Market Research Report
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
|Published by||BIS Research Inc.||Product code||940009|
|Published||Content info||350 Pages
Delivery time: 1-2 business days
|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|
|Published: May 31, 2020||Content info: 350 Pages||
"Global IoT in Oil and Gas Market Anticipated to Reach $43.48 Billion by 2024."
IBM Corporation, Wipro Ltd., Cisco Systems, Microsoft Corporation, HCL Technologies, SAP SE, Intel Corporation, Kelltontech, Telit Communication, Amazon Web Services, C3.ai, ABB Ltd, General Electric, Siemens AG, Schneider Electric, Honeywell International, Eaton Corporation, Rockwell Automation, Emerson Electric. British Petroleum, Royal Dutch Shell, Total S.A., Schlumberger, and Equinor ASA, Texas Instruments, Robert Bosch, Analog Devices, Infineon Technologies, NXP Semiconductors, Alphabet Inc., Cognizant Corporation, PTC Inc., Sierra Wireless, STMicroelectronics, Broadcom Inc., TE Connectivity Ltd., TDK Corporation, Sensirion AG, Saudi Arabian Oil Company (Saudi Aramco), ENGIE, and Yokogawa Electric Corporation.
In 2019, the IoT in oil and gas market was valued at $16.19 billion and is expected to reach $43.48 billion by 2024, growing at a CAGR of 21.86% from 2019 to 2024. Deployment of sensors and cloud and edge computing to steer the application of oil and gas is expected to augment the growth of the market.
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 specific focus on oil and gas industry applications such as fleet and asset management, preventive maintenance, pipeline monitoring, and security management, among others.
The competitive landscape for the IoT in oil and gas market demonstrates an inclination toward the companies that are adopting strategies such as partnerships, collaborations and joint ventures along with product launches and development for introducing new technologies and enhance their existing product portfolio. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, In December 2019, Intel Corporation entered into a partnership with Exxon Mobil to develop IoT solutions for Exxon Mobil oil and gas applications. Similarly, in December 2019, Amazon Web Services entered into a partnership with British Petroleum (BP) to develop IoT platform for BP's oil and gas applications.
The IoT in oil and gas market holds a prominent share in various countries of North America, South America, Europe, Asia-Pacific and Japan (APAC and Japan), and Middle East and Africa. 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.
During the forecast period, the Asia-Pacific and Japan region is expected to flourish as one of the most lucrative markets for IoT technology providers. Asia-Pacific and Japan is expected to exhibit significant growth opportunities for IoT due to the increased optimism in the economic conditions in these countries. The countries in this region present immense scope for market development, owing to the increasing demand for natural gas, growing market penetration of advance technologies, favorable government investments on smart sensors.