The global oil & gas sensors market is projected to reach USD 9.4 billion by 2023 from an estimated USD 7.4 billion in 2018 at a CAGR of 4.81%. The market in Asia Pacific is estimated to be the largest, followed by North America. Factors such as growing IoT in the oil & gas industry and increased investment in refining capacity additions are driving the oil & gas sensors market.
The oil & gas sensors market is dominated by a few major companies that have a wide global presence. The leading players in the oil & gas sensors market include Emerson (US), Honeywell Automation (US), ABB (Switzerland), GE (US), Siemens (Germany), and TE Connectivity (Switzerland)
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The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. New product development was the most commonly adopted strategy from September 2014 to June 2018. Industry players also adopted mergers & acquisitions, which was the second most widely followed strategy during the same period.
Emerson designs and manufactures valves, analytical instruments, and process control systems, and its solutions find application in commercial, industrial, and consumer markets globally. It operates through 2 divisions, namely, automation solutions and commercial and residential solutions. It provides a wide variety of innovative and reliable sensors under its commercial and residential solutions division. In May 2017, Emerson introduced a new platform for its Rosemount X-well technology for surface sensing temperature measurement solutions. This would help the company to expand its range of temperature sensors catering to various processes in the oil & gas industry.
ABB provides power and automation technologies for various industries such as oil & gas, power generation, and transport & infrastructure, globally. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. It provides oil & gas sensors under its Industrial Automation business segment. The company has a presence in over 100 countries with production and R&D centers worldwide. Moreover, in March 2018, the company expanded its operations network with a new collaborative operations center for the oil, gas, and chemical industries in Norway.
Oil & Gas Sensors Market by Type (Pressure, Level, Flow,Temperature), Connectivity (Wired, Wireless), Application (Remote Monitoring, Condition Monitoring, Analysis), Sector (Upstream, Midstream, Downstream), and Region -Global Forecast to 2023
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