Published Year: 2020
Global IoT(Internet of Things) in Oil and Gas Market: Focus on Solutions (Sensing, Communication, Cl
In 2019, the IoT in oil and gas market was valued at $16.19 billion and is expected to reach...
Market Research Report
A quick peek into the report
Table of Contents
1.1 Market Drivers
1.1.1 Increasing cyberattacks leveraging the spending on IoT in the oil and gas industry
1.1.2 Need of Increased Operational Efficiency
1.1.3 Scarcity of Skilled Labor
1.2 Market Restraints
1.2.1 Privacy and Security Concern
1.2.2 Obsolete Communication Infrastructure
1.3 Market Opportunities
1.3.1 Introduction of Next Generation Sensors, Edge Computing and Software in the Oil and Gas Industry
1.3.2 IoT based Smart Automation Using Drones in Oil and Gas Industry
1.3.3 Growth Opportunity in IoT Analytics Market
2.1 Key Market Developments and Strategies
2.1.1 Partnership, Collaboration and Joint Venture
2.1.2 New Product Launch and Development
2.1.3 Business Expansion and Contract
2.1.4 Mergers and Acquisitions
2.1.5 Others (Awards and Recognition)
2.2 Leading Player Analysis
2.2.1 Leading Player Analysis of IoT Solution Providers in IoT in Oil and Gas Market
3.1 Industry Attractiveness
3.1.1 Threat of New Entrant
3.1.2 Bargaining Power of Buyers
3.1.3 Bargaining Power of Suppliers
3.1.4 Threat from Substitutes
3.1.5 Intensity of Competitive Rivalry
3.2 Key Venture Capital Investments
3.3 Emerging Trends in the IoT in Oil and Gas Market
3.4 Opportunity Matrix
3.5 Regulatory Bodies/Acts
3.6 Associations/Consortiums/Alliances
3.7 Privacy Laws Across Different Countries
3.8 Patent Filed by Key Companies
4.1 Assumptions and Limitations for Analysis and Forecast of the Global IoT in Oil and Gas Market
4.2 Upstream
4.3 Midstream
4.4 Downstream
5.1 Sensing Systems
5.2 Communication
5.3 Cloud and Edge Computing
5.4 Data Management
6.1 Fleet and Asset Management
6.2 Preventive Maintenance
6.3 Pipeline Monitoring
6.4 Security Management
6.5 Others
7.1 North America
7.1.1 North America (by Application)
7.1.2 North America (by Industry Stream)
7.1.3 North America (by Country)
7.1.3.1 The U.S.
7.1.3.2 Canada
7.1.3.3 Mexico
7.2 Europe
7.2.1 Europe (by Application)
7.2.2 Europe (by Industry Stream)
7.2.3 Europe (by Country)
7.2.3.1 U.K.
7.2.3.2 Norway
7.2.3.3 The Netherlands
7.2.3.4 France
7.2.3.5 Germany
7.2.3.6 Denmark
7.2.3.7 Rest of Europe
7.3 Asia-Pacific
7.3.1 Asia-Pacific (by Application)
7.3.2 Asia-Pacific (by Industry Stream)
7.3.3 Asia-Pacific (by Country)
7.3.3.1 China
7.3.3.2 Japan
7.3.3.3 South Korea
7.3.3.4 India
7.3.3.5 Malaysia
7.3.3.6 Vietnam
7.3.3.7 Rest of Asia-Pacific
7.4 Rest of the world (RoW)
7.4.1 RoW (by Application)
7.4.2 RoW (by Industry Stream)
7.4.3 RoW (by Country)
7.4.3.1 Brazil
7.4.3.2 Saudi Arabia
7.4.3.3 United Arab Emirates (UAE)
7.4.3.4 Others
8.1 Cisco Systems
8.1.1 Company Overview
8.1.2 Product Portfolio
8.1.3 Financials
8.1.3.1 Financial Summary
8.1.4 SWOT ANALYSIS
8.2 C3 IoT
8.2.1 Company Overview
8.2.2 Product Portfolio
8.2.2.1 Corporate Summary
8.2.3 SWOT ANALYSIS
8.3 International Business Machines Corporation (IBM)
8.3.1 Company Overview
8.3.2 Product Portfolio
8.3.3 Financials
8.3.3.1 Financial Summary
8.3.4 SWOT ANALYSIS
