What is the current market size and future outlook for the oil and gas measuring instrumentation market?
The oil and gas measuring instrumentation market size has grown strongly in recent years. It will grow from $21.87 billion in 2024 to $23.09 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing demand of oil and gas, increasing demand for petroleum products, various regulations on the environment, increasing exploration and extraction of shale gas, upgradation of aged oil platforms.
The oil and gas measuring instrumentation market size is expected to see steady growth in the next few years. It will grow to $27.31 billion in 2029 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to rapid industrialization, increasing offshore and deepwater activities, growing focus on reducing maintenance costs, increasing demand for portable gas measuring instruments, increasing oil production. Major trends in the forecast period include advancements in exploration and production techniques, advancements in artificial intelligence (ai) and machine learning (ml), advancements in drilling technologies, advanced analytics, integration of wireless and remote monitoring technologies.
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What are the key drivers behind the rapid expansion of the oil and gas measuring instrumentation market?
The surging oil and gas exploration activities are expected to propel the growth of the oil and gas measuring instrumentation market going forward. Oil and gas exploration involves the identification of potential locations for drilling and extraction through various processes and methods such as seismic prospecting, magnetometric prospecting and others to discover new sources of oil and gas. Oil and gas measuring instruments are essential for exploration activities as they provide accurate data on reservoir characteristics, enabling efficient assessment and optimization of extraction processes. For instance, in February 2024, according to World Oil, a US-based company that recycles, produces, and transports vital petroleum-based and related products. U.S. crude production reached a record high of 12.93 million barrels per day in 2023, an 8.8% increase from 2022, mainly due to the completion of a backlog of drilled but uncompleted wells (DUCs) in significant shale regions. Therefore, surging oil and gas exploration activities are driving the growth of the oil and gas measuring instrumentation market.
What is the segmentation for 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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Who are the most influential companies 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 are the most influential trends expected to drive the oil and gas measuring instrumentation market forward?
Major companies operating in the oil and gas measuring instrumentation market are innovating new advance instrument, such as methane point instrument, to expand their product scope within the marketplace offerings. This is a self-installed methane monitoring system designed for the oil and gas sector, featuring IoT sensors for precise emission detection and quantification. For instance, in October 2023, Schlumberger NV, a US-based oilfield services company, launched the methane point instrument. This instrument stands out for its unparalleled leak detection sensitivity, compactness, robustness, and ‘plug-and-play’ functionality, along with a built-in solar panel, wind measurement capabilities, and methane sensing. It is easily deployable across any infrastructure with minimal cost. This technology supports the reporting requirements of the oil and gas methane partnership 2.0 (OGMP) and aligns with proposed US EPA rules for methane.
What are the major regional insights for the oil and gas measuring instrumentation market, and which region holds the top position?
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.
What Does The Oil And Gas Measuring Instrumentation Market Report 2025 Offer?
The oil and gas measuring instrumentation market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Oil and gas measuring instrumentation refers to devices and systems used to monitor, quantify, and analyze various parameters such as flow rate, pressure, temperature, and composition in the extraction, processing, and transportation of oil and gas. These instruments ensure operational efficiency, safety, and regulatory compliance by providing accurate and real-time data.
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