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.

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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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