8.4 Intel Corporation
8.4.1 Company Overview
8.4.2 Product Portfolio
8.4.3 Financials
8.4.3.1 Financial Summary
8.4.4 SWOT ANALYSIS
8.5 Microsoft Corporation
8.5.1 Company Overview
8.5.2 Product Portfolio
8.5.3 Financials
8.5.3.1 Financial Summary
8.5.4 SWOT ANALYSIS
8.6 Telit
8.6.1 Company Overview
8.6.2 Product Portfolio
8.6.3 Financials
8.6.3.1 Financial Summary
8.6.4 SWOT ANALYSIS
8.7 PTC
8.7.1 Company Overview
8.7.2 Product Portfolio
8.7.3 Financials
8.7.3.1 Financial Summary
8.7.4 SWOT ANALYSIS
8.8 SAP SE
8.8.1 Company Overview
8.8.2 Product Portfolio
8.8.3 Financials
8.8.3.1 Financial Summary
8.8.4 SWOT ANALYSIS
8.9 ABB Ltd.
8.9.1 Company Overview
8.9.2 Product Portfolio
8.9.3 Financials
8.9.3.1 Financial Summary
8.9.4 SWOT ANALYSIS
8.10 General Electric
8.10.1 Company Overview
8.10.2 Product Portfolio
8.10.3 Financials
8.10.3.1 Financial Summary
8.10.4 SWOT ANALYSIS
8.11 Honeywell International Inc.
8.11.1 Company Overview
8.11.2 Product Portfolio
8.11.3 Financials
8.11.3.1 Financial Summary
8.11.4 SWOT ANALYSIS
8.12 Schneider Electric
8.12.1 Company Overview
8.12.2 Product Portfolio
8.12.3 Financials
8.12.3.1 Financial Summary
8.12.4 SWOT ANALYSIS
8.13 Siemens AG
8.13.1 Company Overview
8.13.2 Product Portfolio
8.13.3 Financials
8.13.3.1 Financial Summary
8.13.4 SWOT ANALYSIS
8.14 Rockwell Automation Inc.
8.14.1 Company Overview
8.14.2 Product Portfolio
8.14.3 Financials
8.14.3.1 Financial Summary
8.14.4 SWOT ANALYSIS
8.15 Equinor
8.15.1 Company Overview
8.15.2 Product Portfolio
8.15.3 Financials
8.15.3.1 Financial Summary
8.15.4 SWOT ANALYSIS
8.16 Royal Dutch Shell
8.16.1 Company Overview
8.16.2 Product Portfolio
8.16.3 Financials
8.16.3.1 Financial Summary
8.16.4 SWOT ANALYSIS
8.17 Schlumberger
8.17.1 Company Overview
8.17.2 Product Portfolio
8.17.3 Financials
8.17.3.1 Financial Summary
8.17.4 SWOT ANALYSIS
8.18 Total S.A.
8.18.1 Company Overview
8.18.2 Product Portfolio
8.18.3 Financials
8.18.3.1 Financial Summary
8.18.4 SWOT ANALYSIS
8.19 ENGIE
8.19.1 Company Overview
8.19.2 Product Portfolio
8.19.3 Financials
8.19.3.1 Financial Summary
8.19.4 SWOT ANALYSIS
8.20 Other Key IoT Platform Providers
9.1 Report Scope
9.2 IoT in Oil and Gas Market Research Methodology
9.2.1 Assumptions
9.2.2 Limitations
9.2.3 Primary Data Sources
9.2.4 Secondary Data Sources
9.2.5 Data Triangulation
9.2.6 Market Estimation and Forecast
Table 1: Market Snapshot: Global IoT in Oil and Gas Market
Table 3.1: Analyzing Threat of New Entrants
Table 3.2: Analyzing Bargaining Power of Buyers
Table 3.3: Analyzing Bargaining Power of Suppliers
Table 3.4: Analyzing the Threat from Substitute
Table 3.5: Analyzing the Intensity of Competitive Rivalry
Table 3.6: Recent Developments: IoT Investments (2015-2018)
Table 3.7: Regulatory Bodies/Act in Global IoT in Oil and Gas Market
Table 3.8: Associations/Consortiums in Global IoT in Oil and Gas Market
Table 3.9: Privacy Laws followed by different Countries in Global IoT in Oil and Gas Market
Table 3.10: Some of the Recently Filed Patent
Table 4.1: Global IoT in Oil and Gas Market (by Industry Stream), 2017-2023, ($Billion)
Table 5.1: Global IoT in Oil and Gas Market (by Solutions), 2017-2023 ($Billion)
