North America IoT in Oil
& Gas Market was valued at USD7.30 billion in 2021 and is anticipated to
project a robust growth in the forecast period with a CAGR of 12.16% owing to growing
trend for smart industry, vehicle tracking and route control in real time in
North America’s oil & gas market.
In the oil and gas business,
the Internet of Things (IoT) is a network of physical things that are connected
to the Internet. The Internet of Things (IoT) aids in the monitoring of the
pipeline system and its components, such as pipes, pumps, and filters. Without
IoT, firms must rely on human resources to do basic checks and maintenance on a
regular basis. 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. North America IoT in
Oil & Gas Market is further classified on the basis of Industry Steam,
including Upstream, Downstream, Midstream.
Growing Trend for Smart
Industry Driving Market Growth
The smart
industry, which can combine data from system-wide physical, operational, and
human assets to drive inventory tracking, manufacturing, maintenance, and
digitalization of operations via the digital twin and other sorts of activities
across the whole industrial network, is the new frontline. Similarly, increased
sensor usage in the oil and gas business, from drilling and exploration to
downstream retail sales and software integration of the entire value chain, can
help this industry become smart. The rise of IoT in the oil and gas industry in
North America is expected to be fueled by the growing demand for smart
industries.
Increasing Demand for Pipeline
Asset Management
Oil pumping
pipeline leakage is a severe concern for the oil and gas sector, resulting in
forced downtime, inventory losses, and unexpected expenses. According to a 2018
study, liquid pipeline accidents cost the United States alone USD326 million
each year. Environmental and clean-up costs account for USD140 million of the
total. Oil and gas industries have used manual monitoring to avert these
damages, but it is not as successful as real-time IoT monitoring. Real-time
data aids in detecting equipment anomalies and reduces the need for
time-consuming human labor. It can also raise the alarm based on the condition
and age of pipes, filters, and motors to avoid any incidents that could result
in death or major injury.
Sensor-based
Tank Monitoring
Sensors provide data to
cloud-based enhanced dashboards that monitor constant gear execution and stock
levels in the oil and gas business. Sensors can monitor the stock level of
onshore oil tanks and, as a result, dispatch trucks when the tanks need to be
drained in the oil and gas business. Continuous oil tank sensor alerts allow
for continuous pumping while improving stock transportation and reducing
downtime expenses. The cloud-based enhanced dashboard displays present data
clearly and concisely, allowing for more efficient decision-making. The use of
IoT in the oil and gas industry is expected to grow as smart sensors are
increasingly used in tank monitoring to record, create, and understand stock
levels in real-time and dispatch them as and when needed.
Decreasing the
Safety Risks
Exploration of oil and gas
sites by personally visiting them is perilous for oil and gas personnel and is
a primary cause of accidents that result in fatalities. Accidents caused by a
lack of information can be fatal to workers and result in businesses' revenue
and labor losses. IoT solutions can assist in remote monitoring such locations
for safety reasons. Furthermore, decentralized control systems and automation
devices can even permit unmanned operations in risky places, decreasing the oil
and gas industry's safety hazards.
Market Segmentation
The North America IoT in Oil
& Gas Market is segmented based on Industry Stream, Solution, Application, Country,
and by company. Based on Industry Stream, the market is further fragmented into
the Upstream, Downstream, Midstream. Based on Solution, the market is segmented
into Sensor System, Communication & Networks, Data Management, Others.
Also, segmentation of the market on grounds of the Application is done into Fleet
& Asset Management, Preventive Maintenance, Pipeline Monitoring, Security
Monitoring, Others. The market analysis also studies the regional segmentation
to devise country market segmentation, divided among the United States, Canada,
Mexico.
Company Profiles
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 are among the
major market players in the North
America IoT in Oil & Gas Market.
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Attribute
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Details
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Market size value in 2021
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USD 7.30 Billion
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Revenue Forecast in 2027
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USD 14.72 Billion
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Growth Rate
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12.16%
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Base Year
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2021
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Historical Years
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in (USD Billion), and CAGR for 2017-2021 and 2022-2027
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Report Coverage
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·
Revenue forecast, company
share, competitive landscape, growth factors, and trends
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Segments Covered
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·
Industry Stream
·
Solution
·
Application
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Country Scope
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United States, Canada, Mexico
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Key Companies Profiled
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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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Customization Scope
|
10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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|
Pricing and Purchase Options
|
Avail customized purchase
options to meet your exact research needs. Explore purchase
options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request)
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Report Scope:
In this report, North America IoT
in Oil & Gas Market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- North America IoT in Oil & Gas Market, By Industry Stream:
o Upstream
o Midstream
o Downstream
·
North America IoT in
Oil & Gas Market, By
Solution:
o Sensor System
o Communication & Networks
o Data Management
o Others
- North America
IoT in Oil & Gas Market, By Application:
o
Fleet
& Asset Management
o
Preventive
Maintenance
o
Pipeline
Monitoring
o
Security
Monitoring
o
Others
·
North America IoT in
Oil & Gas Market,
By Country:
- United States
- Canada
- Mexico
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in North America IoT in Oil & Gas Market
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).