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Global IoT Oil and Gas Market to Grow at a CAGR of 21.86% from 2019 to 2024

 Oil and gas is an enormous industry that includes three major sectors, i.e., upstream, midstream, and downstream. Each sector focuses on key aspects of the oil and gas industry, such as exploration and production, drilling, transportation, and sales. The increasing usage of IoT solutions in the oil and gas industry is expected to help the companies in analyzing data, making more accurate decisions, and lowering the operational cost. The oil and gas industry is gradually adopting new technologies in its expedition to be more efficient and profitable with low margins, and the Internet of Things (IoT), artificial intelligence (AI), and cognitive computing are the best solutions to it.

Since 2013, with the use of advanced sensors and IoT solutions, companies are able to store a large amount of data and output real-time responses based on that data. In the near future, IoT is expected to include more than trillion sensors used to generate and share data, which will help the oil and gas companies innovate and optimize their operations in a better way.

According to a market study published by BIS Research, the global IoT oil and gas market is estimated at $16.19 billion in 2019 and is expected to grow at a CAGR of 21.86% from 2019 to 2024. The market growth can be attributed to the demand for operational efficiency to fulfill energy requirements, rising cyberattacks, and scarcity of skilled expertise.

Based on the industry stream, the IoT oil and gas market is segmented as upstream, midstream, and downstream. The upstream oil and gas segment is known as the exploration and production and segment due to the segment’s process and activities involving the exploration and production of crude oil and natural gas. Majority of the drilling and production wells are located in remote areas, and sending workers there increases the operational costs. The costs can be reduced by using sensors and the IoT powered by artificial intelligence to analyze data collection and system control in real time.

The midstream sector processes, stores, and transports crude oil, natural gas, and liquefied natural gas, among others. This segment is a major link between remote oil and gas producing locations and the consumer’s center where the oil and gas is being supplied to. Some of the major activities in the midstream sector include transportation (pipeline, rail, barge, oil tanker, and/or truck), marketing of wholesale products, and storage.

Finally, the downstream sector includes oil refineries, petrochemical plants, petroleum product distributors, and natural gas distribution companies. This sector produces products including gasoline, diesel, jet fuel, lubricants, plastics, fertilizers, natural gas, and propane, among others. Some of the major activities in the downstream sector include refining, transport to retail facilities, and marketing the end products. 

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