Oil & Gas Sensors Market expected to reach $10.5 billion by 2031 due to industry growth

From GlobeNewswire: 2024-11-27 09:10:00

The Oil & Gas Sensors Market is experiencing significant growth due to global industry expansion and demand for ultrasonic sensors. Market valued at $6.8 billion in 2023 with a projected 5.6% CAGR from 2023-2031. Investments in oil & gas exploration activities are increasing, with top companies like CNPC and Shell leading the way. North America dominated the market in 2023, with Europe and Asia Pacific following. Companies like Honeywell and Siemens are offering ultrasonic sensors for various applications in the oil & gas industry. The market is expected to reach $10.5 billion by 2031, providing opportunities for solution providers and end-users.



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