North America Oil & Gas Sensors Market Forecast to 2031 - Regional Analysis - by Type, Connectivity, Function, and Application

Description

List of Tables

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; it is estimated to register a CAGR of 5.8% from 2023 to 2031.

Rising Investment in Capacity Expansion of Offshore Projects Fuels North America Oil & Gas Sensors Market

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. 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.

North America Oil & Gas Sensors Market Overview

The oil & gas sensors market growth in North America is attributed to the growing adoption of oil & gas sensors across upstream, midstream, and downstream applications, among others, for monitoring the working of devices and equipment used in the energy & power sector. Moreover, expansion activities of the oil & gas industries are anticipated to create lucrative opportunities for market growth during the forecast period. According to data published by the US Energy Information Administration in April 2024, the US and Canada respectively rank 1st and 4th among the top oil producers in the world. The US and Canada produced 21.91 and 5.76 million barrels per day in 2023, respectively, accounting for 22% and 6% shares of global oil production. Increasing demand and production of oil results in a greater scale of oil & gas production, resulting in the need for a larger number of sensors at plants for performance monitoring. In June 2023, PetroChem Canada announced its plan to take measures to promote the development of petrochemical industries. Petrochemical refineries require oil & gas sensors such as temperature and flow sensors in numerous applications, including crude oil distillation, catalytic cracking, and hydroprocessing. These sensors are used for maintaining precise temperature profiles within distillation columns, thereby ensuring the proper separation of crude oil into diesel and gasoline.

North America Oil & Gas Sensors Market Revenue and Forecast to 2031 (US$ Million)

North America Oil & Gas Sensors Market Segmentation

The North America oil & gas sensors market is categorized into type, connectivity, function, application, and country.

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 the largest market share in 2023.

In terms of connectivity, the North America oil & gas sensors market is bifurcated into wired and wireless. The wired segment held a larger market share in 2023.

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 the largest market share in 2023.

By application, the North America oil & gas sensors market is segmented into upstream, midstream, and downstream. The upstream segment held the largest market share in 2023.

By country, the North America oil & gas sensors market is segmented into the US, Canada, and Mexico. The US dominated the North America oil & gas sensors market share in 2023.

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 are some of the leading companies operating in the North America oil & gas sensors market.

Product Code: BMIRE00031069

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. North America Oil & Gas Sensors Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain

5. North America Oil & Gas Sensors Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Growing Demand for Ultrasonic Sensors in Oil and Gas Applications
- 5.1.2 Expanding Oil and Gas Industry
- 5.1.3 Development of Internet of Things (IoT)-based Sensors
5.2 Market Restraints
- 5.2.1 High Costs Associated with Oil and Gas Sensors
5.3 Market Opportunities
- 5.3.1 Rising Investment in Capacity Expansion of Offshore Projects
- 5.3.2 Increasing Technological Advancements
5.4 Future Trends
- 5.4.1 Evolution of 5G Technology
5.5 Impact of Drivers and Restraints:

6. Oil & Gas Sensors Market - North America Analysis

6.1 North America Oil & Gas Sensors Market Revenue (US$ Million), 2021-2031
6.2 North America Oil & Gas Sensors Market Forecast Analysis

7. North America Oil & Gas Sensors Market Analysis - by Type

7.1 Pressure Sensor
- 7.1.1 Overview
- 7.1.2 Pressure Sensor: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Temperature Sensor
- 7.2.1 Overview
- 7.2.2 Temperature Sensor: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
7.3 Flow Sensor
- 7.3.1 Overview
- 7.3.2 Flow Sensor: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Level Sensor
- 7.4.1 Overview
- 7.4.2 Level Sensor: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)

8. North America Oil & Gas Sensors Market Analysis - by Connectivity

8.1 Wired
- 8.1.1 Overview
- 8.1.2 Wired: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Wireless
- 8.2.1 Overview
- 8.2.2 Wireless: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)

9. North America Oil & Gas Sensors Market Analysis - by Function

9.1 Remote Monitoring
- 9.1.1 Overview
- 9.1.2 Remote Monitoring: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Condition Monitoring and Maintenance
- 9.2.1 Overview
- 9.2.2 Condition Monitoring and Maintenance: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Analysis and Simulation
- 9.3.1 Overview
- 9.3.2 Analysis and Simulation: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
9.4 Others
- 9.4.1 Overview
- 9.4.2 Others: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)

10. North America Oil & Gas Sensors Market Analysis - by Application

10.1 Upstream
- 10.1.1 Overview
- 10.1.2 Upstream: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
10.2 Midstream
- 10.2.1 Overview
- 10.2.2 Midstream: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
10.3 Downstream
- 10.3.1 Overview
- 10.3.2 Downstream: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)

11. North America Oil & Gas Sensors Market - Country Analysis

11.1 North America
- 11.1.1 North America Oil & Gas Sensors Market - Revenue and Forecast Analysis - by Country
  - 11.1.1.1 North America Oil & Gas Sensors Market - Revenue and Forecast Analysis - by Country
  - 11.1.1.2 United States: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.2.1 United States: North America Oil & Gas Sensors Market Breakdown, by Type
    - 11.1.1.2.2 United States: North America Oil & Gas Sensors Market Breakdown, by Connectivity
    - 11.1.1.2.3 United States: North America Oil & Gas Sensors Market Breakdown, by Function
    - 11.1.1.2.4 United States: North America Oil & Gas Sensors Market Breakdown, by Application
  - 11.1.1.3 Canada: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.3.1 Canada: North America Oil & Gas Sensors Market Breakdown, by Type
    - 11.1.1.3.2 Canada: North America Oil & Gas Sensors Market Breakdown, by Connectivity
    - 11.1.1.3.3 Canada: North America Oil & Gas Sensors Market Breakdown, by Function
    - 11.1.1.3.4 Canada: North America Oil & Gas Sensors Market Breakdown, by Application
  - 11.1.1.4 Mexico: North America Oil & Gas Sensors Market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.4.1 Mexico: North America Oil & Gas Sensors Market Breakdown, by Type
    - 11.1.1.4.2 Mexico: North America Oil & Gas Sensors Market Breakdown, by Connectivity
    - 11.1.1.4.3 Mexico: North America Oil & Gas Sensors Market Breakdown, by Function
    - 11.1.1.4.4 Mexico: North America Oil & Gas Sensors Market Breakdown, by Application

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration

13. Industry Landscape

13.1 Overview
13.2 Market Initiative
13.3 Product News & Company News

14. Company Profiles

14.1 Honeywell International Inc
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
14.2 TE Connectivity Ltd
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
14.3 Robert Bosch GmbH
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
14.4 ABB Ltd
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
14.5 Siemens AG
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
14.6 Rockwell Automation Inc
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
14.7 Analog Devices Inc
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
14.8 Emerson Electric Co
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
14.9 SKF AB
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
14.10 GE Vernova
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments

15. Appendix

15.1 About The Insight Partners
15.2 Word Index