IoT in Oil & Gas Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Solution (Sensing, Communication, Cloud and Edge Computing and Data Management), Industry Stream (Upstream, Midstream and Downstream), Application (Fleet and Asset Management, Preventive Maintenance, Pipeline Monitoring, Security Management and Others), and Region and Country
Detailed Analysis of COVID-19 Impact on the IoT in Oil & Gas Market
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.
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.
IoT in Oil and Gas Solution 2020
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&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst solution, data management segment holds the major share”
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.
“Amongst industry stream, upstream segment holds the major share”
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.
“Amongst application, fleet and asset management segment holds the major share”
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.
“North America represents one of the extensive market shares of global IoT in oil and gas Market”
For a better understanding of the market dynamics of the global IoT in oil and gas market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. North America holds the extensive market share owing to the to a surging production rate of unconventional energy sources, including oil and gas.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the IoT in Oil and Gas Market|
|2.2.||Research Methodology of the IoT in Oil and Gas Market|
|2.5.||Main Objective of the IoT in Oil and Gas Market Study|
|5||GLOBAL IOT IN OIL AND GAS MARKET COVID-19 IMPACT|
|6||GLOBAL IOT IN OIL AND GAS MARKET REVENUE 2019-2027F|
|7.3.||Cloud and Edge Computing|
|9.1.||Fleet and Asset Management|
|10.1.||North America IoT in Oil and Gas Market|
|10.1.3.||Rest of North America|
|10.2.||Europe IoT in Oil and Gas Market|
|10.2.6.||Rest of Europe|
|10.3.||Asia Pacific IoT in Oil and Gas Market|
|10.3.5.||Rest of Asia Pacific|
|10.4.||Rest of the World IoT in Oil and Gas Market|
|12||IOT IN OIL AND GAS MARKET OPPORTUNITIES|
|13||IOT IN OIL AND GAS MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|15.2.1.||Top Product Launches|
|15.2.2.||Top Business Partnerships|
|15.2.3.||Top Business Expansions, Investments and Divestitures|
|15.2.4.||Top Merger and Acquisitions|
|16||VALUE CHAIN ANALYSIS|
|17.1.1.||Company Shares, By Revenue|
|18.3.||Amazon Web Services, Inc.|
|18.4.||Analog Device, Inc.|
|18.7.||C3 IoT, Inc.|
|18.8.||CISCO Systems Inc.|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global IoT in oil and gas market were the three major steps undertaken to create and analyze the adoption of IoT in oil and gas in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global IoT in oil and gas market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of IoT in oil and gas market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the IoT in oil and gas market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as solution, industry stream, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of IoT in oil and gas market. Further, we conducted factor analysis using dependent and independent variables such widespread implementation of cloud-based analytics and software systems. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the IoT in oil and gas market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global IoT in oil and gas market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of IoT in oil and gas market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global IoT in oil and gas market in terms of category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global IoT in oil and gas market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of solution, industry stream, and application in the global IoT in oil and gas market.
The main objective of the Global IoT in oil and gas Market Study
The current & future market trends of global IoT in oil and gas market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of IoT in oil and gas market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of solution, industry stream, and application.
- Define and analysis of the regulatory framework for the IoT in oil and gas market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the IoT in oil and gas market for the major region.
- Major regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the IoT in oil and gas market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry