Thursday, April 20, 2023 at 9:20 am EDT
IoT in Oil and Gas Market, By Industry, By Solution, By Application: Trends, Analysis, and Forecasts to 2030
COVINA, CALIFORNIA, USA, April 20, 2023 /EINPresswire.com/ -- The Internet of Things (IoT) has rapidly transformed industries around the world, and the oil and gas sector is no exception. IoT technologies are used in this industry to improve operational efficiency, reduce costs, and increase security. In the oil and gas market, IoT devices and sensors are used to collect real-time data from various sources such as drilling rigs, pipelines, refineries, and transportation vehicles. This data is then analyzed to provide insights that help traders optimize their operations and make informed decisions. Key areas using IoT in the oil and gas industry include asset tracking and management, predictive maintenance, environmental monitoring, and security.
IoT-based asset tracking systems can be used to monitor the real-time location and status of critical equipment such as pumps, compressors, and valves. This helps operators optimize equipment utilization and schedule maintenance more efficiently, reducing downtime and maintenance costs. Predictive maintenance is another area where IoT is being used to reduce costs and improve asset performance. By monitoring devices and collecting data about their health, IoT devices can predict when maintenance will be needed, allowing operators to plan for repairs before device failure occurs. Environmental monitoring is also an important application ofIoT in the oil and gas industry. IoT sensors can be used to monitor air and water quality, detect leaks and spills, and monitor the impact of oil and gas operations on local ecosystems.
Scope of IoT in the oil and gas industry:
The scope of IoT in the oil and gas industry is vast and continues to grow as more IoT technologies are developed and deployed. IoT is used to optimize various processes in the oil and gas industry, from exploration and production to transportation and distribution. Here are some of the key areas where IoT is being used in the oil and gas industry:
• Asset Tracking and Management: IoT devices are used to track the location and status of critical equipment such as oil rigs, pipelines, and transportation vehicles in real time. This helps operators optimize equipment utilization and schedule maintenance more efficiently, reducing downtime and maintenance costs.
• Predictive Maintenance – IoT sensors and analytics are used to monitor device health and predict when maintenance is required, allowing operators to schedule repairs before equipment failure occurs. This can help reduce maintenance costs and prevent unplanned downtime.
• Environmental monitoring: IoT sensors are used to monitor air and water quality, detect leaks and spills, and monitor the impact of oil and gas operations on local ecosystems. This helps operators to comply with legal requirements and reduce their ecological footprint.
• Security: IoT devices are used to monitor personnel and equipment in hazardous areas, detect gas leaks and other potential security risks, and monitor perimeter security. This helps improve safety in the oil and gas industry.
• Supply Chain Optimization: IoT devices are used to monitor the movement of oil and gas products through the supply chain, from production to distribution. This helps operators streamline their supply chain operations and reduce costs.
In general, the scope of IoT in the oil and gas market is wide, spanning a variety of applications that can help operators streamline their operations, reduce costs, and improve safety. As technology evolves, we can expect even more innovative applications of the IoT in this important sector.
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Brief description of the research report and its segmentation
Index (scope of study as described in this section)
Industry Leading Players Research Framework (Reporting Structure)
Market Value and Forecast (2022-2032)
The top IoT companies in the oil and gas industry are:
• ABB Ltda.
• Internet of Things C3
• Cisco Systeme
• Energia General
• Honeywell International Inc.
• Intel Corporation
• International Corporation of Commercial Machines (IBM)
• Microsoft Corporation
• Rockwell Automation Inc.
This study also analyzes the key elements influencing market expansion, as well as the opportunities, threats, and challenges faced by major companies and the industry as a whole. It also discusses significant emerging trends and how they may affect current and future growth.
IoT in the oil and gas industry: regional analysis included
• North America
the United Kingdom
the rest of europe
• Pacific Asia
oh south korea
the Rest of Asia Pacific
• Latin America
the Rest of Latin America
• Middle East and Africa
o Rest of the Middle East and Africa
Key findings of IoT in the oil and gas industry:
• Growing adoption – Historically, the oil and gas industry has been slow to adopt new technologies, but the IoT is now being embraced as an opportunity to streamline operations and reduce costs. The oil and gas IoT market is expected to grow at a considerable rate in the coming years.
• Asset tracking and predictive maintenance are key applications: Asset tracking and predictive maintenance are two of the most common IoT applications in the oil and gas industry. These applications help operators reduce downtime, optimize maintenance schedules, and improve equipment utilization.
• Environmental monitoring is becoming more important: With growing concerns about the environmental impact of oil and gas operations, environmental monitoring is becoming an increasingly important application of IoT technology. IoT sensors can be used to monitor air and water quality, detect leaks and spills, and monitor the impact of operations on local ecosystems.
