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The sheer diversity of the oil & gas industry requires significant number of skilled labor. However, shortage of skilled labor has compelled industry experts to look for smarter alternatives that can reduce the need of workforce dependency by bringing automation into the oil & gas industry. The oil & gas industry has been significantly automated and connected with the introduction of IoT. IoT has changed several aspects of oil & gas such as reducing the possibilities of failures and delays.

IoT is generating new opportunities to achieve high safety, and increased efficiency and visibility across the enterprise. Three business objectives are relevant to the deployment of IoT solutions in the oil & gas industry: improve reliability, optimize operations, and create new value. IoT solutions connect assets, people, products, and services to streamline the flow of information. They also open up new opportunities for the oil & gas industry by enabling real time decision making, enhancing assets performance, and improving process & quality of products. In return of the significant investment by the leading oil & gas companies, IoT solutions provide increased asset uptime, efficient predictive maintenance, rise in return on innovation, and reduced cost of compliance.

Based on application, the market can be segmented into upstream industry solution, midstream industry solution, and downstream industry solution. Upstream oil & gas companies are engaged in exploration and production operations of crude oil. These companies can gain new operational insights by analyzing data obtained by sensors on drilling machines, safety data from sensors at well sites or fields, and sensor data linked with Enterprise Resource Planning (ERP) systems. Midstream companies that engage in transportation and storage of crude oil can benefit in terms of observing pipeline network integrity by building a data enabled infrastructure. On the other hand, downstream companies that engage in refining and retailing business of crude oil can use IoT solutions to target consumers in hydrocarbon supply chain through adoption of new forms of digitally connected marketing.

Demand for crude oil has exhibited an increasing trend since the inception of the oil & gas industry. Larger portion of our energy consumption is occupied by fossil fuel. Along with the traditional usage of crude oil, the demand for natural gas is increasing worldwide, owing to its lower environment polluting characteristics. This rise in demand for natural gas is estimated to propel the number of operations. This is the major driver of the usage of IoT solutions in the oil & gas industry. High concern of safety at the operation sites is another driver for IoT in oil & gas. The rules and regulations for individual and environment safety have been strengthened after disastrous incident at the Gulf of Mexico in 2010. The blowout incident on the drilling rig Deepwater Horizon in April 2010 on Macando well caused 11 casualties and a very serious oil spill of 4.9 Mn barrels causing severe pollution of ocean water and threat to marine life. However, the major restraint is the lack of industry’s attitude of accepting or adopting new technologies. Various cutting-edge technologies have been incorporated in the industry; however, these are primarily at an asset level and not integrated into the entire discipline.

The IoT solutions market for the oil & gas industry is expected to expand significantly across the globe. North America is one of the key regions for crude oil production. However, the U.S. is anticipated to play a large role in the IoT solutions market for the oil & gas industry in North America, since the country is becoming a major exporter of fossil energy. Middle East is projected to be a lucrative market, as economies of the countries in the region are largely dependent upon oil and presence of proven oil reserves in the region. Countries such as Brunei, Indonesia and Malaysia possess considerable reserves of oil, which are in the development or underdeveloped stage. Apart from APAC, Russia also holds significantly huge amount of oil reserves to be developed.  This also increases the opportunity for IoT solutions in the region.

Major players operating in the IoT solutions for the oil & gas market are Altizon Systems, IFS, Cisco, Plasma, IBM, Hortonworks Inc., Accenture, Tego Inc., SAP, Covisint Corporation, HCL Technologies, and Gaonic.

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  • Market size
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The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

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A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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  • Reporting and evaluation of recent industry developments
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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