FEATURED COMPANIES
- ABB Ltd.
- C3 IoT, Inc.
- Equinor ASA
- Microsoft Corporation
- Rockwell Automation Inc.
- Sensirion AG
Market Report Coverage - IoT in Oil and Gas
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
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
Growth Drivers
- Demand for Operational Efficiency to Fulfill Energy Requirement
- Rising Cyber-Attacks
- Scarcity of Skilled Expertise
Market Growth Restraints
- Lack of Tools for Computational Analysis
- High Capital Requirement
Market Opportunities
- 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?
Market Overview
In 2019, the IoT in the oil and gas market was valued at $16.19 billion and is expected to reach $43.48 billion by 2024, growing at a CAGR of 21.86% from 2019 to 2024. Deployment of sensors and cloud and edge computing to steer the application of oil and gas is expected to augment the growth of the market.
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.
Competitive Landscape
The competitive landscape for the IoT in the oil and gas market demonstrates an inclination toward the companies that are adopting strategies such as partnerships, collaborations, and joint ventures along with product launches and development for introducing new technologies and enhance their existing product portfolio. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, In December 2019, Intel Corporation entered into a partnership with Exxon Mobil to develop IoT solutions for Exxon Mobil oil and gas applications. Similarly, in December 2019, Amazon Web Services entered into a partnership with British Petroleum (BP) to develop an IoT platform for BP’s oil and gas applications.
The IoT in the oil and gas market holds a prominent share in various countries of North America, South America, Europe, Asia-Pacific and Japan (APAC and Japan), and the Middle East and Africa. North America is at the forefront of the global IoT in the oil and gas market, with a high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
During the forecast period, the Asia-Pacific and Japan region are expected to flourish as one of the most lucrative markets for IoT technology providers. Asia-Pacific and Japan are expected to exhibit significant growth opportunities for IoT due to the increased optimism in the economic conditions in these countries. The countries in this region present immense scope for market development, owing to the increasing demand for natural gas, growing market penetration of advance technologies, favorable government investments on smart sensors.
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FEATURED COMPANIES
- ABB Ltd.
- C3 IoT, Inc.
- Equinor ASA
- Microsoft Corporation
- Rockwell Automation Inc.
- Sensirion AG
Executive Summary
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FEATURED COMPANIES
- ABB Ltd.
- C3 IoT, Inc.
- Equinor ASA
- Microsoft Corporation
- Rockwell Automation Inc.
- Sensirion AG
According to the market intelligence report titled “Global IoT in Oil and Gas Market - Analysis and Forecast, 2019-2024”, 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.
According to Arvind Pal, Lead Analyst, “Fleet and asset management, preventive maintenance, pipeline monitoring, security management, and others are the key applications of IoT in the oil and gas market. In 2018, fleet and asset management applications accounted for around 28% of the total IoT in the oil and gas market. Fleet and asset management solutions help companies optimize performance, manage fuel consumption, and plan routes effectively by transforming data into desirable information. During the forecast period, preventive maintenance application is expected to display the highest growth owing to the increasing demand for oil and gas companies to continuously monitor the health of oil and gas assets. IoT-based preventive maintenance solutions help oil and gas companies in understanding the failure possibility and production capacity of the company’s critical assets.”
The IoT in the oil and gas market holds a prominent share in various countries of North America, Europe, Asia-Pacific and Japan (APAC and Japan), and Middle East and Africa. North America is at the forefront of the global IoT in the oil and gas market, with a high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
During the forecast period, the Asia-Pacific and Japan region is expected to flourish as one of the most lucrative markets for IoT technology providers. Asia-Pacific and Japan are expected to exhibit significant growth opportunities for IoT due to the increased optimism for growth in the economic scenarios in these countries. The countries in this region present immense scope for market development, owing to the increasing demand for natural gas, growing market penetration of advance technologies, favorable government investments on smart sensors.
Some of the most prominent players in the IoT in oil and gas market are 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.
The IoT in the oil and gas market ecosystem comprises established IT solution providers, energy management and automation companies, and the oil and gas companies. The IoT in the oil and gas market comprises major companies providing solutions, platforms, automation systems, and others. This varied range of market participants provides opportunities to other players who are willing to bear the high risks involved in the industry. The competitive landscape for the IoT in oil and gas market demonstrates an inclination toward the companies that are adopting strategies such as partnerships, collaborations, and joint ventures along with new product launches and development for introducing new technologies and enhance their existing product portfolio. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, In December 2019, GE entered into a partnership with ExxonMobil to optimize its hydrocarbon production using IoT. In June 2019, C3.ai entered into a partnership with Baker Hughes for the implementation of preventive maintenance software using advanced analytics for the maintenance of oil and gas assets.
The major established players in the market are also focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio. Key players operating in this market have ramped up their product launch activities over the recent years, in order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio. In May 2019, Kellton Tech Solutions Ltd. launched a cloud based IoT platform, Optima, with real-time analytics for oil and gas industrial applications. In February 2019, IBM Corporation launched an IoT platform, Maximo, catered toward asset management applications in the oil and gas industry.
This report is a meticulous compilation of research on more than 70 players in the IoT in the oil and gas market and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 42 leading companies across the IoT in the oil and gas supply chain. Key profiles include 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 in the Report:
- 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?
- ABB Ltd.
- Alphabet Inc.
- Amazon Web Services, Inc.
- Analog Device, Inc.
- BP p.l.c.
- Broadcom Inc.
- C3 IoT, Inc.
- CISCO Systems Inc.
- Cognizant
- ENGIE
- Eaton Corporation Plc
- Emerson Electric Co.
- Equinor ASA
- General Electric
- HCL Technologies Ltd.
- Honeywell International Inc.
- IBM Corporation
- Infineon Technologies AG
- Intel Corporation
- Kellton Tech Solutions Ltd
- Microsoft Corporation
- NXP Semiconductors N.V.
- OMRON Corporation
- PTC
- Revvo Technologies Inc.
- Robert Bosch GmbH
- Rockwell Automation Inc.
- Royal Dutch Shell PLC
- SAP SE
- STMicroelectronics
- Saudi Arabian Oil Co.
- Schlumberger Limited
- Schneider Electric
- Sensirion AG
- Siemens AG
- Sierra Wireless
- TDK Corporation
- TE connectivity Ltd.
- Telit Communications PLC
- Texas Instruments Incorporated
- Total S.A.
- Wipro Limited
- Yokogawa Electric Corporation
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