• Safety and security are top priorities: Safety and security are always top priorities in the oil and gas industry, and IoT technology is used to enhance both. IoT devices can be used to monitor personnel and equipment in hazardous areas, detect potential security risks, and monitor perimeter security.
• Supply chain optimization is a key opportunity: The oil and gas supply chain is complex and IoT technology can be used to optimize the movement of products through the supply chain. IoT devices can be used to monitor product movement, streamline logistics operations, and reduce costs.
Overall, IoT technology is transforming the oil and gas industry, offering new opportunities to streamline operations, reduce costs, and improve safety. As technology evolves, we can expect even more innovative applications of the IoT in this important sector.
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• In-Depth Analysis – The report provides a comprehensive analysis of IoT in the oil and gas industry, including market size, growth rate, and key drivers and challenges. This analysis can help you understand the current market situation and make informed decisions about your trading strategy.
• Competitive Landscape – The report provides an analysis of the competitive landscape in the Oil and Gas IoT industry, including top players, market shares, and strategies. This can help you understand your competitors and identify opportunities for growth and differentiation.
• Market Trends and Opportunities – The report provides information on current market trends and opportunities in IoT in the oil and gas industry, including emerging technologies and applications. This can help you stay ahead and spot new growth opportunities for your business.
• Regional Analysis – The report provides a detailed analysis of IoT in the oil and gas industry by region, including market size, growth rate, and key trends. This can help you identify regional opportunities and adjust your business strategy accordingly.
• Strategic Recommendations – The report provides strategic recommendations for companies involved in IoT in the oil and gas industry, including guidance on how to optimize operations, reduce costs, and improve security. These recommendations can help you make informed decisions about your business strategy and stay ahead of the competition.
Overall, a report on IoT in the oil and gas industry can provide valuable insights and guidance for companies operating in this sector, helping them make informed decisions about their business strategy and stay competitive in a rapidly changing market.
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The Internet of Things (IoT) is used in the oil and gas industry to collect, transfer, and analyze raw data in real time to get a clear picture of processes at the facilities, improve operational efficiency, reduce energy consumption, and drive profitability.What is IoT market in oil and gas industry? ›
The global iot in oil and gas market is expected to grow from USD 11.34 billion in 2022 to USD 22.24 billion by 2029 at a CAGR of 10.1% during the forecast period.How oil and gas industry can be smart using an Internet of Things take all possible use cases of oil and gas industry into consideration? ›
- Predictive maintenance.
- Pipeline and equipment monitoring.
- Location Intelligence.
- Emissions monitoring and control and release management.
The Oil & Gas industry is increasingly using AI and data science for complex problems in the upstream, midstream, downstream and upstream operations. AI-enabled platforms enable decision-making using insights from cognitive, predictive, and prescriptive analytics.How has technology impacted the oil industry? ›
Advancements, such as multi-well pad drilling, multiple fracture stages, and improved well and pipe design, have already boosted drilling efficiencies significantly. Producers also are using fewer rigs to extract more oil and gas in less time, which keeps costs down.What are the key impacts of IoT on industry? ›
IoT's Impact on Manufacturing
IoT is one of the driving forces behind the Industry 4.0 movement, as it will enable enhanced automation, data collection, and analytics, in addition to optimizing workflows and processes.
The Healthcare sector has started making optimum use of IoT technologies. IoT technology in Healthcare is represented by tracking systems and real-time health systems and is responsible for improving patient treatment, diagnosis, medical and diagnostic equipment maintenance, and remote surgeries.
Internet of Things (IoT) Oil & Gas Market expected to reach up to USD 55.48 billion in 2029 from 10.59 billion in 2021 at CAGR of around 23 Percent during the forecasted period.What industry benefits from IoT? ›
The biggest benefit of IIoT is that it gives manufacturers the ability to automate, and therefore optimize their operating efficiency. Robotics and automated machinery can work more efficiently and accurately, boosting productivity and helping manufacturers streamline their functions.What are three 3 benefits of IoT devices to the society? ›
One study found that IoT implementation at scale helped contribute to improved levels of engagement from employees, leading to: Improved productivity. Improved job satisfaction. Improved performance and better serviced customers.
Lower operating costs
They can be integrated into larger systems to optimize operational efficiency and help reduce costs. For example, smart building systems can track, monitor and control HVAC systems to monitor building usage and adjust them to take advantage of lower time-of-use costs, which saves money.
