According to the new research report on "Oil & Gas Sensors Market Size and Forecast (2020-2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the AI data management market is expected to reach US$ 10.5 billion by 2031 and register a CAGR of 5.6% from 2023 to 2031.
The evolution of IoT technology in the oil & gas industry is transforming operations by increasing operational efficiency and workers' safety. These developments make it possible for oil & gas companies to monitor equipment and pipelines in real-time, perform predictive maintenance, and control operations remotely by decreasing downtime and risk. In oil & gas-based applications, IoT-based sensors collect, and track asset operation, pressure, speed, temperature, or other factors based on predetermined conditions. IoT-based sensors help transfer the data in real time to an external storage location, which might be on the cloud. This further enables plant operators to analyze the data collected by the sensors to determine whether the asset is properly working, broken, or close to failure. Moreover, IoT-based sensors ensure the safety of critical systems by providing real-time monitoring.
IoT-based sensors are used in various applications in the oil & gas industry to ensure the reliability, safety, and longevity of machines operating in the harsh environment. The growing demand for IoT-based sensors has encouraged manufacturers to develop new innovative sensors or upgrade existing sensors with additional features. For instance, in April 2024, TE Connectivity Ltd expanded its IoT wireless pressure sensor by launching a 69xxN wireless pressure sensor. These sensors provide support to oil & gas companies in advancing data collection processes and precisely monitoring the plant's condition. The sensor engineered with low power wide area networking (LoRaWAN) technology provides long-range coverage. This compact sensor fits effortlessly into various environments, offers a wide pressure sensing range, simplifies system integration, reduces the need for multiple sensors, and shows high durability and resistance to corrosion. The scalability, extended battery life, and low power consumption support users to enhance system reliability and lower maintenance frequency in a hazardous environment. Thus, the development of Internet of Things (IoT)-based sensors contributes to the oil & gas sensors market growth.
The Asia Pacific oil & gas sensors market size is derived based on the market performance in Japan, China, South Korea, India, Taiwan, Australia, and the Rest of Asia Pacific. The market growth in this region is attributed to the rapid advancements in sensor technologies, and the flourishing trend of digitalization to streamline smart manufacturing and industrial automation. The adoption of digital technologies such as advanced process controls, smart sensors, and data analytics can significantly improve the efficiency and safety of energy and material usage in the oil & gas industry. Governments in Asia Pacific countries increasingly focus on supporting smart manufacturing facilities and encouraging developments in the mining sector. These supportive policies create a favorable environment for the growth of the gas sensors market. According to a 2023 report from the International Energy Agency (IEA), India, China, and Indonesia contribute huge shares to global coal production. China's coal production increased by 3.3% and reached 4,631 metric tons in 2023, surpassing the production levels recorded in 2022 by 417 metric tons. Similarly, India's coal production rose by 7% and reached 989 metric tons in 2023. The significantly operating coal production sites in the region indicate a potential demand for gas sensors in the coal mining industry.
Growing demand for technologically advanced solutions in the oil & gas industry in Japan encourages manufacturers to develop and distribute new innovative sensors for managing smooth operations. In February 2021, Elematec Corporation signed a distribution partnership agreement with NevadaNano Inc. for the supply of MPS flammable gas sensors in the country. The partnership also supports Elematec Corporation to leverage ground-breaking sensors and IoT to create safer working environments for oil & gas workers. MPS flammable gas sensors provide unrivaled reliability and accuracy. The sensor accurately indicates 0-100% lower explosive limit (LEL) across 15 different gases with a single factory calibration. It also supports oil & gas plants to operate effectively with no field maintenance required throughout their lifetime. Moreover, MPS flammable gas sensors benefit the oil & gas industry with the real-time measurement of pressure, temperature, and humidity.
Key Findings of Study:
Based on application, the oil & gas sensors market is segmented upstream, midstream, and downstream. Upstream application of oil & gas sensors refers to their use in the initial phases of oil & gas production, which involve exploration, extraction, and drilling of natural gas and crude oil. The use of upstream oil & gas sensors leads to several benefits and features such as well intervention and well stimulation equipment, drilling rigs/workover rigs, HP/HT tree and wellhead monitoring, coiled tubing injectors, underbalanced drilling measurement & controls, increased oil recovery systems, pumps, off-control monitoring, AUV/ROV measurement systems, mast weight and hook loads, gas custody, transfer instrumentation, triplex and quinplex pumps, wireline/slickline tension for downhole tools, choke and kill manifold monitoring, gas panels, and controls, MWD/LWD tools, valve positioning, drilling mud systems, automated torque tongs/power tongs, tension link monitoring systems, nitrogen generation systems, decanting centrifuges, components and materials testing, and marine loading equipment.
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