At 5.8% CAGR, North America Oil & Gas Sensors Market is Projected to be Worth US$ 3,990.45 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America oil & gas sensors market was valued at US$ 2,545.65 million in 2023 and is expected to reach US$ 3,990.45 million by 2031, registering a CAGR of 5.8% from 2023 to 2031. Growing demand for ultrasonic sensors in oil and gas applications and expanding oil and gas industry are among the critical factors attributed to drive the North America oil & gas sensors market growth.

The oil & gas industry has played a significant role in the economic transformation of various countries. The industry accounted for the largest share of global consumption of energy resources. Natural gas is projected to become the fastest-growing fossil fuel in the coming years. The oil production are increasing and fulfill energy demand. According to the International Energy Agency (IEA), global oil demand is expected to rise by 6% from 2022 to 2028 and reach 105.7 million barrels per day, with a significant requirement from the aviation and petrochemical industries. Rising demand for oil among various industries increases the demand for numerous oil & gas sensors such as pressure sensors, temperature sensors, flow sensors, and level sensors for monitoring and controlling plant operations.

The expansion of the oil & gas industry is also associated with increasing investment in oil & gas exploration activities. For instance, according to the Urwald eV report published in November 2023, between 2021 and 2023, 384 businesses across the globe have reported an average capital expenditure of more than US$ 10 million in oil & gas exploration activities. The top seven companies invested in oil & gas exploration are China National Petroleum Corporation (CNPC) (US$ 5.9 billion), China National Offshore Oil Corporation (CNOOC) (US$ 3.2 billion), Saudi Aramco (US$ 2.8 billion), Pemex (US$ 2.6 billion), Sinopec Group (US$ 2.4 billion), Pioneer Natural Resources (US$ 2.1 billion), and Shell plc (US$ 2.0 billion). These investments support oil & gas companies to adopt technologically advanced oil & gas sensors by expanding their business worldwide. Thus, the expanding oil & gas industry fuels the oil & gas sensors market growth.

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

Based on type, the North America oil & gas sensors market is segmented pressure sensor, temperature sensor, flow sensor, and level sensor. The pressure sensor segment held 33.2% market share in 2023, amassing US$ 844.13 million. It is projected to garner US$ 1,415.99 million by 2031 to register 6.7% CAGR during 2023–2031.

By function, the North America oil & gas sensors market is segmented into remote monitoring, condition monitoring and maintenance, analysis and simulation, and others. The remote monitoring segment held 35.7% share of North America oil & gas sensors market in 2023, amassing US$ 907.97 million. It is anticipated to garner US$ 1,525.45 million by 2031 to expand at 6.7% CAGR during 2023–2031.

In terms of connectivity, the North America oil & gas sensors market is bifurcated into wired and wireless. The wired segment held 61.3% share of North America oil & gas sensors market in 2023, amassing US$ 1,560.88 million. It is anticipated to garner US$ 2,366.02 million by 2031 to expand at 5.3% CAGR during 2023–2031.

By application, the North America oil & gas sensors market is segmented into upstream, midstream, and downstream. The upstream segment held 37.1% market share in 2023, amassing US$ 944.11 million. It is projected to garner US$ 1,586.19 million by 2031 to register 6.7% CAGR during 2023–2031.

By country, the North America oil & gas sensors market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 95.1% share of North America oil & gas sensors market in 2023. It was assessed at US$ 2,421.42 million in 2023 and is likely to hit US$ 3,827.71 million by 2031, registering a CAGR of 5.9% during 2023–2031.

Key players operating in the North America 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.

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com