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Market Research Report
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Report Description
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Market Report Coverage - Global IoT (Internet of Things) in Oil and Gas Market |
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Base Year |
2018 |
Market Size by 2019 |
$ 13.35 billion |
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Forecast Period |
2019-2024 |
Value Estimation by 2024 |
$ XX billion |
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CAGR During Forecast Period |
21.86% |
Number of Tables |
72 |
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Number of Pages |
349 |
Number of Figures |
202 |
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Market Segmentation |
• Solution – Sensing, Communication, Cloud and Edge Computing, Data Management • Industry Stream – Upstream, Midstream, Downstream • Application – Fleet and Asset Management, Preventive Maintenance, Pipeline Monitoring, Security Management, and Others |
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Regional Segmentation |
• North America – U.S., Canada, Mexico, Rest-of-North America • South America – Brazil, Argentina, Rest-of-South America • Europe – Norway, Netherlands, France, Germany, Denmark, Sweden, Rest-of-Europe • U.K. • China • Asia-Pacific Japan – Japan, South Korea, India, Thailand, Malaysia, Singapore, Vietnam, Rest-of-Asia-Pacific Japan • Middle East Africa – Saudi Arabia, U.A.E, South Africa, Rest-of-Middle East Africa |
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Key Companies Profiled |
IBM Corporation, Wipro Ltd., Cisco Systems, Microsoft Corporation, HCL Technologies, SAP SE, Intel Corporation, Kelltontech, Telit Communication, Amazon Web Services, C3.ai, ABB Ltd, Honeywell International, Eaton Corporation, Rockwell Automation, Emerson Electric. British Petroleum, Royal Dutch Shell, General Electric, Siemens AG, Schneider Electric, Sensirion AG, Saudi Arabian Oil Company (Saudi Aramco), ENGIE, and Yokogawa Electric Corporation, among others. |
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Market Segmentation
Market Outlook by Solution
The IoT in oil and gas market encompasses 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 monitoring and preventive maintenance 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.
By Application
Major application areas of IoT in oil and gas technologies include fleet and asset management, pipeline monitoring, security management, and safety management among others. Fleet and asset management represents the most significant application in the market for IoT based technologies. Pipeline monitoring application also present colossal market growth opportunities. The deployment of IoT sensors in the pipeline helps oil and gas companies to monitor and inspect pipelines.
Earlier, instead of IoT sensors pipeline inspection was done manually which has drawbacks related to incorrect recording of data and no recording in case of remote pipelines. Therefore, the use of IoT for pipeline monitoring becomes more accurate, as it is being used to reduce risks and environmental concerns. During the forecast period, application areas, such pipeline monitoring and preventive maintenance are expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.
By Region
The trends of the IoT in oil and gas market vary across different geographical regions. 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 Europe 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 quite developed with major growth opportunities arising from countries in the Eastern Europe region. The fastest growth rate is expected from the Asia-Pacific and Rest of the world regions. Presence of key oil and gas producing countries, such as Brazil, Saudi Arabia, UAE and South Africa is estimated to boost the market for advanced techniques.
Market Overview
Market Overview – Global IoT (Internet of Things) in Oil and Gas Market
Internet of Things (IoT), which integrates sensing, communication and analytics dimensions has shown improvement as the core technologies have enhanced. The possibility of IoT technologies in the oil and gas industry lies in helping the oil and gas companies create new asset information about the elements of their businesses.
The three main advantages that the deployment of IoT in the oil and gas industry will bring to the industry are improved reliability, enhanced business operations and added value in the business. Each of the industry stream (Upstream, Midstream, and Downstream) can be benefitted from the use of IoT in the above-mentioned categories.
Upstream companies which deals in the exploration and production of the oil and gas can gain operational insights by analyzing huge set of data. Midstream companies which deals in the transportation such as pipelines and storage will be benefited by building a data enabled infrastructure, which will further enhance the business considerably. Downstream companies dealing with the petroleum products, refiners and retailers will witness new opportunities of revenue generation, expanding their presence across the supply chain and targeting digital consumers with the help of IoT.
Companies operating in the oil and gas industry can obtain significant value by developing integrated IoT strategies with the focus on transforming the business. The increasing use of IoT for data capturing and further analysis can help companies save millions of dollars by reducing the company’s pipeline/well and equipment failure and further improving the output. The use of IoT solutions in the oil and gas industry can also help in influencing the global GDP. According to the market intelligence by BIS Research, the Global IoT in Oil and Gas Market was estimated at $13.35 billion in the year 2018.
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Market Dynamics |
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Growth Drivers |
• Demand for Operational Efficiency to Fulfil Energy Requirement • Rising Cyber Attacks • Scarcity of Skilled Expertise |
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Market Challenges |
• Lack of Communication Infrastructure • High Initial Investment |
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Market Opportunities |
• Introduction of Next Generation Sensors • Rising Deployment of Data Analytics • Advent of UAVs/Drones in Oil and Gas Industry |
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Growth Factors
Increasing cyberattacks: Oil and gas industry is highly prone to cyber-attacks due to an increasing number of entry points in the value chain. The industry is witnessing cyber-attacks since the year 2008 when the first attack took place and bid-lease data, seismic mark-ups, and intellectual properties were being hacked. After that a series of cyber-attacks have taken place which have raised serious concerns about the security in the oil and gas industry. Cyber-attacks may cause serious issues such as machine malfunction and loss of tangible asset which often results in financial loss to the oil and gas company and also to the economy.
Increasing demand for operational efficiency: The oil and gas industry operates in a volatile environment. A recent boom in the industry has increased the need for innovation and investment in the digitization process to address certain issues such as cost, pressure and optimized performance. With the stabilizing prices, the oil and gas industry is now moving towards the use of technological investments and is aware about the further consequences. IoT is an extended form of automation and connectivity, which helps in providing higher operational efficiencies to new business models. IoT has the potential to enhance productivity and improve operating costs across several industries including oil and gas. IoT is not only helping in improving operational and asset efficiency, in some cases an increased output is also being witnessed.
Scarcity of skilled labor: Oil and gas industry globally is experiencing the scarcity of skilled labor which will continue to increase in the coming decade. This is mainly due to the fact that most of the employees are on the verge of retiring. The workforce has huge area of experience and domain knowledge and it is evident that oil and gas industry relies entirely on them. The oil and gas industry is currently facing an increasing gap in the age group of the workforce. The industry is currently focusing on recruiting talent which focuses not only on the replacement of experienced workers for several roles but also to assign jobs which are useful in the digital era such as data scientists and business analysts.
Global IoT(Internet of Things) 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
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