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Oil And Gas Measuring Instrumentation Industry to See Robust Expansion, Valued at $26.92 Billion by 2029
Oil And Gas Measuring Instrumentation Market
What Is the Projected CAGR for the Oil And Gas Measuring Instrumentation Market from 2024 to 2025?
The steady expansion of the oil and gas measurement instrument market has been observed in the last few years. Expected to climb from $21.87 billion in 2024 to $22.94 billion in 2025, it boasts a compound annual growth rate (CAGR) of 4.9%. Factors responsible for the growth during the historic period include surged oil and gas requirements, heightened demand for petroleum goods, environmental regulatory policies, rising activities in shale gas exploration and extraction, as well as the replacement of antiquated oil platforms.
What are the Expected Market Size and CAGR for Oil And Gas Measuring Instrumentation by 2029?
The market for measuring instruments in the oil and gas sector is anticipated to undergo consistent expansion in the coming years, potentially reaching a value of $26.92 billion in 2029 with a compound annual growth rate (CAGR) of 4.1%. Factors contributing to this upward trend during the projected period include swift industrialization, growing offshore and deepwater operations, heightened emphasis on maintenance cost reduction, and rising requests for portable gas measuring devices, along with an increase in oil production. Key trends to observe within this forecast period include advancements in extraction and production methods, breakthroughs in artificial intelligence (AI) and machine learning (ML), improvements in drilling technologies, sophisticated analytics, and the incorporation of wireless and remote monitoring technologies.
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Which Factors Are Driving the Global Oil And Gas Measuring Instrumentation Market Expansion?
The escalation in oil and gas exploration endeavors is anticipated to fuel the expansion of the oil and gas measuring instrumentation market. The process of oil and gas exploration involves spotting potential drilling and extraction sites using various techniques including seismic prospecting and magnetometric prospecting, among others, to unearth fresh oil and gas deposits. Oil and gas measuring tools are critical for these exploration tasks as they present precise statistics on reservoir properties, facilitating an effective assessment and improvement of extraction methods. For example, in February 2024, World Oil reported that a company from the U.S. involved in the recycling, production, and transportation of crucial petroleum-based and associated substances achieved a record-breaking U.S. crude production of 12.93 million barrels a day in 2023, marking an 8.8% rise from 2022, primarily brought about by the finalization of an accumulation of drilled but uncompleted wells (DUCs) in major shale regions. Consequently, the escalating oil and gas exploration endeavors are steering the oil and gas measuring instrumentation market's growth.
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Which Segment Currently Holds the Largest Share of 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
Which Major Trends Are Shaping the Future of the Oil And Gas Measuring Instrumentation Industry?
In the oil and gas measuring instrumentation market, key industry players are creating new, advanced tools, such as the methane point instrument, to broaden their product offerings. This self-set methane monitoring system, specifically designed for the oil and gas industry, incorporates IoT sensors for exact emission detection and calculation. The methane point instrument, for instance, was introduced by Schlumberger NV, a US-based oilfield service company, in October 2023. The distinguishing features of this instrument include superior leak detection sensitivity, compact design, durability, 'plug-and-play' practicality, as well as equipped with a solar panel, wind measurement functionality, and methane sensing. It can be conveniently installed in any infrastructure at a low cost. This technology is compliant with the recording obligations of the oil and gas methane partnership 2.0 (OGMP) and aligns with the suggested US EPA regulations for methane.
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Which Key Players Dominate the Oil And Gas Measuring Instrumentation Industry Globally?
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
What Are the Fastest-Growing Regions in the Oil And Gas Measuring Instrumentation Market?
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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