Connected technologies are the next wave of Internet technologies. The Internet of things (IoT) continues to spread across various applications in the oil & gas industry. Predictive maintenance, self-optimising production, and automated inventory management are the three top use cases driving the usage of connected technologies in the connected oil and gas market. In addition, global and regional oil and gas companies are focusing on connected technologies to increase customer satisfaction, improve quality, support new business models, and reduce costs. These are some of the key factors that are expected to drive the global connected oil and gas market in the coming years.
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Furthermore, in the recent years, it has been observed that oil and gas companies are moving towards IoT-driven technologies for smart production, smart operations, smart inventory, and smart logistics & smart supply chain to boost revenues by increasing production, exploiting intelligent technologies, and the creation of new hybrid business models to transform their workforce and fuel innovation. These factors are also among the key driving forces of the global connected oil and gas market.
Connected Oil and Gas Market: Market Dynamics
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Rise in the demand for IoT components for industrial purposes is one of the major driving forces of the global connected oil and gas market. Industrial IoT components have witnessed notable growth in the past few years. A global surge in the demand for next-generation innovations and technological advancements to improve business efficiency are contributing to the growth of the global connected oil and gas market.
Furthermore, the global growth of industrial automation components is also expected to drive the global connected oil and gas market in most of the developed and developing nations. In addition, the adoption and deployment of advanced technologies for industrial processes is expected to positively impact the growth of the global connected oil and gas market in the near future.
Lack of compatibility between the existing IT infrastructure and new IT infrastructure is a key factor that is likely to hamper the growth of the global connected oil and gas market during the forecast period. In addition, lack of investments in research and development in Latin America & Middle East & Africa (MEA) and financial uncertainties across the world are some of the major challenges faced by the connected oil and gas market.
Connected Oil and Gas Market: Segmentation
The connected oil and gas market has been classified based on component and company type.
Segmentation of the connected oil and gas market on the basis of component:
- Industrial Robotics
- Distributed Control System
- Condition Monitoring
- Smart Meter
- Smart Beacon
- Yield Monitoring
- Electronic Shelf Label
- Outage Management System
- Distribution Management System
Segmentation of the connected oil and gas market on the basis of company type:
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Some of the prominent players in the global connected oil and gas market are: ABB Group, Rockwell Automation, GE Electric, Cisco Systems, Inc., Intel Corporation, Schneider Electric, Dassault Systmes, IBM Corporation, Microsoft Corporation, Oracle Corporation, Honeywell International Inc., Robert Bosch, and Siemens AG.
Based on geography, the global connected oil and gas market is segmented into North America, Western Europe, Eastern Europe, SEA and others in Asia Pacific, Latin America, China, Japan, and Middle East & Africa. Due to the rising adoption of connected devices throughout the U.S. and Canada, the North America connected oil and gas market is expected to become one of the prominent segments of the global connected oil and gas market. The region is expected to grow with a double-digit growth rate during the forecast period. In addition, due to the presence of various oil and gas companies in the Middle East & Africa region, the MEA connected oil and gas market is expected to create potential growth opportunities for the vendors in the connected oil and gas market. Furthermore, with the increasing penetration of connected technologies and the rising penetration of the Internet in most of the Asian countries, The Asia Pacific connected oil and gas market will become a key source of demand for connected oil and gas systems in the near future.