LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global IIoT sensors market in the oil and gas industry provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global IIoT sensors market in the oil and gas industry will grow at a CAGR of over 5% during the forecast period. The growing commercial acceptance of IIoT sensors is a major factor driving the market’s growth.
The need to reduce costs primarily drive the rise in the adoption of IIoT sensors in the oil and gas industry. The installation of these sensors not only takes less time but also costs less due to the technical advances and easy assembling options, which sensor manufacturers provide to end-users. Besides, the cost of the sensors is declining continuously. This indicates the increase in competition among the providers of hardware. The competition prevailing among the major manufacturers of sensors and service providers of IoT products is increasing, which will lead to an increase in market revenue.
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In this report, Technavio highlights the growing adoption of smart asset monitoring as one of the key emerging trends in the global IIoT sensors market in the oil and gas industry:
Growing adoption of smart asset monitoring
Oil and gas is an asset-intensive industry, and thus, a majority of its capital is in the form of physical assets such as drilling platforms, pipelines, tanks, and pumps. Besides, these complex assets are exposed to remote and challenging climatic environments. The companies operating in the oil and gas industry need substantial capital expenditure while their overall financial performance is largely dependent on the return on assets (ROA). Therefore, the performance of every asset must be monitored continuously, and companies manage the activities around each asset that is usually spread across an extensive geographic area.
IIoT leverages the power of Big Data Analytics to improve productivity and efficiency, predominantly in asset-intensive industries such as petrochemicals and oil and gas. With the integration of more and more IIoT sensors with machinery and their connection to the Internet, predictions are that the use of IoT could help in decreasing the costs. The implementation of IIoT is helping oil field operators to keep assets functioning.
“IoT-enabled smart asset monitoring solutions allow an organization to know where the asset is and the condition of the asset, performing asset lifecycle management and controlling various processes. Similarly, they add intelligence to automated workflows, real-time alerts, insights from data, dynamic edge control of assets, predictive maintenance, cross-domain analytics, and real-time visibility,” says a senior analyst at Technavio for research on automation.
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Global IIoT sensors market in the oil and gas industry – segmentation analysis
This market research report segments the global IIoT sensors market in the oil and gas industry into the following products (temperature sensors, flow sensors, gas sensors, and pressure sensors) and key regions (the Americas, APAC, and EMEA).
EMEA accounted for the largest share of the global IIoT sensors market in the oil and gas industry in 2017, contributing to a market share of close to 37%. It was followed by the Americas and APAC. EMEA is expected to dominate the market throughout the forecast period.
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