The connected solutions for the oil & gas market are poised for impressive expansion, with a projected Compound Annual Growth Rate (CAGR) of 16.3% spanning the projection period from 2020 to 2030. The outbreak of the Covid-19 pandemic delivered a severe blow to the global economy, significantly impacting the oil and gas industries and resulting in a substantial loss of jobs.
Despite the introduction of government stimulus packages, the accumulation of substantial surplus stocks of oil and gas emerged as a significant challenge. Consequently, the adoption rates of connected solutions for oil & gas are expected to face constraints.
Amid these challenges, numerous companies within the oil and gas sectors are grappling with the repercussions as individuals and organizations adopt measures to reduce their reliance on fossil fuels. Nevertheless, investments in Internet of Things (IoT) based solutions are poised to make meaningful contributions in terms of productivity, reliability, and utility. These solutions will enhance performance and curtail operational expenses, thereby aiding in the mitigation of losses.
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“Connected solutions for oil & gas enable real-time visualizations of the information and trends of oil and gas industry during the coronavirus outbreak. The technology can be used to analyze capital investments distribution, and safety. Also, IoT based solutions can reduce the need for onsite human presence with automation and remote monitoring of operations. Such trends will allow the global market to sustain growth through the crisis period,” says the FMI analyst.
Connected Solutions for Oil & Gas Market – Primary Takeaways
- Software solutions are highly sought after for connected solutions for oil & gas organizations with the high demand for operational automation.
- Connected solutions for oil & gas services will grow strongly, driven by high requirement of support and maintenance operations.
- Predictive and preventive maintenance applications are gaining traction with frequent innovations in Internet of Things and Industry 4.0 practices.
- Asset tracking applications are also witnessing rapid growth with use in government, and private verticals.
- North America will lead the connected solutions for oil & gas market with strong exploration activity in the U.S. and Canada. Infrastructural modernization in India and China will help growth in Asia Pacific.
Connected Solutions for Oil & Gas Market – Growth Factors
- Disruptive developments in IoT for asset tracking and infrastructure maintenance applications drive market growth.
- Strong interest by government bodies in the incorporation of connected pipeline solutions, generates novel growth opportunities.
- Rapid spread of fleet management solutions drives growth of connected solutions in oil and gas industry.
- Poor market conditions and the demand for optimization of supply chains and operations through connected solutions for oil & gas, will aid market growth.
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Competition Landscape
The connected solutions for oil & gas market comprises of key players including but not limited to Robert Bosch GmbH, Cisco Systems Inc., Siemens AG, Intel Corporation, Schneider Electric, Sierra Wireless, Telit, General Electric, and Honeywell International. Market players are investing in the development of technology, and customer service infrastructure.
For instance, in Sierra Wireless has launched an edge-to-cloud solution for asset management created for IoT applications in industrial settings. Similarly, Cisco Systems has launched connected pipeline solutions, which provide safeguards against physical and cyber-attacks.
Connected Solutions for Oil & Gas Market: Segmentation
The global connected solutions for oil & gas market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach to readers.
Component
- Hardware
- Sensors
- Beacons
- IoT Gateways
- Others
- Software
- Oil & Gas IoT Platform
- Fleet Management Software
- Others
- Services
- Professional Services
- Oil & Gas Consulting & Advisory
- Integration & Deployment Services
- Support & Maintenance
- Managed Services
- Professional Services
Value Chain
- Upstream
- Midstream
- Downstream
Application
- Asset Tracking and Monitoring
- Predictive and Preventive Maintenance
- Supply Chain Management
- Leak Detection
- Fleet Management
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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