Aramco announced to invest USD 44 billion in refinery cum petrochemical complex at Ratnagiri, Mumbai.
Growing demand for effective controlling and monitoring systems from remote location along with introduction of strict regulations to ensure safety will propel the remote monitoring oil & gas sensors market. The product utilizes software and hardware to store and transmit data about equipment functionality. Furthermore, escalating demand for pipeline infrastructure will enhance product adoption.
Increasing investments toward drilling of unconventional resources from independent participants will propel the U.S. oil & gas sensors market share. For instance, in February 2019, Chevron announced to invest USD 3.6 billion in the Permian Basin.
Positive outlook toward downstream processing infrastructure backed by economic transformation and rapid industrialization will propel the Angola oil & gas sensors market. For instance, in 2018, Sonangol, Angola’s state oil company announced to construct 200 kb/d refinery facility in Lobito by 2022 to reduce nation’s dependency on foreign import.
India oil & gas sensors market is predicted to witness growth on account of growing investment toward midstream infrastructure project to fulfill petroleum product demand. For instance, In December 2018, Government of India has announced to invest USD 300 billion for expansion of city gas distribution network and construction of O&G pipeline and refineries over next decades.
Major industry participants across the oil & gas sensors market comprise Emerson, Bosch, GE, MTS Sensors, ABB, Rockwell Automation, BD Sensors, TE Connectivity, Fortive, Lord, Siemens, Honeywell, Gems Sensor.