NEW YORK, Jan. 8, 2019 /PRNewswire/ -- Global IoT in Oil and Gas Market to Reach $39.40 Billion by 2023
The oil and gas industry operates in a volatile environment.Fluctuations in the oil prices and the digitization boom in the industry has driven the demand for innovation and investment to meet the cost, ease the cost, and optimize the industry's operations.
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The use of IoT can help streamline operations and help companies to enhance workflow and provide data useful in making decisions. Despite challenges in deploying IoT solutions, investment in innovation continues as oil and gas companies attempt to be more quick, efficient and productive while reducing costs.
IoT is helping the oil and gas companies in attaining global presence.Embedded sensors, automation and connectivity with data communications can gather and provide operational data from remote locations, which helps the sensor manufactures understand the operations in an accurate and detailed manner.
IoT also removes physical barriers so that the companies can reach remote locations.The advantages of IoT technology for oil and gas are wide-ranging from equipment manufacturers to internet service providers.
Adoption of IoT technology in the oil and gas industry results in increased productivity and sustainability. The shift towards the use of IoT in the oil and gas industry has been encouraged due to the falling cost of the sensors and the increasing availability of wireless network.
The IoT in oil and gas market research study offers a wide perspective on where the industry is heading to. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The report answers the following questions about the IoT in oil and gas market:
? What is the IoT in oil and gas market size in terms of revenue from 2017-2023, and what is the expected growth rate during the forecast period 2018-2023?
? What is the revenue generated from the different applications, such as fleet and asset management, preventive maintenance, pipeline monitoring, security management, safety management and others?
? What are the key trends and opportunities in the market pertaining to the Global IoT in the oil and gas industry?
? What are the key solutions covered in the IoT in oil and gas market?
? How attractive is the market for different stakeholders present in the industry on the basis of the analysis of futuristic scenario of the Global IoT in oil and gas industry?
? What are the major driving forces that are expected to increase the demand for Global IoT in oil and gas market during the forecast period?
? What are the major challenges inhibiting the growth of the Global IoT in oil and gas market?
? What kind of new strategies are 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 Global IoT in oil and gas market on the basis of the analysis of their financial stability, product offerings, and regional presence?
The report further includes a thorough analysis of the impact of the Porter's five major forces to understand the overall attractiveness of the industry. The report also focuses on the key developments and investments made in the global IoT in oil and gas market by the players, research organizations, and government bodies.
Further, the report includes an exhaustive analysis of the regional split into North America, Europe, Asia-Pacific and Rest-of-the-World.Each region details the individual push-and-pull forces in addition to the key players from that region.
Some of the prominent players in the Global IoT in oil and gas market are CISCO Systems Inc., IBM, Intel, C3IoT, Microsoft, ABB Ltd., and General Electric Company among others.
Oil and gas industry has been facing several challenges over the last few years.Decreasing oil prices have decreased the cash flows and have forced companies to examine their exploration and production strategy.
Oil and gas companies are undergoing a major challenge on how to use digital solutions to address the fluctuation in the demand and pricing.Though oil and gas companies have been slow to adopt new technologies, they also recognize that to compete in the digital era they should transform their business models, processes, and IT operations.
Fortunately, for the companies IoT, as an area of technology includes the possibility for companies to overcome these challenges. Access to real time information across remote locations is one of major demands of oil and gas companies which is now being achieved with the help of Internet of Things (IoT) sensor data, which brings extraordinary insight into process performance.
The IoT in oil and gas market includes a wide array of solutions, such as sensing, communication, cloud and edge computing, and data management.Sensing systems encompass a broad range of systems including different sensors, GPS devices, and Radio Frequency Identification (RFID).
Addition of sensing and navigation capabilities makes it even more promising. Site-specific exploration and production and variable rate application are two of the major applications of IoT based solutions; and sensing and navigation components are two of the most critical contributors for its execution.
Major application areas of IoT in oil and gas include fleet and asset management, preventive maintenance, pipeline monitoring, security management, and safety management, among others.Fleet and asset management represents the most significant application in the market for the IoT based technologies.
During the forecast period, application areas, such as pipeline monitoring, and preventive maintenance are expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.
The IoT in oil and gas market is projected to grow from $XX billion in the year 2018 to $39.40 billion by 2023, growing at a CAGR of XX% from 2018 to 2023. Deployment of automation and control and sensing systems to steer the application of oil and gas is expected to augment the growth of the market. In emerging countries, the growth of the market is expected to be driven by rising awareness among the governments of different countries about the need of elevating the oil and gas produce while taking care of the environment. Widespread implementation of the cloud-based software systems has fueled the market for IoT in oil and gas by reducing risks and increasing overall production capacities.
The IoT in oil and gas market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). 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. North America, followed by the European region, generated the highest revenue in the IoT in oil and gas market in 2017. The Europe market for IoT in oil and gas technologies is significantly developed with major growth opportunities arising from countries in the Eastern Europe region. The increasing adaptability of modern technologies and the positive support from the government is also expected to augment the growth in the region. The fastest growth rate is expected from the Asia-Pacific region. Significant economic development in countries, such as Singapore, India, and Malaysia is estimated to boost the market.
The IoT in oil and gas market comprises major companies providing solutions, platform, automation system and others.This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry.
This chapter details the latest strategies and developments adopted by the key market players in the IoT in oil and gas market.In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.
Moreover, the growing market of IoT in oil and gas is further expected to increase the involvement of companies across different segments of the value chain. The key players actively taking part in the IoT in oil and gas market are: CISCO Systems Inc., IBM, Intel, C3IoT, Microsoft, ABB Ltd., and General Electric Company 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 and collaborations along with new product launches for introducing new technologies and enhance their existing product portfolio.The majority of the companies are launching new products actively to enhance their presence, while the relatively less adoptive strategies comprise business expansion and contracts.
Moreover, major players operating in this industry are focusing on mergers and acquisitions to maintain a strong hold in the market. Successful mergers and acquisitions among the companies across the value chain of the IoT industry can be seen as a major strategic move.
? North America (by Country)
? The U.S.
? Europe (by Country)
? The Netherlands
? Rest of Europe
? Asia-Pacific (by Country)
? South Korea
? Rest of Asia-Pacific
? RoW (by Country)
? Saudi Arabia
? United Arab Emirates (UAE)
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