Skip to main content

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. 
Labels:

Comments

Post a Comment

Popular posts from this blog

Chatbots Increasing Efficiency in Healthcare Market

Chatbots are one of the prominent technologies currently being integrated into the healthcare system. The chatbots are not considered as the SaMD (software as medical device) as they do not participate in clinical decision-making process, rather, they act as the personal healthcare assistant as well as the trainer for its users. Click Here To Get Detailed Description of  Chatbots in Healthcare Market The usage of chatbots in the healthcare has gained popularity since 2013, when Babylon Health, the first healthcare chatbot company of the U.K. was launched. The company offered symptom checker chatbot and has started using the same chatbot as a health checker as well. The industry comprises the bot developers, platform providers, content providers, and the interface providers. Since there are no regulatory bodies such as FDA and MHRA directly governing the usage of chatbots, launching the chatbot is convenient for the developers. New start-ups are coming up wit...
2 comments
Read more

Wireless Charging Technology – Analyzing the Market Drivers and Restraints

Wireless charging technology eliminates the use of wires to power devices and enables a device to be charged automatically when placed near a transmitter. The wireless charging technology is however, not new in the world of technology, rather, has been in existence since the late 1800s. With the incorporation of the technology in smartphones, it has been experiencing a massive boost in popularity. Request the Sample @  https://bisresearch.com/requestsample?id=645&type=download According to the latest market intelligence report by BIS Research titled “ Global Wireless Charging Market - Analysis and Forecast (2018-2023) ,” the market was valued at $2.58 billion in 2017 and is projected to grow at a CAGR of 40.97%, during the forecast period and reach $20.97 billion by 2023.  The market is estimated to witness the highest growth in the Asia-Pacific (APAC) region during the forecast period (2018-2023). The wireless charging technology is not only limited to the sm...
1 comment
Read more

Neoantigens Vaccines Can Bridge the Treatment Gap by Training the Immune System to Recognize Tumor Cells

As per BIS Research analysis, the neoantigen cancer vaccine market is projected to reach $1826.1 million by 2030 from $227.1 million in 2023, at a CAGR of 34.69%. Growth in this market is expected to be driven by the ever-rising patient pool of different cancers and significant investment in research for development for cancer neoantigen vaccines to fill in the current treatment gaps. However, there are significant challenges that are restraining the market growth. These challenges include the high cost of therapy (personalized cancer vaccines), manufacturing complications, and lack of therapeutic biomarkers and assays. The market is still at the nascent phase with more than two-thirds of the neovaccines in the early stages of development. However, few neovaccines companies such as OSE Immunotherapeutics, Immunovative Therapeutics, Medigene, and Roche have positioned themselves to launch their neovaccines in the market within the upcoming years. That being said, the neovacc...
1 comment
Read more