Global IoT in Oil and Gas Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- April 28, 2022
- ENERGY & POWER, NEWS
- IoT in Oil and Gas Market, IoT in Oil and Gas Market growth, IoT in Oil and Gas Market share, IoT in Oil and Gas Market size, IoT in Oil and Gas Market trends
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Global IoT in oil and gas market expected to grow at a CAGR of around 22% during the forecast period (2021-2027). IoT in oil and gas industry caters considerable demand across the globe and expected to have an influential market growth in the forecasted period. It is mainly owing to the factors such as Internet of Things (IoT), as a system integrator, helps in accumulating the complete oil and gas value chain within a single operating platform, addressing specific client-centric challenges, along with an improvement in overall performance.
In addition to this, the increasing threat of cyber-attacks and the decline in the availability of skilled labor in the oil and gas industry are other major factors fueling the market growth. Moreover, implementation of IoT devices increases operational productivity, hence reduces operation risk, and improve intelligence and develop higher yield in labor and time-effective manner.
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The Internet of Things (IoT) in the oil & gas industry is the network of physical objects connected to the Internet. Wearable devices, vehicles, equipment, buildings, and just about any other thing can be embedded with electronics, software, sensors, and network connectivity. Forward-thinking oil & gas organizations are focusing their IoT initiatives less on underlying sensors, devices, and smart things and more on developing bold approaches for managing data, leveraging to expand or redevelop IoT infrastructure, and developing new business models which is positively influencing the market outlook.
As IoT helps in removing the physical barriers in O&G industry which would help the companies to reach broader target audiences and opening new global business opportunities. Moreover, adopting a certain IoT innovation for oil and gas, increases the value of the company’s products for clients, boosts its status, and reduces business maintenance costs in the long term.
The coronavirus pandemic declared as public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on travelling, shutdown of manufacturing industries, commercial activities this had severely disrupted the supply chain.
However, during covid-19 outbreak IoT has aided the need for technological developments and new applications within different end-use verticals. Moreover, due to the spread of disease, the demand for integrating IoT in oil & gas industries witnessed tremendous growth to enhance operational efficiency. Further, the spread of the pandemic resulted in a declining number of working staff. Hence, the demand for IoT in oil and gas increased significantly to manage communication between physical objects of the industry and improve their efficiency.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/iot-in-oil-gas-market/
Based on solution, the IoT in oil and gas market is segmented into sensing, communication, cloud and edge computing and data management. The data management segment catered significant demand in IoT in oil and gas market. Data management through IoT enables users to refine massive data into essential information and helps the user track, monitor, and manage the devices efficiently, thereby augmenting the segment growth.
Based on industry stream, the IoT in oil and gas market is classified into upstream, midstream, and downstream. The upstream segment holds the considerable market share in IoT in oil and gas market. IoT technologies in upstream sector simplify and make many processes more controllable within companies, as well as increasing the level of security of enterprises.
Based on application, the IoT in oil and gas market is segmented into fleet and asset management, preventive maintenance, pipeline monitoring, security management and others. The fleet and asset segment hold the extensive market share in IoT in oil and gas market. Asset management require for accurate day-to-day operational processes insights in oil and gas industry and machinery connected with IoT devices predict when they require maintenance, so the repairs can be scheduled long before their breakdowns to prevent long downtimes and ensure the safety of the employees.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. North America holds the extensive market share owing to the to a surging production rate of unconventional energy sources, including oil and gas.
Some of the major players operating in the ABB Ltd., Alphabet Inc., Amazon Web Services, Inc., Analog Device, Inc., BP p.l.c., Broadcom Inc., C3 IoT, Inc., CISCO Systems Inc., Cognizant, ENGIE. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global IoT in oil and gas Market Segmentation
Market Insight, by Solution
• Cloud and Edge Computing
• Data Management
Market Insight, by Industry Stream
Market Insight, by Application
• Fleet and Asset Management
• Preventive Maintenance
• Pipeline Monitoring
• Security Management
Market Insight, by Region
- North America IoT in oil and gas Market
- United States
- Rest of North America
- Europe IoT in oil and gas Market
- United Kingdom
- Rest of Europe
- Asia-Pacific IoT in oil and gas Market
- Rest of Asia-Pacific
- Rest of World IoT in oil and gas Market
Top Company Profiles
• ABB Ltd.
• Alphabet Inc.
• Amazon Web Services, Inc.
• Analog Device, Inc.
• BP p.l.c.
• Broadcom Inc.
• C3 IoT, Inc.
• CISCO Systems Inc.