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.
According to the latest report, titled 'Global IoT in Oil and Gas Market: Analysis and Forecast (2018-2023)’, 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.
Few Companies Mentioned in the Report: