IoT in Oil and Gas Market worth US$ 39.5 Billion 2023 with a CAGR of 24.50%

Published Date: April 2024

IoT is booming the oil and gas companies in achieving global presence. Embedded automation, sensors, and connectivity with data communications can provide and gather operational data from remote locations. This benefits the sensor manufactures understand the operations in a detailed and accurate manner. Further, IoT also helps to eliminate physical barriers so that the companies can reach remote locations. The benefits of IoT technology for oil and gas are extensive from internet service providers to equipment manufacturers. Implementation of IoT technology in the oil and gas industry results in increased sustainability and productivity. Moreover, the shift towards the use of IoT in the oil and gas industry has been stimulated owing to lowering the cost of the sensors and the increasing availability of the wireless network. Growing cyber-attacks leveraging the spending on IoT in the oil and gas industry is the major factor driving the growth of the global IoT in oil and gas market. Also, need of increased operational efficiency and scarcity of skilled labor is boosting growth of the target market.

The report "IoT in Oil and Gas Market, By Industry Stream (Upstream, Midstream, and Downstream), By Solution (Sensing Systems, Communication, Cloud and Edge Computing, and Data Management), By Application (Fleet and Asset Management, Preventive Maintenance, Pipeline Monitoring, Security Management, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.

Key Highlights:

  • In November 2019, ABB Ltd. announced that the world-first subsea power technology system, signalling a new era for offshore oil and gas
  • In June 2019, Baker Hughes, a GE Company and C3.ai announced Joint Venture to deliver AI solutions across the oil and gas industry. Companies will provide Artificial Intelligence (AI) applications and platform with combined industry and technology expertise to boost the digital transformation of the oil and gas industry.

Key Market Insights from the report:        

IoT in oil and gas market accounted for US$ 39.5 billion in 2023 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented based on industry stream, solution, application, and region.

  • By industry stream, in 2016, upstream segment held a major share in terms of an IoT oil & gas market among other types. Growth in the use of new technologies during the drilling and exploration phase such as 3D seismic technologies and hydraulic manufacturing among others has boosted the segment growth.
  • By solution, the global market is segmented into sensing systems, communication, cloud and edge computing, and data management
  • By application, the global market is segmented into fleet and asset management, preventive maintenance, pipeline monitoring, security management, and others
  • By region, in 2016, North America dominated the IoT oil & gas market and is expected to maintain its dominance throughout the forecast period. This is mainly attributed due to growth in a production rate of shale oil and tight oil, among others. A recent announcement for expansion of offshore shipping and pipelines to transport oil is projected to boost the midway market in the U.S.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “IoT in Oil and Gas Market”, By Industry Stream (Upstream, Midstream, and Downstream), By Solution (Sensing Systems, Communication, Cloud and Edge Computing, and Data Management), By Application (Fleet and Asset Management, Preventive Maintenance, Pipeline Monitoring, Security Management, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

The prominent player operating in the IoT in Oil and Gas market includes ABB Ltd., C3 IoT, Cisco Systems, Equinor, General Electric, Microsoft Corporation, Honeywell International Inc., Intel Corporation, International Business Machines Corporation (IBM), Rockwell Automation Inc., and Royal Dutch Shell.

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