The IoT in Oil And Gas Market encompasses a wide array of solutions such as sensing, communication, cloud and edge computing, and data management. Sensing systems encompass a broad range of systems including different sensors, GPS devices, and Radio Frequency Identification (RFID). Addition of sensing and navigation capabilities makes it even more promising. Site-specific monitoring and preventive maintenance are two of the major applications of IoT based solutions; and sensing and navigation components are two of the most critical contributors for its execution.
According to market intelligence by BIS Research, the Global IoT in Oil and Gas Market was estimated at $13.35 billion in the year 2018.
By Application
Major application areas of IoT in oil and gas technologies include fleet and asset management, pipeline monitoring, security management, and safety management among others. Fleet and asset management represents the most significant application in the market for IoT based technologies. Pipeline monitoring applications also present colossal market growth opportunities. The deployment of IoT sensors in the pipeline helps oil and gas companies to monitor and inspect pipelines.
Earlier, instead of IoT sensors pipeline inspection was done manually which has drawbacks related to incorrect recording of data and no recording in case of remote pipelines. Therefore, the use of IoT for pipeline monitoring becomes more accurate, as it is being used to reduce risks and environmental concerns. During the forecast period, application areas, such pipeline monitoring and preventive maintenance are expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.
By Region
The trends of the IoT in oil and gas market vary across different geographical regions. The IoT in oil and gas market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). North America is at the forefront of the global IoT in oil and gas market, with high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
North America, followed by the Europe region, generated the highest revenue in the IoT in oil and gas market in 2017. The Europe market for IoT in oil and gas technologies is quite developed with major growth opportunities arising from countries in the Eastern Europe region. The fastest growth rate is expected from the Asia-Pacific and Rest of the world regions. Presence of key oil and gas producing countries, such as Brazil, Saudi Arabia, UAE and South Africa is estimated to boost the market for advanced techniques.
Internet of Things (IoT), which integrates sensing, communication and analytics dimensions has shown improvement as the core technologies have enhanced. The possibility of IoT technologies in the oil and gas industry lies in helping the oil and gas companies create new asset information about the elements of their businesses.
The three main advantages that the deployment of IoT in the oil and gas industry will bring to the industry are improved reliability, enhanced business operations and added value in the business. Each of the industry streams (Upstream, Midstream, and Downstream) can be benefitted from the use of IoT in the above-mentioned categories.
Upstream companies which deal in the exploration and production of the oil and gas can gain operational insights by analyzing huge sets of data. Midstream companies which deal in transportation such as pipelines and storage will be benefited by building a data enabled infrastructure, which will further enhance the business considerably. Downstream companies dealing with the petroleum products, refiners and retailers will witness new opportunities of revenue generation, expanding their presence across the supply chain and targeting digital consumers with the help of IoT.
Companies operating in the oil and gas industry can obtain significant value by developing integrated IoT strategies with the focus on transforming the business. The increasing use of IoT for data capturing and further analysis can help companies save millions of dollars by reducing the company’s pipeline/well and equipment failure and further improving the output. The use of IoT solutions in the oil and gas industry can also help in influencing the global GDP.
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Key Questions Answered in this Report:
- What is the estimated global IoT in oil and gas market size during 2018-2024, in terms of revenue, and what is the expected growth rate during the forecasted period 2019-2024?
- What is the expected future outlook and revenue generated by the different types of IoT solutions including sensing, communication, cloud and edge computing, and data management?
- What is the revenue generated by IoT in oil and gas market in different industry streams such as upstream, midstream, and downstream?
- What is the revenue generated by IoT in oil and gas in different applications including fleet and asset management, preventive maintenance, pipeline monitoring, and security management, among others?
- What are the major driving forces and retraining factors that are expected to increase the demand and restrict the market growth respectively, for the IoT in oil and gas market during the forecast period?
- What are the key trends and opportunities in the market pertaining to IoT in oil and gas market?
- What kind of new strategies are being adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the IoT in oil and gas market on the basis of analysis of their market coverage and market potential, in a competitive benchmarking?
- How is the funding and investment landscape in the IoT in oil and gas market?
- Which are the leading consortiums and associations in the IoT in oil and gas market and what is their role in the market?
- Which type of players and stakeholders operate in the market ecosystem of IoT in oil and gas, and what are their significance in the global market?
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