IoT in manufacturing has proven to boost efficiency by supporting inventory management, asset maintenance, workforce management, and field service. As IoT provides better visibility into a business's supply chain, manufacturers can monitor locations, product conditions in transit, and transit schedules.What are the benefits of technology in oil and gas industry? ›
Advantages include improved connectivity, safety and reliability. Oil and gas companies operate in a resource-intensive, competitive, yet strictly regulated environment, creating challenges around asset management, operations, supply chains and maintenance.What is new technology in oil and gas pipeline? ›
HDS technology is set to become the new global standard for pipeline monitoring. HDS uses specialized fiber optics (not to be confused with telecom fiber optics) fully distributed along the pipeline to sense every centimeter so operators can know exactly where a leak occurred or where there's potential for a leak.What are the biggest cyber threats to oil and gas industry? ›
Ransomware is the most significant and most prolific ongoing threat to ONG companies for the ONG industrial sector. According to Dragos data, between 2018 and 2021 the number of ransomware attacks on industrial control systems (ICS) increased over 500 percent, with five percent of attacks impacting oil & gas entities.Why is digital transformation important in oil and gas? ›
The digital transformation in upstream oil and gas
Industries are embracing technology to reshape their operating landscape and reap the benefits of improved productivity, higher efficiency, and increased cost savings.
There is a need for oil and gas companies to invest in emerging technologies to reduce risks, increase productivity and reduce costs. Some of these include robotics, IoT, drones, data analytics, artificial intelligence and other hardware and software tools.What are some of the impacts of oil? ›
Oil toxicity: Oil consists of many different toxic compounds. These toxic compounds can cause severe health problems like heart damage, stunted growth, immune system effects, and even death. Our understanding of oil toxicity has expanded by studying the effects of the 2010 Deepwater Horizon oil spill.What are some examples of the impact of IoT? ›
Use of IoT is also exploding in the consumer sector. Dishwashers, refrigerators, smart TVs, smart watches, cars and trucks, heating and cooling systems, fitness machines and trackers are examples of IoT-enabled products with which you may have personal experience!What is the impact of IoT with an example? ›
Examples of how we use Internet of Things in our everyday lives include: Smart appliances (stoves, refrigerators, washers and dryers, coffee machines, slow cookers) Smart security systems, smart locks, and smart doorbells. Smart home hubs (that control lighting, home heating and cooling, etc.)
The IoT offers manufacturers a new level of visibility, insights and control. This technology has the potential to revolutionize the manufacturing industry by optimizing production processes, reducing downtime, improving workplace safety and enabling predictive maintenance.What is the biggest threat to IoT? ›
Tampering with IoT devices: One of the most common ways to exploit IoT devices is to tamper with their firmware, which can result in data being lost or corrupted.What is the impact of IoT in future? ›
The IoT market will be getting it $2.5 trillion in 2022, as the experts expect. So, the Experts predict a $15 trillion global business impact by 2025 with 120 billion networked gadgets. Regulators can promote IoT adoption by safeguarding customer and network security.Who has the largest oil and gas infrastructure? ›
The US has the biggest natural gas pipeline infrastructure in the world, covering a distance of 333,000 km. The outlook of pipelines under construction and pre-construction is also bright as China is working on increasing its natural pipeline coverage by nearly 30,000 km.Who has the biggest oil and gas industry? ›
- Saudi Arabian Oil Co. ( Saudi Aramco) ...
- China Petroleum & Chemical Corp. ( SNPMF) ...
- PetroChina Co. Ltd. ( ...
- Exxon Mobil Corp. ( XOM) ...
- Shell PLC (SHEL) ...
- TotalEnergies SE (TTE) ...
- Chevron Corp. (
The United States and China are the top largest consumers of oil in the world, totaling 18.7 million and 15.4 million barrels per day, respectively.What are 4 benefits associated with IoT? ›
Organizations are leveraging the benefits of IoT (Internet of Things) in many different ways today — such as improving efficiency and safety, monitoring remote and hard-to-access equipment, automating processes, reducing the environmental impact of operations, ensuring equipment and goods maintain regulatory compliance ...What are the pros and cons of IoT? ›
The pros of IoT include easy access, smart cities, increased productivity, ease of communication, and money-saving. The cons of IoT include complexity, compatibility, privacy concerns, lesser employment, and technology addiction.What is the biggest advantage of IoT? ›
Save time: As it reduces the human effort then it definitely saves out time. Time is the primary factor which can save through IoT platform. Enhance Data Collection: Improve security: Now, if we have a system that all these things are interconnected then we can make the system more secure and efficient.Why is IoT so important? ›
IoT enables companies to automate processes and reduce labor costs. It also cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions.
A few examples of IoT devices are laptops, smartphones, refrigerators, coffee machines, Apple watches, Google Home, Fitbits, etc. Devices equipped with an Internet connection and sensors can be used for IoT applications. IoT generates huge quantities of information, which becomes the characteristic of Big Data.What is the main purpose of IoT devices? ›
Over the past few years, IoT has become one of the most important technologies of the 21st century. Now that we can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices, seamless communication is possible between people, processes, and things.How IoT will benefit in future? ›
The future of IoT has the potential to be limitless. Advances to the industrial internet will be accelerated through increased network agility, integrated artificial intelligence (AI) and the capacity to deploy, automate, orchestrate and secure diverse use cases at hyperscale.What are three examples of IoT? ›
- Home Security. The key driver behind smart and secure homes is IoT. ...
