According to this report the global IoT in the oil and gas market is expected to reach $43.48 billion by 2024, rising at a CAGR of 21.86% from 2019 to 2024. The market growth is expected to be driven by the rising demand for operational efficiency to fulfill energy requirements, increasing cyberattacks, and depleting availability of skilled expertise in the oil and gas industry.
Internet of Things (IoT), as a system integrator, helps in accumulating the complete oil and gas value chain within a single operating platform, addressing specific client-centric challenges, along with an improvement in overall performance. The oil and gas value chain of IoT solutions comprises sensors, communication, cloud, and edge computing, and data management. The continuous monitoring and control of extraction, production, and transportation operations with accuracy is gradually raising the degree of acceptance for IoT solutions amongst the oil and gas companies. Access to real-time information across remote locations is a major demand from the oil and gas companies, which is now being achieved with the help of smart sensors, and therefore, brings extensive insight into process performance.
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 a specific focus on oil and gas industry applications such as fleet and asset management, preventive maintenance, pipeline monitoring, and security management, among others. The widespread implementation of cloud-based analytics and software systems embedded with security management software has fueled market growth by reducing security risks. Moreover, these software systems assist in increasing the overall production capacities by the identification of underground oil and gas resources.
The IoT in the oil and gas market has witnessed a significant increase in market developments, technology advancements, and capital investments 2017 onwards, as compared to previous years. The growing awareness in the market regarding the opportunities in enhancing the exploration and production activities, asset management, and remote monitoring using IoT has stimulated large-scale investments in the sector. In 2019, the total investment and funding in IoT in oil and gas were $284.0 million with a strong focus on developing IoT analytics platforms and cloud services for the oil and gas applications across the supply chain. For instance, in September 2019, BDC Capital invested $100 million in McRock Capital for the development of IoT for oil and gas applications.
Market Report Coverage - IoT in Oil and Gas
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
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
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
Demand for Operational Efficiency to Fulfill Energy Requirement
Scarcity of Skilled Expertise
Market Growth Restraints
Lack of Tools for Computational Analysis
High Capital Requirement
Introduction of Next Generation Sensors in the Oil and Gas Industry
Rising Deployment of Data Analytics
Advent of UAV/Drones in Oil and Gas Industry
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, 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
Key Questions Answered:
What is the estimated global IoT in oil and gas market size during 2018-2024, in terms of revenue, and what is the expected growth rate during the forecasted period 2019-2024?
What is the expected future outlook and revenue generated by the different types of IoT solutions including sensing, communication, cloud, and edge computing, and data management?
What is the revenue generated by IoT in the oil and gas market in different industry streams such as upstream, midstream, and downstream?
What is the revenue generated by IoT in oil and gas in different applications including fleet and asset management, preventive maintenance, pipeline monitoring, and security management, among others?
What are the major driving forces and restraining factors that are expected to increase the demand and restrict the market growth respectively, for the IoT in the oil and gas market during the forecast period?
What are the key trends and opportunities in the market pertaining to IoT in the oil and gas market?
What kind of new strategies is being 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 IoT in the oil and gas market on the basis of the analysis of their market coverage and market potential, in a competitive benchmarking?
How is the funding and investment landscape in the IoT in the oil and gas market?
Which are the leading consortiums and associations in the IoT in the oil and gas market and what is their role in the market?
Which type of players and stakeholders operating in the market ecosystem of IoT in oil and gas, and what is their significance in the global market?
Key Topics Covered:
1 Market Dynamics 1.1 Market Drivers 1.1.1 Demand for Operational Efficiency to Fulfil Energy Requirement 1.1.2 Rising Cyber Attacks 1.1.3 Scarcity of Skilled Expertise 1.2 Market Restraints 1.2.1 Lack of Communication Infrastructure 1.2.2 High Initial Investment 1.3 Market Opportunities 1.3.1 Introduction of Next Generation Sensors 1.3.2 Rising Deployment of Data Analytics 1.3.3 Advent of UAVs/Drones in Oil and Gas Industry
2 Competitive Landscape 2.1 Key Market Developments and Strategies 2.1.1 Partnerships, Collaborations, and Joint Ventures 2.1.2 Product Launches and Developments 2.1.3 Mergers and Acquisitions 2.1.4 Business Expansions and Contracts 2.1.5 Others (Awards and Recognitions) 2.2 Competitive Benchmarking of Key Players in IoT in Oil and Gas Market
3 Industry Analysis 3.1 Stakeholder Analysis 3.1.1 IoT Impact Matrix and Analysis 3.1.2 Oil and Gas Companies 3.1.3 Information and Communication Technology Providers 3.1.4 Energy Management and Automation Companies 3.2 Emerging Trends in the Internet of Things in the Oil and Gas Market 3.2.1 Artificial Intelligence 3.2.2 Blockchain 3.2.3 Market Consolidation 3.3 Key Consortiums and Associations 3.4 Investment and Funding Landscape
4 Global IoT in Oil and Gas Market (by Solution) 4.1 Market Overview 4.2 Sensing 4.3 Communication 4.4 Cloud and Edge Computing 4.5 Data Management
5 Global Internet of Things (IoT) in Oil and Gas Market (by Industry Stream) 5.1 Market Overview 5.2 Upstream 5.3 Midstream 5.4 Downstream
6 Global IoT in Oil and Gas Market (by Application) 6.1 Market Overview 6.2 Fleet and Asset Management 6.3 Preventive Maintenance 6.4 Pipeline Monitoring 6.5 Security Management 6.6 Others
7 Global IoT in Oil and Gas Market (by Region) 7.1 North America 7.2 South America 7.3 Europe 7.4 U.K. 7.5 China 7.6 Asia-Pacific and Japan 7.7 Middle East and Africa
8 Company Profiles 8.1 Overview 8.2 Intel Corporation 8.2.1 Company Overview 8.2.2 Role of Intel Corporation in the Internet of Things in Oil and Gas Market 8.2.3 Financials 8.2.4 Key Insights About the Financial Health of the Company 8.2.5 SWOT Analysis 8.3 Kellton Tech Solutions Ltd. 8.4 Telit Communications PLC 8.5 Amazon Web Services, Inc. 8.6 Wipro Limited 8.7 CISCO Systems Inc. 8.8 C3 IoT, Inc. 8.9 IBM Corporation 8.10 Microsoft Corporation 8.11 HCL Technologies Ltd. 8.12 SAP SE 8.13 Alphabet Inc. 8.14 Cognizant 8.15 PTC 8.16 Sierra Wireless 8.17 General Electric 8.18 Rockwell Automation Inc. 8.19 Siemens AG 8.20 Schneider Electric 8.21 ABB Ltd. 8.22 Eaton Corporation Plc 8.23 Emerson Electric Co. 8.24 Honeywell International Inc. 8.25 ENGIE 8.26 Yokogawa Electric Corporation 8.27 Equinor ASA 8.28 Royal Dutch Shell PLC 8.29 Schlumberger Limited 8.30 BP p.l.c. 8.31 Total S.A. 8.32 Saudi Arabian Oil Co. 8.33 NXP Semiconductors N.V. 8.34 Infineon Technologies AG 8.35 Analog Device, Inc. 8.36 Robert Bosch GmbH 8.37 Texas Instruments Incorporated 8.38 Revvo Technologies Inc. 8.39 STMicroelectronics 8.40 OMRON Corporation 8.41 Broadcom Inc. 8.42 TE connectivity Ltd. 8.43 TDK Corporation 8.44 Sensirion AG