Comprehensive Oil And Gas Measuring Instrumentation Market Analysis 2024: Size, Share, And Key Trends
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The oil and gas measuring instrumentation market has displayed consistent growth, rising from $20.6 billion in 2023 to $21.87 billion in 2024, with a CAGR of 5.8%. This growth is driven by increasing oil and gas demand, petroleum product needs, environmental regulations, shale gas exploration, and aged oil platform upgrades. Looking ahead, exponential growth is projected, reaching $26.21 billion by 2028, with a CAGR of 4.6%, propelled by industrialization, offshore activities, maintenance cost reduction focus, portable gas instrument demand, and oil production rise. Noteworthy trends include exploration and production advancements, AI and ML integration, drilling technology improvements, advanced analytics, and wireless monitoring technology integration.
The surge in oil and gas exploration activities, entailing the identification of potential drilling locations through various methodologies, is anticipated to propel the oil and gas measuring instrumentation market. These instruments provide precise reservoir data, facilitating efficient evaluation and optimization of extraction processes. Noteworthy is the increase in onshore drilling activities from 464 to 708 and a modest rise in offshore drilling from 14 to 15 compared to 2021, along with significant expenditures projected for offshore gas exploration in Australia. Consequently, escalating exploration endeavors are driving the growth of the oil and gas measuring instrumentation market.
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What Are The Key Trends That Influence Oil And Gas Measuring Instrumentation Market Share Analysis?
Major companies in the oil and gas measuring instrumentation market are introducing advanced instruments like the methane point instrument to broaden their product offerings. This self-installed methane monitoring system is tailored for the oil and gas sector, equipped with IoT sensors for precise emission detection and quantification. For example, in October 2023, Schlumberger NV launched the methane point instrument. It stands out for its exceptional leak detection sensitivity, compact design, robustness, ‘plug-and-play’ functionality, built-in solar panel, wind measurement capabilities, and methane sensing. It’s easily deployable across various infrastructures with minimal costs, meeting reporting requirements of initiatives like the Oil and Gas Methane Partnership 2.0 (OGMP) and aligning with proposed US EPA methane rules.
Which Market Players Are Driving Growth In The Oil And Gas Measuring Instrumentation Market?
Major companies operating in the market areSiemens 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
How Is The Global Oil And Gas Measuring Instrumentation Market Segmented?
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
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The Oil And Gas Measuring Instrumentation Global Market Report 2024 provides an overview of the oil and gas measuring instrumentation market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The oil and gas measuring instrumentation market forecast analyzes oil and gas measuring instrumentation market size, oil and gas measuring instrumentation market share, leading competitor and their market positions.
The Table Of Content For The Oil And Gas Measuring Instrumentation Market Include
1. Oil And Gas Measuring Instrumentation Market Executive Summary
2. Oil And Gas Measuring Instrumentation Market Segments
3. Oil And Gas Measuring Instrumentation Market Size And Template Market Growth Rate
4. Key Oil And Gas Measuring Instrumentation Market Trends
5. Major Oil And Gas Measuring Instrumentation Market Drivers
……
25. Key Mergers And Acquisitions In The Oil And Gas Measuring Instrumentation Market
26. Top Oil And Gas Measuring Instrumentation Companies
27. Oil And Gas Measuring Instrumentation Market Opportunities And Strategies
28. Oil And Gas Measuring Instrumentation Market, Conclusions And Recommendations
29. Appendix
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