North America IoT in Oil and Gas Market to show Impressive Growth with 12.16% CAGR During the Forecast Period
Growing trend for smart industry is driving the growth in
North America IoT in Oil & Gas Market in the forecast period, 2023-2027.
According
to TechSci Research report, “North America IoT in Oil
and Gas Market - By Country,
Competition Forecast & Opportunities, 2027”,
the North America IoT in oil and gas market is projected to show impressive
growth in the next five years due to increasing demand for internet-based
services in the oil & gas industry. Higher usage of the internet of things
for the functioning of equipment, tools, devices, and storing recorded data on cloud-based
services are further driving the growth of the North America IoT in oil &
gas market in the upcoming five years. Increasing demand for smart devices and
smart equipment that are operated through internet services are also supporting
the North America IoT in oil & gas market’s growth in the next five years. Also,
increasing demand for sensor-based tank monitoring, and decreasing the safety
risks related to oil and gas industry are also aiding the growth of the North
America IoT in oil & gas market in the future five years. Additionally,
factors like increased research, development of innovative product
manufacturing methods, and higher investment in the industry through government
and private investments are expected to further substantiate the growth of the
North America IoT in the oil & gas market in the forecast years through 2027.
The
Internet of Things (IoT) in the oil & gas industry is the network of
physical objects connected to the Internet. IoT helps monitor the pipeline
system and its components like pipes, pumps, and filters. Without IoT,
companies have to rely on human resources to carry out periodic routine checks
and maintenance. Several advantages of using IoT in the oil and gas industry
are efficient management of employees, pipeline monitoring, risk mitigation,
reduction in drilling operation’s carbon footprint, etc.
Browse over 22 market data Figures spread through 80 Pages and an in-depth TOC on "North
America IoT in Oil and Gas Market"
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The
North America IoT in oil & gas market is segmented based on industry stream,
solution, application, country, and by company. Based on solution, the market
is further segmented into sensor system, communications & network, data
management, and others. Sensor systems are anticipated to hold the largest
revenue shares of the market and dominate the market segment in the upcoming five
years on the grounds of increasing demand for oil reservoir exploration. Individual
IoT sensors are connected through fiber optic cables that are functional for
oil exploration and mapping the areas for drilling sites. The sensors play a
vital role in drill site determination, for latest oil excavation from the
difficult terrain, which often causes higher cost of operations. Moreover,
sensor systems are also beneficial for pipeline asset management. Leakage in
oil pumping pipeline often leads to compulsory downtime, loss of inventory, and
unavoidable expenses. Real time monitoring helps in detecting irregularities in
equipment and saves costly human work. It can even increase the alarm depending
on the health and age of pipes, filters, and motors to escape any accidents,
causing any loss of life or serious injuries. Thus, the demand for sensor
systems is further increasing and aiding the market growth in future five
years.
A
partial list of major market players in the North America IoT in oil & gas
market includes:
·
IBM
Corporation
·
Microsoft
Corporation
·
Honeywell
International Inc.
·
Rockwell
Automation Inc.
·
Intel
Corporation
·
C3.ai,
Inc.
·
Adobe
Inc.
·
Cisco
Systems Inc.
·
Equinor
ASA
·
ABB
Ltd.
·
Siemens
USA
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“United States is anticipated to lead
the market growth in the upcoming five years due to increasing demand for the
internet based services in the oil industry of the country. Moreover, expanding
oil & gas industry and increasing demand for the byproducts of the oil
excavations are further driving the growth of the oil and gas market in the
country and hence the demand for IoT. Rapidly growing research and
technological advancements in the sector, increasing usage of internet of
things in all kind of product manufacturing, services, and other functions in
oil and gas industry also substantiate the market growth. New market players
may focus on improved worker safety by transferring dangerous on-site tasks to
robots and unmanned aerial vehicles (UAVs), on-demand equipment repair and
reduced cost and effort associated with it and automated leakage and breakage
control,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“North America IoT in Oil
& Gas Market Segmented by Industry Stream (Upstream, Downstream,
Midstream), By Solution (Sensor System, Communication & Networks, Data
Management, Others), By Application (Fleet & Asset Management, Preventive
Maintenance, Pipeline Monitoring, Security Monitoring, Others), By Country, Competition
Opportunities & Forecast, 2017-2027”, has evaluated the future
growth potential of North America IoT in oil and gas market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North America IoT in oil and gas market.
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