Global Internet of Things (IoT) Oil & Gas Market is anticipated to reach up to USD 24.60 billion in 2024 from 4.55 billion in 2016 at CAGR of around 24% during the forecasted period. 
Internet of Things (IoT) Oil & Gas Market is segmented by solution, application, and geography. Based on the solution splits into platforms and analytics. Applications are classified into upstream, midstream, downstream. Geography-wise divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Oil and gas, despite its age, is a booming industry. The oil and gas industry is one of the initial adopters of the Internet of Things (IoT). Oil and gas companies combine the IoT, machine learning and the cloud for better management of remote facilities and tank collection sites so they can act in real-time as safety and regulatory issues arise. The implementation of IoT technology also allows oil and gas companies to make repairs at oil and gas in a safer way. Connected systems can be programmed to send alerts to other connected devices if they begin to fail or high-pressure situation, malfunction, or any other dangerous issues. Based on the solution, Analytics segment accounted for a major market share in comparison to other IoT solution platform in terms of value. Accounted for approximately 76.00% share in total IoT in the O&G market for 2016. Analytics and platforms are expected to witness a high growth rate due to increase in use of sensors and devices will drive the need for device management and data analytics among others, the oil and gas industry being asset-intensive industry with more than half of the infrastructure is aging, and rising in use of new advanced technologies for exploration. On the basis of application, upstream application held a major share in terms of an Internet of Things (IoT) Oil & Gas market value in 2016 among all the mentioned application types. In the coming future, an upstream application is expected to grow to the use of new technologies during exploration and drilling phase such as hydraulic manufacturing and 3D seismic technologies among others, a boom in the U.S. for shale oil production, reduction of capital expenditures on advance projects for exploration and drilling and increasing uptime among others. In terms of geography, North America dominated the Global Internet of Things (IoT) Oil & Gas Market in 2016. A dominance of North America in market share is due to growth in a production rate of shale oil and tight oil, among others, a recent announcement for expansion of pipelines and offshore shipping to transport oil is expected to drive the midstream market in the U.S. Key players operating on the market are, ABB Ltd, AGT INTERNATIONAL, CARRIOTS ,S.L C3 IoT,CISCO SYSTEMS, NUMEREX CORP PARAMETRIC TECHNOLOGY (PTC), SAP SE DAVRA, NETWORKS EUROTECH, SPA GENERAL ELECTRIC COMPANY, HONEYWELL INTERNATIONAL INC, INTEL CORPORATION, INTERNATIONAL BUSINESS MACHINES, CORPORATION KORE, TELEMATICS, MICROSOFT CORPORATION, SIEMENS, AG TELIT, WIND RIVER PERTEX MANAGEMENT AND TECHNOLOGY, CONSULTING LLC ,SCHNEIDER, ELECTRIC EMBITEL TECHNOLOGIES INC, SIGFOX, TOTAL ENERGY VENTURES INTERNATIONAL’S, PELOTON TECHNOLOGY
Scope of the Global Internet of Things (IoT) Oil & Gas Market are
Global Internet of Things (IoT) Oil & Gas Market, By Solution:
• Platforms • Analytics Global Internet of Things (IoT) Oil & Gas Market, By Applications: • Upstream, • Midstream, • Downstream
Global Internet of Things (IoT) Oil & Gas Market, By Geography:
• North America, • Europe, • Asia Pacific, • Middle East & Africa • Latin America
Key players operating on the Global Internet of Things (IoT) Oil & Gas market are
• ABB Ltd • AGT INTERNATIONAL • CARRIOTS S.L • C3 IoT • CISCO SYSTEMS • NUMEREX CORP • PARAMETRIC TECHNOLOGY (PTC) • SAP SE • DAVRA NETWORKS • EUROTECH SPA • GENERAL ELECTRIC COMPANY • HONEYWELL INTERNATIONAL INC • INTEL CORPORATION • INTERNATIONAL BUSINESS MACHINES CORPORATION • KORE TELEMATICS • MICROSOFT CORPORATION • SIEMENS AG • TELIT • WIND RIVER • PERTEX MANAGEMENT AND TECHNOLOGY CONSULTING LLC • SCHNEIDER ELECTRIC • EMBITEL TECHNOLOGIES INC • SIGFOX • TOTAL ENERGY VENTURES INTERNATIONAL’S • PELOTON Technology
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Report Published by: Maximize Market Research
