According to TechSci Research, 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.
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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.
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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.
| Attribute | Details |
| Market size value in 2021 | USD 7.30 Billion |
| Revenue Forecast in 2027 | USD 14.72 Billion |
| Growth Rate | 12.16% |
| Base Year | 2021 |
| Historical Years | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in (USD Billion), and CAGR for 2017-2021 and 2022-2027 |
| Report Coverage | · Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Industry Stream
· Solution · Application |
| Country Scope | United States, Canada, Mexico |
| Key Companies Profiled | 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. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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