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Oil And Gas Measuring Instrumentation Market on Track for Strong Growth, Estimated to Grow at 4.3% CAGR Through 2029
Oil And Gas Measuring Instrumentation
What Is the Expected CAGR for the Oil And Gas Measuring Instrumentation Market Through 2025?
In recent times, the market size of oil and gas measuring instrumentation has experienced notable expansion. The market valuation is projected to escalate from $21.87 billion in 2024, reaching $23.09 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. This growth throughout the historic period is a consequence of escalating oil and gas demand, increasing requirements for petroleum products, various environment-related regulations, a surge in shale gas exploration and extraction, and the modernization of antiquated oil platforms.
What's the Projected Size of the Global Oil And Gas Measuring Instrumentation Market by 2029?
The market for oil and gas measuring instrumentation is forecasted to steadily increase in size over the next several years. It is predicted to reach a $27.31 billion valuation by 2029 with a 4.3% compound annual growth rate (CAGR). The primary drivers for the growth during this forecast period include the swift pace of industrialization, increased offshore and deepwater activities, a heightened focus on cutting maintenance expenses, a rise in demand for portable gas measuring devices, and a boost in oil production. Key trends anticipated during the forecast span include improvements in exploration and producing procedures, progress in artificial intelligence (ai) and machine learning (ml), advancements in drilling technologies, sophisticated analytics, and the application of wireless and remote monitoring technologies.
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Top Growth Drivers in the Oil And Gas Measuring Instrumentation Industry: What's Accelerating the Market?
The growth of the oil and gas measuring instrumentation market is anticipated to be fueled by the escalating activities in oil and gas exploration. Such exploration consists of finding potential drilling and extraction sites through various techniques like seismic prospecting, magnetometric prospecting, and others that aid in discovering new oil and gas sources. Oil and gas measuring tools are crucial to these activities as they provide precise details about reservoir characteristics, which helps optimize and evaluate extraction procedures. For instance, World Oil reported in February 2024 that a US-based company that is engaged in the recycling, production, and transportation of critical petroleum-based and similar products has reached a peak in U.S. crude production with 12.93 million barrels per day in 2023. This is an 8.8% increase from 2022, primarily because of the drilled but uncompleted wells (DUCs) finally being completed in major shale areas. Thus, the rising activities in oil and gas exploration are propelling the growth of the oil and gas measuring instrumentation market.
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What Trends Will Shape the Oil And Gas Measuring Instrumentation Market Through 2029 and Beyond?
Leading firms in the oil and gas measuring instrumentation market are unveiling innovative tools, like the methane point instrument, to diversify their range of products within the market. Notably, this self-installed methane monitoring system targets the oil and gas industry and boasts IoT sensors for the accurate detection and measurement of emissions. For example, Schlumberger NV, an American oilfield services company, introduced the methane point instrument in October 2023. The instrument is distinguished by its exceptional sensitivity to leak detection, compact size, durability, and ease of 'plug-and-play' operation. It also incorporates a built-in solar panel, provisions for wind measurement, and methane sensing, and can effortlessly be installed across any infrastructure at a minimal expense. This cutting-edge technology adheres to the documentation needs of the Oil and Gas Methane Partnership 2.0 (OGMP) and is consistent with the forthcoming US EPA guidelines for methane.
What Are the Main Segments in the Oil And Gas Measuring Instrumentation Market?
The oil and gas measuring instrumentation market covered in this report is segmented -
1) By Type: Stationary Measuring Instrumentation, Portable Measuring Instrumentation, Other Types
2) By Process: Upstream Process, Midstream Process, Downstream Process
3) By Application: Oil Industry, Gas Industry, Other Applications
Subsegments:
1) By Stationary Measuring Instrumentation: Flow Meters, Pressure Sensors, Level Gauges, Temperature Sensors, Gas Analyzers
2) By Portable Measuring Instrumentation: Portable Gas Detectors, Handheld Flow Meters, Portable Pressure Gauges, Portable Temperature Meters
3) By Other Types: Density Meters, Vibration Sensors, Ultrasonic Sensors, Environmental Monitoring Instruments
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Which Top Companies are Driving Growth in the Oil And Gas Measuring Instrumentation Market?
Major companies operating in the oil and gas measuring instrumentation market are Siemens AG, General Electric Company, Honeywell International Inc., Danaher Corporation, ABB Ltd., Schlumberger NV, Emerson Electric Co., Sika AG, Agilent Technologies Inc., Ametek Inc., Yokogawa Electric Corporation, Endress+Hauser Group AG, Krohne Messtechnik GmbH, Oxford Instruments PLC, Process Sensing Technologies Ltd., Berthold Technologies GmbH & Co.KG, WIKA Alexander Wiegand SE & Co. KG, TEGAM Inc., Noshok Inc., ABLE Instruments & Controls Ltd., Chandler Instruments Company LLC, Control Instruments Corp., NORIS Group GmbH, Nova Analytical Systems, Bourdon Instruments
Which Regions Will Dominate the Oil And Gas Measuring Instrumentation Market Through 2029?
North America was the largest region in the oil and gas measuring instrumentation market in 2024. The regions covered in the oil and gas measuring instrumentation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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