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

Personal Care Ingredients Market Size, Share & Trends Analysis Report 2019-2029

The introduction and proliferation of bio-based ingredients in several industries, such as food and beverage, pharmaceuticals, and cosmetics, has been transforming the manufacturing landscape since 2000. Growing consumer inclination toward the adoption of bio-based products due to rising health and environmental concerns is driving the demand for bio-based ingredients in the cosmetics and personal care products. Besides, awareness among consumers regarding the harmful effects of synthetic ingredients chemicals has grown rapidly over the past years. In addition, the availability of green raw materials has also urged large cosmetic firms to develop bio-based cosmetic products. However, limited availability of raw material, due to erratic weather conditions and stringent environmental regulations, can pose substantial hurdles in the production of bio-based ingredients. Thus, leading companies have been focusing on developing new and sustainable ways of producing the ingredi...
Post a Comment
Read more

High-End Synthetic Suede Market Latest Trend, Industry Growth, Competitive Analysis Upto 2031

High-end synthetic suede has been able to mark its presence in the fashion industry as well. Global fashion designers, with an aim to inculcate sustainability, have started to incorporate synthetic materials in their production process, to not only achieve sustainability but also to send a strong message to their customers regarding the proliferated use of vegan materials. The growth in the high-end synthetic suede market is attributable to increasing demand from the automotive industry and the need for a replacement of natural suede. Synthetic suede is made through the blends of polyester and other plastics, posing less environmental hazard just like natural suede does. Synthetic suede is typically more economical and affordable as compared to natural suede. The material is highly durable and requires low maintenance, which has made it a popular choice as a replacement of natural suede. The increase in the number of end-use industries, rise in the demand for a replacement of natural s...
Post a Comment
Read more

Liquid Biopsy, North America, and Lung Cancer Occupying a Major Share in the Market

  Owing to the market availability of large number of liquid biopsy technologies, the liquid biopsy segment currently accounts for a dominating share in the global minimally invasive biopsy technologies market . However, the market growth in the segment can be attributed to the increasing demand for liquid biopsy and the strong product pipeline. For instance, CNI Second Opinion by Chronix Biomedical is presently under development and is expected to get launched during the forecast period 2019-2030. Owing to a widespread market presence of leading players and the huge prevalence of cancer, North America presently holds a major share in the global minimally invasive biopsy technologies market. According to the World Cancer Research Fund (WCRF), with an estimated 2 million cases in 2018, lung cancer is the most commonly occurring cancer in men and third-most commonly occurring cancer in women. Due to the widespread presence of cancer, the manufacturers including Biocept, Inc., Chron...
Post a Comment
Read more