What Has Been the Growth of the Oil And Gas Measuring Instrumentation Market So Far?
The oil and gas measuring instrumentation market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the oil and gas measuring instrumentation market. The market is expected to increase from $21.87 billion in 2024 to $23.09 billion in 2025, signifying a compound annual growth rate (CAGR) of 5.6%.
This notable growth in the previous years is driven by factors such as a rise in demand for oil and gas, increased need for petroleum products, environmental regulation enforcement, escalating exploration and extraction activities related to shale gas, and modernization efforts towards aged oil platforms.
What Are the Future Growth Projections for the Oil And Gas Measuring Instrumentation Market?
The oil and gas measuring instrumentation market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of the oil and gas measuring instrumentation is projected to experience consistent growth. The market is expected to expand to $27.31 billion by 2029, with a 4.3% compound annual growth rate (CAGR). The growth forecasted for this period can be traced back to factors such as rapid industrialization, increased offshore and deepwater activities, a strong emphasis on cutting maintenance costs, a rise in the demand for portable gas measurement instruments, and a boost in oil production. Key trends for the forecasted period include improvements in exploration and production methods, progress in artificial intelligence (AI) and machine learning (ML), enhancements in drilling technologies, sophisticated analytics, and the incorporation of wireless and remote monitoring technologies.
What Are The Core Factors Supporting Growth In The Oil And Gas Measuring Instrumentation Market?
The growth of the oil and gas measuring instrumentation market is likely to be driven by the increase in oil and gas exploration efforts. These activities, which involve the detection of potential drilling and extraction points by employing methods such as seismic and magnetometric prospecting, require the use of oil and gas measuring instruments. These tools provide precise data about reservoir properties, which enhances the efficiency of the assessment and optimization of extraction operations. For example, in February 2024, World Oil reported that a US enterprise that handles the recycling, production, and transportation of crucial petroleum-related products announced that U.S. crude production hit a new high of 12.93 million barrels per day in 2023. This signifies an 8.8% rise from 2022, largely due to the conclusion of a set of previously drilled but incomplete wells (DUCs) in significant shale areas. Consequently, the escalating oil and gas exploration endeavors are stimulating the expansion of the oil and gas measuring instrumentation market.
What Are The Major Segments Within The Global 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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How Are New Trends Impacting The Size Of The Oil And Gas Measuring Instrumentation Market?
In a bid to widen their product range within the oil and gas measuring instrumentation market, leading corporations are inventing advanced tools such as the methane point instrument. This easily installed methane monitoring system, designed expressly for the oil and gas sector, comes with Internet of Things (IoT) sensors for accurate emission detection and measurement. For example, Schlumberger NV, an American oilfield services firm, introduced the methane point instrument in October 2023. This device stands out for its incredible leak detection sensitivity, its compact and sturdy design, its 'plug-and-play' feature, and the inbuilt solar panel, wind measurement capabilities, and methane sensing. It can be easily deployed across any infrastructure at a low cost. This technology adheres to the reporting needs of the oil and gas methane partnership 2.0 (OGMP) and is in line with the proposed US EPA regulations for methane.
Who Are the Key Players 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
What Is The Most Dominant Region 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.
