The major factors driving the oil & gas sensors market include growing IoT in the oil & gas industry. IoT in the oil and gas industry helps in improving operational efficiency, revenue, real-time data, and decreasing safety risk, and environmental footprint
The oil & gas sensors market has been segmented on the basis of sensors type into pressure sensors, flow sensors, level sensors, temperature sensors and others. Among these types, pressure sensors are the fastest growing segment in the oil & gas sensors market as they provide accurate and reliable data to detect small changes in the pressure usually in the upstream and midstream processes.
Wireless sensors in the oil & gas industry are installed in all upstream, midstream and downstream processes. Wireless sensors have a growing demand as they eliminate cables, resulting in reduced installation and operating costs.
North America is estimated to account for the largest share of the market in 2018. The region is considered the most advanced region in terms of technology adoption and infrastructure. The sensor market in the oil & gas industry would be mainly driven by the growth in unconventional resources in the US and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico is also likely to positively impact the sensor market during the forecast period.