Table 6.1: Global IoT in Oil and Gas Market (by Application), 2017-2023 ($Billion)
Table 7.1: Global IoT in Oil and Gas Market (by Region), 2017-2023
Table 7.2: Recent Developments in the North American IoT in Oil and Gas Industry
Table 7.3: North America IoT in Oil and Gas Market (by Application), 2017-2023
Table 7.4: North America IoT in Oil and Gas Market (by Industry Stream), 2017-2023
Table 7.5: North America IoT in Oil and Gas Market (by Country), 2017-2023
Table 7.6: Europe IoT in Oil and Gas Market (by Application), 2017-2023
Table 7.7: Europe IoT in Oil and Gas Market (by Industry Stream), 2017-2023
Table 7.8: Europe IoT in Oil and Gas Market (by Country), 2017-2023
Table 7.9: Asia-Pacific IoT in Oil and Gas Market (by Application), 2017-2023
Table 7.10: Asia-Pacific IoT in Oil and Gas Market (by Industry Stream), 2017-2023
Table 7.11: Asia-Pacific IoT in Oil and Gas Market (by Country), 2017-2023
Table 7.12: RoW IoT in Oil and Gas Market (by Application), 2017-2023
Table 7.13: RoW IoT in Oil and Gas Market (by Industry Stream), 2017-2023
Table 7.14: RoW IoT in Oil and Gas Market (by Country), 2017-2023
Table 8.1: Cisco Systems: Product Portfolio
Table 8.2: C3IoT: Product Portfolio
Table 8.3: IBM Corporation: Product Portfolio
Table 8.4: Intel Corporation: Product Portfolio
Table 8.5: Microsoft Corporation: Product Portfolio
Table 8.6: Telit : Product Portfolio
Table 8.7: PTC: Product Portfolio
Table 8.8: SAP SE: Product Portfolio
Table 8.9: ABB Ltd.: Product Portfolio
Table 8.10: General Electric: Product Portfolio
Table 8.11: Honeywell International: Product Portfolio
Table 8.12: Schneider Electric: Product Portfolio
Table 8.13: Siemens AG: Product Portfolio
Table 8.14: Rockwell Automation Inc.: Product Portfolio
Table 8.15: Equinor: Product Portfolio
Table 8.16: Royal Dutch Shell: Product Portfolio
Table 8.17: Schlumberger: Product Portfolio
Table 8.18: Other Key Players in the Oil and Gas Market
Table 8.19: Other Key Oil and Gas Players Investing in IoT
Figure 1: Global IoT in Oil and Gas Market Snapshot
Figure 2: Global IoT in Oil and Gas Market (by Solutions), 2018 and 2023
Figure 3: Global IoT in Oil and Gas Market (by Application), $Billion, 2018 and 2023
Figure 4: Global IoT in Oil and Gas Market (by Industry Stream), 2018-2023
Figure 5: Global IoT in Oil and Gas Market (by Region), 2018-2023
Figure 6: Global IoT in Oil and Gas Market (by Country), 2017
Figure 1.1: Market Dynamics
Figure 1.2: Impact Analysis of Drivers
Figure 1.3: U.S. Oil and Gas Industry Workforce: Facts
Figure 1.4: Impact Analysis of Restraints
Figure 2.1: Strategies Adopted by the Key Players (June 2015-November 2018)
Figure 2.2: Share of Key Market Strategies and Developments (June2015- November 2018)
Figure 2.3: Partnerships, Collaborations and Joint Venture Shares (by Companies)
Figure 2.4: New Product Launches and Development Share (by Companies)
Figure 2.5: Business Expansion and Contract Share (by Companies)
Figure 2.6: Merger and Acquisition Share (by Companies)
Figure 2.7: Leading Player Analysis of IoT Solution Providers in IoT in Oil and Gas Market
Figure 2.8: Leading Player Analysis of Automation and Power Management Companies in IoT in Oil and Gas Market
