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.
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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.
Internet of Things in Oil and Gas Market 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.
Internet of Things in Oil and Gas Market 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.
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The IoT in oil and gas market ecosystem comprises established oil and gas original equipment manufacturers (OEMs), technology vendors, and solutions and services providers. The rising interest in Internet of Things (IoT) amongst the companies, such as Cisco Systems, GE Digital, Microsoft Corporation and IBM, has been a major trend in the market. 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 who are willing to bear the high risks involved in the industry. Moreover, players including oil and gas giants, such as Royal Dutch Shell, Schlumberger, Engie and Equinor, among others are also focusing on incorporating data analytics and IoT based systems in their product offerings. The major IoT technology vendors 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, collaborations and joint ventures along with new product launches and development 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 mergers and acquisitions. Moreover, major players operating in this industry are focusing on business expansion and contracts to maintain a strong hold on the market. Successful expansion among the companies across the value chain of the IoT in oil and gas industry can be seen as a major strategic move.