Sensors Market in Oil And Gas Industry to Grow by USD 1.73 bn

The sensors market in oil and gas industry is likely to grow by USD 1.73 billion from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 4.04% during this period.

The increase in LNG trade is one of the key factors driving the sensors market growth in the oil and gas industry. Various countries are trying to increase the share of natural gas in their energy mix, which is increasing the demand for LNG. Moreover, cross-border disputes and the geopolitical tension over pipelines have renewed the interest in LNG as a transport fuel.

On the supply side, investments in LNG infrastructure have been increasing in Australia, Qatar, Africa, Russia, and the US. Asia is leading the demand in LNG import markets owing to the growth in new LNG regasification facilities. Furthermore, China plans to increase its regasification facilities to add about 26 MTPA by 2023.