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Oil & Gas Sensors Market in North America Market Analysis 2023, Size, Share, Industry Trends Forecast by 2031
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.Get Exclusive Sample PDF @: https://www.businessmarketinsights.com/sample/BMIRE00031069?utm_source=OpenPr&utm_medium=10640
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.
Analysis of the Top Market Players:
1. Honeywell International Inc
2. TE Connectivity Ltd
3. Robert Bosch GmbH
4. ABB Ltd
5. Siemens AG
6. Rockwell Automation Inc
7. Analog Devices Inc
8. Emerson Electric Co
9. SKF AB
10. GE Vernova
In this report, the market has been segmented on the basis of:
Type (Pressure Sensor, Temperature Sensor, Flow Sensor, and Level Sensor)
Connectivity (Wired and Wireless)
Function (Remote Monitoring, Condition Monitoring and Maintenance, Analysis and Simulation, and Others)
Application (Upstream, Midstream, and Downstream)
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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.
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