DUBLIN--(BUSINESS WIRE)--The "Global IoT in Oil and Gas Market: Focus on Solutions (Sensing, Communication, Cloud Computing, Data Management), Applications (Fleet and Asset Management, Pipeline Monitoring, Preventive Maintenance), Industry Stream - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
According to this report the global IoT in the oil and gas market is expected to reach $43.48 billion by 2024, rising at a CAGR of 21.86% from 2019 to 2024.
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. The oil and gas value chain of IoT solutions comprises sensors, communication, cloud, and edge computing, and data management. The continuous monitoring and control of extraction, production, and transportation operations with accuracy is gradually raising the degree of acceptance for IoT solutions amongst the oil and gas companies. Access to real-time information across remote locations is a major demand from the oil and gas companies, which is now being achieved with the help of smart sensors, and therefore, brings extensive insight into process performance.
The rapid market penetration of the IoT technology has led to the enhancement of the operational productivity by minimizing manual labor and providing an efficient platform for proper data management of production inputs with a specific focus on oil and gas industry applications such as fleet and asset management, preventive maintenance, pipeline monitoring, and security management, among others. The widespread implementation of cloud-based analytics and software systems embedded with security management software has fueled market growth by reducing security risks. Moreover, these software systems assist in increasing the overall production capacities by the identification of underground oil and gas resources.
The IoT in the oil and gas market has witnessed a significant increase in market developments, technology advancements, and capital investments 2017 onwards, as compared to previous years. The growing awareness in the market regarding the opportunities in enhancing the exploration and production activities, asset management, and remote monitoring using IoT has stimulated large-scale investments in the sector. In 2019, the total investment and funding in IoT in oil and gas were $284.0 million with a strong focus on developing IoT analytics platforms and cloud services for the oil and gas applications across the supply chain. For instance, in September 2019, BDC Capital invested $100 million in McRock Capital for the development of IoT for oil and gas applications.
- Demand for Operational Efficiency to Fulfill Energy Requirement
- Rising Cyber-Attacks
- Scarcity of Skilled Expertise
- Lack of Tools for Computational Analysis
- High Capital Requirement
- Introduction of Next Generation Sensors in the Oil and Gas Industry
- Rising Deployment of Data Analytics
- Advent of UAV/Drones in Oil and Gas Industry
Key Questions Answered:
- 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 the 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 restraining factors that are expected to increase the demand and restrict the market growth respectively, for the IoT in the oil and gas market during the forecast period?
- What are the key trends and opportunities in the market pertaining to IoT in the oil and gas market?
- What kind of new strategies is 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 the oil and gas market on the basis of the analysis of their market coverage and market potential, in a competitive benchmarking?
- How is the funding and investment landscape in the IoT in the oil and gas market?
- Which are the leading consortiums and associations in the IoT in the oil and gas market and what is their role in the market?
- ABB Ltd.
- Alphabet Inc.
- Amazon Web Services, Inc.
- Analog Device, Inc.
- BP p.l.c.
- Broadcom Inc.
- C3 IoT, Inc.
- CISCO Systems Inc.
- Eaton Corporation Plc
- Emerson Electric Co.
- Equinor ASA
- General Electric
- HCL Technologies Ltd.
- Honeywell International Inc.
- IBM Corporation
- Infineon Technologies AG
- Intel Corporation
- Kellton Tech Solutions Ltd
- Microsoft Corporation
- NXP Semiconductors N.V.
- OMRON Corporation
- Revvo Technologies Inc.
- Robert Bosch GmbH
- Rockwell Automation Inc.
- Royal Dutch Shell PLC
- SAP SE
- Saudi Arabian Oil Co.
- Schlumberger Limited
- Schneider Electric
- Sensirion AG
- Siemens AG
- Sierra Wireless
- TDK Corporation
- TE connectivity Ltd.
- Telit Communications PLC
- Texas Instruments Incorporated
- Total S.A.
- Wipro Limited
- Yokogawa Electric Corporation
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