Figure 2.9: Leading Player Analysis of Oil and Gas Companies in IoT in Oil and Gas Market
Figure 3.1: Porter’s Five Forces Analysis for the IoT in Oil and Gas Market
Figure 3.2: Global IoT in Oil and Gas Market Opportunity Matrix, (by Region), 2018 and 2023
Figure 4.1: Global IoT in Oil and Gas Market (by Industry Stream)
Figure 4.2: Upstream Segment in IoT in Oil and Gas Market, 2017-2023
Figure 4.3: Midstream Segment in IoT in Oil and Gas Market, 2017-2 023
Figure 4.4: Downstream Segment in IoT in Oil and Gas Market, 2017-2023
Figure 5.1: IoT in Oil and Gas: By Solutions
Figure 5.2: Global IoT in Oil and Gas Market (by Solutions)
Figure 5.3: Sensing Systems in IoT in Oil and Gas Market, 2017-2023
Figure 5.4: Wireless Sensors: Application
Figure 5.5: Communication Systems in IoT in Oil and Gas Market, 2017-2023
Figure 5.6: Cloud and Edge Computing Systems in IoT in Oil and Gas Market, 2017-2023
Figure 5.7: Data Management Systems in IoT in Oil and Gas Market, 2017-2023
Figure 6.1: IoT in Oil and Gas: By Application
Figure 6.2: Fleet and Asset Management in IoT in Oil and Gas Market, 2017-2023
Figure 6.3: Preventive Maintenance in IoT in Oil and Gas Market, 2017-2023
Figure 6.4: Pipeline Monitoring in IoT in Oil and Gas Market, 2017-2023
Figure 6.5: Increasing Number of Cyber- Crime Incidents in the U.S.
Figure 6.6: Security Management in IoT in Oil and Gas Market, 2017-2023
Figure 6.7: Others in IoT in Oil and Gas Market, 2017-2023
Figure 7.1: Global IoT in Oil and Gas Regional Market Share and Growth Rate, 2018-2023
Figure 7.2: North America IoT in Oil and Gas Market, 2017-2023
Figure 7.3: North America IoT in Oil and Gas Market (by Application)
Figure 7.4: North America IoT in Oil and Gas Market (by Industry Stream)
Figure 7.5: North America IoT in Oil and Gas Market (by Country)
Figure 7.6: The U.S. IoT in Oil and Gas Market, 2017-2023
Figure 7.7: Canada IoT in Oil and Gas Market, 2017-2023
Figure 7.8: Mexico IoT in Oil and Gas Market, 2017-2023
Figure 7.9: Europe IoT in Oil and Gas Market, 2017-2023
Figure 7.10: Europe IoT in Oil and Gas Market (by Application)
Figure 7.11: Europe IoT in Oil and Gas Market (by Industry Stream)
Figure 7.12: Europe IoT in Oil and Gas Market (by Country)
Figure 7.13: The U.K. IoT in Oil and Gas Market, 2017-2023
Figure 7.14: Norway IoT in Oil and Gas Market, 2017-2023
Figure 7.15: The Netherlands IoT in Oil and Gas Market, 2017-2023
Figure 7.16: France IoT in Oil and Gas Market, 2017-2023
Figure 7.17: Germany IoT in Oil and Gas Market, 2017-2023
Figure 7.18: Denmark IoT in Oil and Gas Market, 2017-2023
Figure 7.19: Rest of Europe IoT in Oil and Gas Market, 2017-2023
Figure 7.20: Asia-Pacific IoT in Oil and Gas Market, 2017-2023
Figure 7.21: Asia-Pacific IoT in Oil and Gas Market (by Application)
Figure 7.22: Asia-Pacific IoT in Oil and Gas Market (by Industry Stream)
Figure 7.23: Asia-Pacific IoT in Oil and Gas Market (by Country)
Figure 7.24: China IoT in Oil and Gas Market, 2017-2023
Figure 7.25: Japan IoT in Oil and Gas Market, 2017-2023
Figure 7.26: South Korea IoT in Oil and Gas Market, 2017-2023
Figure 7.27: India IoT in Oil and Gas Market, 2017-2023
Figure 7.28: Malaysia IoT in Oil and Gas Market, 2017-2023
Figure 7.29: Vietnam IoT in Oil and Gas Market, 2017-2023
