Author: Himanshu Patni
16 December 2023
The oil-gas industry covers the expedition, production, processing, transportation, and sale processes of oil products. Oil is also the raw material for many chemical products, including drug preparations, solutions, fertilizers, pesticides, and plastic production. As demand for natural fuel is increasing daily, oil and gas companies are focusing on new technologies that can improve operations for increased productivity. IoT application in the oil and gas industry helps in implementing the right strategy from the real-time data gathered from sensors and controls efficiency, makes efficient decisions, improves production, and increases competitiveness.
Further, Countries in the Asia Pacific region are experiencing a surge in the adoption of IoT in the oil & gas market owing to the increasing adoption of smart grid architecture, technology upgrades, oil, and gas management, and regulatory.
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Asia Pacific IoT in Oil & Gas Market Revenue (2020-2030)- USD Mn
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· Based on the 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 to the significant demand for 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 segment growth.
· Based on the industry stream, the IoT in oil and gas market is classified into upstream, midstream, and downstream. The upstream segment holds a considerable market share in IoT in oil and gas market. IoT technologies in the upstream sector simplify and make many processes more controllable within companies, as well as increase the level of security of enterprises.
Global IoT in Oil & Gas Market Segmentation
Market Insight, by Solution
· Sensing
· Communication
· Cloud and Edge Computing
· Data Management
Market Insights, by Industry Stream
· Upstream
· Midstream
· Downstream
Market Insights, by Application
· Fleet and Asset Management
· Preventive Maintenance
· Pipeline Monitoring
· Security Management
· Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Spain
o Italy
o Rest of Europe
· APAC
o China
o Japan
o India
o Australia
o Rest of APAC
· Rest of the World
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.
· Cognizant
· ENGIE
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