At 3.3% CAGR, Middle East & Africa Oil & Gas Sensors Market is Projected to be worth US$ 515.1 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa oil & gas sensors market was valued at US$ 396.3 million in 2023 and is expected to reach US$ 515.1 million by 2031, registering a CAGR of 3.3% from 2023 to 2031. Development of internet of things (IoT)-based sensors and expanding oil & gas industry are among the critical factors attributed to drive the Middle East & Africa oil & gas sensors market growth.

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 a 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.

On the contrary, the high costs associated with oil & gas sensors hamper the growth of the Middle East & Africa oil & gas sensors market.

Based on type, the Middle East & Africa oil & gas sensors market is segmented pressure sensor, temperature sensor, flow sensor, and level sensor. The pressure sensor segment held 33.0% market share in 2023, amassing US$ 130.69 million. It is projected to garner US$ 178.19 million by 2031 to register 4.0% CAGR during 2023–2031.

By function, the Middle East & Africa oil & gas sensors market is segmented into remote monitoring, condition monitoring and maintenance, analysis and simulation, and others. The remote monitoring segment held 35.5% share of the Middle East & Africa oil & gas sensors market in 2023, amassing US$ 140.56 million. It is anticipated to garner US$ 191.85 million by 2031 to expand at 4.0% CAGR during 2023–2031.

By application, the Middle East & Africa oil & gas sensors market is segmented into upstream, midstream, and downstream. The upstream segment held 36.7% market share in 2023, amassing US$ 145.58 million. It is projected to garner US$ 202.61 million by 2031 to register 4.2% CAGR during 2023–2031.

In terms of connectivity, the Middle East & Africa oil & gas sensors market is bifurcated into wired and wireless. The wired segment held 61.8% market share in 2023, amassing US$ 244.86 million. It is projected to garner US$ 307.87 million by 2031 to register 2.9% CAGR during 2023–2031.

By country, the Middle East & Africa oil & gas sensors market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 35.8% share of Middle East & Africa oil & gas sensors market in 2023. It was assessed at US$ 141.94 million in 2023 and is likely to hit US$ 199.45 million by 2031, registering a CAGR of 4.3% during 2023–2031.

Key players operating in the Middle East & Africa 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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