Figure 7.30: Rest of Asia-Pacific IoT in Oil and Gas Market, 2017-2023
Figure 7.31: RoW IoT in Oil and Gas Market, 2017-2023
Figure 7.32: RoW IoT in Oil and Gas Market (by Application)
Figure 7.33: RoW IoT in Oil and Gas Market (by Industry Stream)
Figure 7.34: RoW IoT in Oil and Gas Market (by Country)
Figure 7.35: Brazil IoT in Oil and Gas Market, 2017-2023
Figure 7.36 Saudi Arabia IoT in Oil and Gas Market, 2017-2023
Figure 7.37: UAE IoT in Oil and Gas Market, 2017-2023
Figure 7.38: Others IoT in Oil and Gas Market, 2017-2023
Figure 8.1: Segmentation of Key Companies Profiled
Figure 8.2: Cisco Systems: Overall Financials, 2015-2017
Figure 8.3: Cisco Systems: Net Revenue (by Region), 2015-2017
Figure 8.4: Cisco Systems: Net Revenue by Business Segment, 2015-2017
Figure 8.5: Cisco Systems: SWOT Analysis
Figure 8.6: C3 IoT: SWOT Analysis
Figure 8.7: IBM Corporation: Overall Financials, 2015-2017
Figure 8.8: IBM Corporation: Net Revenue by Business Segment, 2015-2017
Figure 8.9: IBM Corporation: Net Revenue by Regional Segment, 2015-2017
Figure 8.10: IBM Corporation: SWOT Analysis
Figure 8.11: Intel Corporation: Overall Financials, 2015-2017
Figure 8.12: Intel Corporation: Net Revenue by Business Segment, 2015-2017
Figure 8.13: Intel Corporation: Net Revenue by Regional Segment, 2015-2017
Figure 8.14: Intel Corporation: SWOT Analysis
Figure 8.15: Microsoft Corporation: Overall Financials, 2016-2018
Figure 8.16: Microsoft Corporation: Net Revenue by Business Segment, 2016-2018
Figure 8.17: Microsoft Corporation: Net Revenue by Regional Segment, 2016-2018
Figure 8.18: Microsoft Corporation: SWOT Analysis
Figure 8.19: Telit: Overall Financials, 2015-2017
Figure 8.20: Telit: Net Revenue by Business Segment, 2015-2017
Figure 8.21: Telit: Net Revenue by Regional Segment, 2015-2017
Figure 8.22: Telit: SWOT Analysis
Figure 8.23: PTC: Overall Financials, 2016-2018
Figure 8.24: PTC: Net Revenue by Business Segment, 2016-2018
Figure 8.25: PTC: Net Revenue by Regional Segment, 2016-2018
Figure 8.26: PTC: SWOT Analysis
Figure 8.27: SAP SE: Overall Financials, 2015-2017
Figure 8.28: SAP SE: Net Revenue by Business Segment, 2015-2017
Figure 8.29: SAP SE: Net Revenue by Regional Segment, 2015-2017
Figure 8.30: SAP SE: SWOT Analysis
Figure 8.31: ABB Ltd.: Overall Financials, 2015-2017
Figure 8.32: ABB Ltd.: Net Revenue by Business Segment, 2015-2017
Figure 8.33: ABB Ltd.: Net Revenue by Regional Segment, 2015-2017
Figure 8.34: ABB Ltd.: SWOT Analysis
Figure 8.35: General Electric: Overall Financials, 2015-2017
Figure 8.36: General Electric: Net Revenue by Business Segment, 2015-2017
Figure 8.37: General Electric: Net Revenue by Regional Segment, 2015-2017
Figure 8.38: General Electric: SWOT Analysis
Figure 8.39: Honeywell International: Overall Financials, 2015-2017
Figure 8.40: Honeywell International: Net Revenue by Business Segment, 2015-2017
Figure 8.41: Honeywell International: Net Revenue by Regional Segment, 2015-2017
Figure 8.42: Honeywell International: SWOT Analysis
Figure 8.43: Schneider Electric: Overall Financials, 2015-2017
Figure 8.44: Schneider Electric: Net Revenue by Business Segment, 2015-2017
