The Global IoT in Oil and Gas Market generated revenue of around USD 23,489 million in 2021 and is anticipated to grow a CAGR of over 19.65% during the forecast period from 2021 to 2028 to reach around USD 86,263 million in 2028. While, cumulative growth opportunity presented by the global IoT in Oil and Gas is around USD 380 billion during 2022 to 2028.
Global IoT in Oil and Gas Market, 2021 – 2028 (USD Million)
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IoT in the oil and gas market is expected to increase briskly in the coming decade. This is due to several factors. Technologies currently being used in the oil and gas sector are diverse. Also, several technologies will be implemented shortly. These include software for monitoring industrial facilities, sensor networks for automating processes and automatic control systems, to name a few.
Sensing & Communication to Hold the Largest Share
Sensing, Communication, Cloud Computing, Data Management are some of the important solutions of IoT in Oil and Gas used across different applications. However, sensing and communication makes the largest solution segment with over 55% share in 2021. IoT in Oil and Gas is very efficient in improving operational efficiency and can help optimize expenses and facilitate an overall technological process of extracting oil and gas. While, cloud computing and data management segments are also poised to play very important role in the development of IoT in Oil and Gas industry in the years to come.
Fleet & Asset Management Segment to Govern Future Growth of IoT in Oil and Gas Industry
Fleet and Asset Management, Pipeline Monitoring, Preventive Maintenance and Others are major application markets for the global IoT in Oil and Gas industry. Fleet & Asset Management held the largest share of global IoT in Oil and Gas industry in 2021 with over 25% contribution to revenue generated by IoT in Oil and Gas market. Secondly, pipeline monitoring industry is also expected to grow at a significant CAGR which in turn likely to drive demand for IoT in Oil and Gas based fertilizers. Moreover, preventive maintenance is also witnessing increasing demand in oil & gas industry.
North America is Leading IoT in Oil and Gas Demand
North America is leading the IoT in Oil and Gas industry with over 30% share in 2021. Strong presence of oil & gas companies and IoT solution providers in the region fueling the demand for IoT in Oil and Gas. U.S. is largest economy with over 80% share in total revenue generated by the North America IoT in Oil and Gas industry in 2021. While, Europe is being second leading economy for IoT in Oil and Gas, is mainly driven by the strong demand from UK, Russia, Germany, and France. China, Japan and South Korea are major economies in Asia Pacific region with over 60% share in total revenue generated by the Asia Pacific IoT in Oil and Gas market in 2021.
Major players operating in the IoT in Oil and Gas industry include but not limited to HCL Technologies Ltd., Honeywell International Inc., Amazon Web Services, Inc., C3 IoT, Inc., CISCO Systems Inc., Analog Device, Inc., ENGIE, Eaton Corporation Plc, Emerson Electric Co., Equinor ASA, BP p.l.c., Broadcom Inc., ABB Ltd., Alphabet Inc., General Electric, Cognizant, IBM Corporation and Infineon Technologies AG.
Market Segmentation
Global IoT in Oil and Gas Market by Solution, 2016 – 2028
- Sensing
- Communication
- Cloud Computing
- Data Management
Global IoT in Oil and Gas Market by Application, 2016 – 2028
- Fleet and Asset Management
- Pipeline Monitoring
- Preventive Maintenance
- Others
Global IoT in Oil and Gas Market by Company, 2016 – 2028
- HCL Technologies Ltd.
- Honeywell International Inc.
- Amazon Web Services, Inc.
- C3 IoT, Inc.
- CISCO Systems Inc.
- Analog Device, Inc.
- ENGIE
- Eaton Corporation Plc
- Emerson Electric Co.
- Equinor ASA
- BP p.l.c.
- Broadcom Inc.
- ABB Ltd.
- Alphabet Inc.
- General Electric
- Cognizant
- IBM Corporation
- Infineon Technologies AG
- Others
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