Industry Share, Top Key Players, Regional Study, Upcoming Trends & Growth Segments 2027

Global IoT in oil and gas market expected to grow at a CAGR of around 22% during the forecast period (2021-2027).

NOIDA, INDIA, April 25, 2022 /EINPresswire.com/ — 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.

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The coronavirus pandemic declared as public health emergency worldwide 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.

According to UnivDatos Market Insights (UMI)’ research report “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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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, there 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.

North America to witness highest growth

Based on region, the report provides detail analysis for overall adoption of IoT in oil and gas in major region including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), 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.

In July 2021, ABB has developed autonomous operations project for Equinor to deliver the proposed unmanned oil platform in the North Sea.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global IoT in oil and gas market are 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 these players to boost their presence in different regions.

“Global IoT in oil and gas Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.

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Market Segmentations:

1. By Solution (Sensing, Communication, Cloud and Edge Computing and Data Management)

2. By Industry Stream (Upstream, Midstream and Downstream)

3. By Application (Fleet and Asset Management, Preventive Maintenance, Pipeline Monitoring, Security Management and Others)

4. By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)

5. By Company (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).

Key questions answered in the study:

1. What are the current and future trends of the global IoT in oil and gas industry?

2. How the industry has been evolving in terms of solution, industry stream, and application?

3. How the competition has been shaping across the countries followed their comparative factorial indexing?

4. What are the key growth drivers and challenges for the global IoT in oil and gas industry?

5. What is the customer orientation, purchase behavior, and expectations from the global IoT in oil and gas suppliers across various region and countries?

About Us:

UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.

Ankita Gupta
UnivDatos Market Insights (UMI)
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