At 5.4% CAGR, Europe Oil & Gas Sensors Market is Projected to be Worth US$ 2,364.17 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe oil & gas sensors market was valued at US$ 1,555.46 million in 2023 and is expected to reach US$ 2,364.17 million by 2031, registering a CAGR of 5.4% from 2023 to 2031. Development of internet of things (IOT)-based sensors and gas applications, growing demand for ultrasonic sensors in oil & gas applications, and rising investment in capacity expansion of offshore projects are among the critical factors attributed to drive the Europe oil & gas sensors market growth.

Offshore renewables, such as offshore wind and ocean energy, have the potential to speed the global energy transition while creating new economic and social opportunities. According to the most recent data published by the International Renewable Energy Agency (IRENA) in June 2023, the capacity of offshore wind accounted to be more than 55 gigawatts (GW) in 2022, while ocean energy installed capacity was 0.535 GW in 2021. Offshore wind and ocean energy are expected to generate 380 GW and 350 GW, respectively, by 2030 due to increasing investment in ocean energy technologies. This increases the adoption of oil & gas sensors among users to monitor water quality, detect oil spills, and assess the impact of offshore drilling activities on oil & gas applications.

Investments in offshore projects are growing worldwide. For instance, according to WindEurope VZW/ASBL data published in January 2024, offshore wind projects are regaining momentum in Europe. In 2023, the region established new offshore wind farms with a capacity of 4.2 GW, which increased by 40% from 2022 with an investment of US$ 32.64 billion. The investment will help build wind farms with a capacity of 9 GW by the end of 2024. Similarly, a new record of highest offshore wind investments in Europe was achieved due to significant investment in offshore projects, capacity expansion, and favorable government initiatives such as the Wind Power Package advancing offshore wind projects. Such investments increase the demand and adoption of temperature, pressure, flow, and level sensors to monitor the performance and integrity of offshore wind turbines, oil platforms, and underwater pipelines. Thus, rising investment in capacity expansion of offshore projects is expected to generate numerous opportunities for the growth of the oil & gas sensors market during the forecast period.

On the contrary, high costs associated with oil and gas sensors hamper the growth of Europe oil & gas sensors market.

Based on type, the Europe oil & gas sensors market is segmented pressure sensor, temperature sensor, flow sensor, and level sensor. The pressure sensor segment held 33.4% market share in 2023, amassing US$ 518.76 million. It is projected to garner US$ 826.41 million by 2031 to register 6.0% CAGR during 2023–2031.

By function, the Europe oil & gas sensors market is segmented into remote monitoring, condition monitoring and maintenance, analysis and simulation, and others. The remote monitoring segment held 36.1% share of Europe oil & gas sensors market in 2023, amassing US$ 562.10 million. It is anticipated to garner US$ 895.60 million by 2031 to expand at 6.0% CAGR during 2023–2031.

By application, the Europe oil & gas sensors market is segmented into upstream, midstream, and downstream. The upstream segment held 37.5% market share in 2023, amassing US$ 583.41 million. It is projected to garner US$ 948.21 million by 2031 to register 6.3% CAGR during 2023–2031.

By connectivity, the Europe oil & gas sensors market is bifurcated into wired and wireless. The wired segment held 61.3% market share in 2023, amassing US$ 1,560.88 million. It is projected to garner US$ 2,366.02 million by 2031 to register 5.3% CAGR during 2023–2031.

By country, the Europe oil & gas sensors market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 30.2% share of Europe oil & gas sensors market in 2023. It was assessed at US$ 468.98 million in 2023 and is likely to hit US$ 749.18 million by 2031, registering a CAGR of 6.0% during 2023–2031.

Key players operating in the Europe oil & gas sensors market are Honeywell International Inc, TE Connectivity Ltd, Robert Bosch GmbH, ABB Ltd, Siemens AG, Rockwell Automation Inc, Analog Devices Inc, Emerson Electric Co, SKF AB, and GE Vernova, among others.

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