Figure 8.45: Schneider Electric: Net Revenue by Regional Segment, 2015-2017
Figure 8.46: Schneider Electric: SWOT Analysis
Figure 8.47: Siemens AG: Overall Financials, 2015-2017
Figure 8.48 Siemens AG: Net Revenue by Business Segment, 2015-2017
Figure 8.49 Siemens AG: Net Revenue by Regional Segment, 2015-2017
Figure 8.50: Siemens AG: SWOT Analysis
Figure 8.51: Rockwell Automation Inc.: Overall Financials, 2016-2018
Figure 8.52: Rockwell Automation Inc.: Net Revenue by Business Segment, 2016-2018
Figure 8.53: Rockwell Automation Inc.: Net Revenue by Regional Segment, 2015-2017
Figure 8.54: Rockwell Automation Inc.: SWOT Analysis
Figure 8.55: Equinor: Overall Financials, 2015-2017
Figure 8.56: Equinor: Net Revenue by Business Segment, 2015-2017
Figure 8.57: Equinor: SWOT Analysis
Figure 8.58: Royal Dutch Shell: Overall Financials, 2015-2017
Figure 8.59: Royal Dutch Shell: Net Revenue by Business Segment, 2015-2017
Figure 8.60: Royal Dutch Shell: Net Revenue by Regional Segment, 2015-2017
Figure 8.61: Royal Dutch Shell: SWOT Analysis
Figure 8.62: Schlumberger: Overall Financials, 2015-2017
Figure 8.63 Schlumberger: Net Revenue by Business Segment, 2015-2017
Figure 8.64 Schlumberger: Net Revenue by Regional Segment, 2015-2017
Figure 8.65: Schlumberger: SWOT Analysis
Figure 8.66: Total S.A.: Overall Financials, 2015-2017
Figure 8.67 Total S.A.: Net Revenue by Business Segment, 2015-2017
Figure 8.68: Total S.A.: SWOT Analysis
Figure 8.69: ENGIE: Overall Financials, 2015-2017
Figure 8.70: ENGIE: Net Revenue by Operating Segment, 2015-2017
Figure 8.71: ENGIE: SWOT Analysis
Figure 9.1: IoT in Oil and Gas Market Scope
Figure 9.2: Report Methodology
Figure 9.3: Primary Interviews Breakdown, by Player, Designation, and Country
Figure 9.4: Sources of Secondary Research
Figure 9.5: Data Triangulation
Figure 9.6: Top Down-Bottom-Up Approach for Market Estimation
Key Questions Answered in this Report:
• 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?
Report Description
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. 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 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.
Market overview
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.
Competitive Landscape
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.
Global IoT in Oil and Gas Market
Focus on Solutions (Sensing, Communication, Cloud Computing, Data Management), Applications (Fleet & Asset Management, Pipeline Monitoring, Preventive Maintenance), Industry Stream- Analysis and Forecast (2018-2023)
Similar Product
You may also like
Published Year: 2020
ASEAN Smart Grid Market - Analysis and Forecast, 2019-2024: Focus on Product Offerings (Software, Ha
The ASEAN smart grid market is projected to grow from $1,248.8 million in 2019 to $2,949.6...
Published Year: 2019
Global Artificial Intelligence (AI) in Energy Market: Focus on Product Type (Software, AI- as-a-Serv
Global Artificial Intelligence (AI) in Energy Market is Anticipated to Reach $7.79 Billion by...
Published Year: 2018
Europe Waste to Energy Market - Analysis and Forecast, 2018-2023: Focus on Technology (Thermo Chemic
The Europe waste to energy market is projected to grow from $XX billion in the year 2018 to...