Oil and Gas Measuring Instrumentation Global Market Report 2024

The oil and gas measuring instrumentation market size has grown steadily in recent years. It will grow from $20.6 billion in 2023 to $21.87 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historic period can be attributed to several factors, including the increasing demand for oil and gas, rising demand for petroleum products, various environmental regulations, increasing exploration and extraction of shale gas, and the upgrading of aged oil platforms.

The oil and gas measuring instrumentation market size is expected to see exponential growth in the next few years. It will grow to $26.21 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period can be attributed to several factors, including rapid industrialization, increasing offshore and deepwater activities, growing focus on reducing maintenance costs, increasing demand for portable gas measuring instruments, and increasing oil production. Major trends expected 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, and integration of wireless and remote monitoring technologies.

The increasing activities in oil and gas exploration are projected to drive the expansion of the oil and gas measuring instrumentation market in the future. Oil and gas exploration entails the identification of potential drilling locations and extraction methods, including processes such as seismic prospecting and magnetometric prospecting, to discover new oil and gas sources. Instruments for measuring oil and gas play a vital role in exploration by providing precise data on reservoir characteristics, facilitating efficient evaluation and optimization of extraction processes. For instance, as reported by the Energy Information Administration (EIA), onshore drilling activities for oil and gas increased from 464 to 708, while offshore drilling saw a slight rise from 14 to 15 compared to 2021. Moreover, according to the Institute for Energy Economics and Financial Analysis (IEEFA), offshore gas exploration projects in Australia are projected to see a substantial expenditure of AUD 5.1 billion ($3.29 billion) by 2027. Thus, the upsurge in oil and gas exploration activities is stimulating the growth of the oil and gas measuring instrumentation market.

Leading companies in the oil and gas measuring instrumentation market are introducing innovative instruments, such as methane point instruments, to expand their product offerings and enhance market competitiveness. The methane point instrument is a self-installed methane monitoring system specifically designed for the oil and gas sector, equipped with IoT sensors for precise detection and quantification of emissions. For example, Schlumberger NV, an oilfield services company based in the US, launched the methane point instrument in October 2023. This instrument boasts unparalleled leak detection sensitivity, compactness, robustness, and 'plug-and-play' functionality, complemented by features such as a built-in solar panel, wind measurement capabilities, and methane sensing. It offers easy deployment across various infrastructures at minimal cost and supports reporting requirements such as those of the oil and gas methane partnership 2 (OGMP) and proposed US EPA rules for methane.

In November 2023, Process Sensing Technologies Ltd., a manufacturer of monitoring instruments based in England, acquired Fluid Components LLC, an instrumentation company based in the US, including measuring instruments used in the oil and gas industry. Through this acquisition, Process Sensing Technologies aims to diversify its product portfolio and enhance measurement capabilities, particularly in flow measurement, by leveraging Fluid Components International's renowned performance, quality, and customer service.

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.

North America was the largest region in the oil and gas measuring instrumentation market in 2023. 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. The countries covered in the oil and gas measuring instrumentation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Oil and gas measuring instrumentation refers to devices and systems utilized 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.

The primary types of oil and gas measuring instrumentation include stationary measuring instrumentation, portable measuring instrumentation, and others. Stationary measuring instrumentation comprises tools or devices that are fixed in place and used to measure various parameters within a process, typically in industrial settings. They are employed for various processes such as upstream, midstream, and downstream processes in the oil and gas industry and other related applications.

The oil and gas measuring instrumentation market research report is one of a series of new reports that provides oil and gas measuring instrumentation market statistics, including oil and gas measuring instrumentation industry global market size, regional shares, competitors with a oil and gas measuring instrumentation market share, detailed oil and gas measuring instrumentation market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas measuring instrumentation industry. This oil and gas measuring instrumentation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oil and gas measuring instrumentation market consists of sales of flow meters, pressure gauges, temperature sensors, gas detectors, sampling systems, analyzers, control valves, level gauges, and transmitters. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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