- Activity Trackers. Smart home security cameras provide alerts and peace of mind. ...
- Industrial Security and Safety. ...
- Augmented Reality Glasses. ...
- Motion Detection.
Security and Privacy
The principal idea for IoT is to have an innovative, secure system through which billions of devices can automatically communicate with each other.
- increase the efficiency of your business systems.
- streamline your relationships with suppliers and customers.
- increase the speed, flexibility and efficiency of the production process.
- expand the range of what can be produced.
- easier, faster and more effective communication.
- better, more efficient manufacturing techniques.
- less wastage.
- more efficient stock management and ordering systems.
- the ability to develop new, innovative approaches.
- more effective marketing and promotion.
- new sales avenues.
Advances such as shared mobility, smart meters, real-time monitoring of pipelines and other transportation systems are helping to reduce costs, improve safety and increase the sustainability of all systems within the energy industry.What are the technologies for oil and gas exploration? ›
There are a few new technologies that will make conditions safer in the oil and gas industry beginning in 2020. These technologies include drones, the internet of things, artificial intelligence, big data analytics, and electronic monitoring.What technology is used in oil? ›
Digital oilfield technology uses digital technology to improve the efficiency and safety of oilfield operations. It involves using real-time software and data from sensors on devices like pumps, valves, and pipelines to get a clear picture of what's happening in an oil or gas well.
There are essentially three major types of pipelines along the petroleum transportation route: gathering systems, crude oil pipeline systems, and refined products pipeline systems.Why is cyber security important in oil and gas industry? ›
With a heavy reliance on technology and information systems to operate, a successful cyberattack against an oil and gas company could have serious consequences, such as operational disruptions, economic losses, reputation damage and even environmental harm.What are the 3 major threats to cyber security today? ›
- Malware. Malware is malicious software such as spyware, ransomware, viruses and worms. ...
- Emotet. ...
- Denial of Service. ...
- Man in the Middle. ...
- Phishing. ...
- SQL Injection. ...
- Password Attacks.
Distribution of cyber attacks across worldwide industries in 2022.
|Characteristic||Share of cyber attacks|
|Retail and wholesale||8.7%|
Internet of Things (IoT) Industry Segmentation
The internet of things (IoT) market is segmented by component (hardware, software/platform, connectivity, and services), end user industry (manufacturing, transportation, healthcare, retail, energy and utilities, residential, government, and insurance), and geography.
The Internet of Things (IoT) is digitally transforming the Energy and Utilities sector, offering efficient, low-energy solutions to global energy challenges. The U.S. Energy Information Administration (EIA) projects that by 2050, world energy usage will increase by nearly 50%.What is IoT in the chemical industry? ›
IoT in the chemical industry connects all the sensors and other devices to machines to deliver quick and efficient service. It helps in the production of chemicals efficiently.What is the IoT industry? ›
The industrial internet of things (IIoT) refers to interconnected sensors, instruments, and other devices networked together with computers' industrial applications, including manufacturing and energy management.What is 1 example of IoT? ›
Dishwashers, refrigerators, smart TVs, smart watches, cars and trucks, heating and cooling systems, fitness machines and trackers are examples of IoT-enabled products with which you may have personal experience!What is IoT and provide 3 examples? ›
The internet of things is a technology that allows us to add a device to an inert object (for example: vehicles, plant electronic systems, roofs, lighting, etc.) that can measure environmental parameters, generate associated data and transmit them through a communications network.
- Connected cars.
- Smart appliances.
- Connected security systems.
- Smart agriculture equipment.
- Connected retail.
- Connected healthcare monitors.
- Connected manufacturing equipment.
- Connected cities.
IoT makes it possible to build completely autonomous energy plants or oil drills. As mentioned above, smart sensors can be used to monitor the system's performance in real time, and as a result, automatically adjust its efficiency using machine learning and AI.What is an example of IoT devices in industry? ›
Unbeknownst to them, they had created the world's first IoT device. In 2023, the most common examples of the Internet of Things (IoT) are wearable health monitors, connected home appliances, home security systems, autonomous farm equipment, smart factory solutions, and logistics tracking technologies.What is IoT based for gas? ›
The IoT Gas Leakage System makes the detection of the gas and its prevention much easier. The system sends alert notifications to the user and the user responds accordingly with the help of the connected devices like a smartphone from any location.What are the biggest IoT products? ›
Answer: There are several top devices in the market. Smart Mobiles, smart refrigerators, smartwatches, smart fire alarms, smart door locks, smart bicycles, medical sensors, fitness trackers, smart security system, etc., are few examples of IoT products.