Smart Wearables Market - Snapshot

Wearable technology refers to those portable smart gadgets that can be around a body. Wearables comprise gadgets like smart jewelry like Ringly, smart glasses like Google glass, and smart watches. Smart electronic devices comprise fashion electronics, tech togs, smart wearable technologies, and many other such gadgets that can be worn as clothing or as accessories or implants. The global smart wearables market is likely to witness immense growth over the tenure of assessment due to growing popularity of these gadgets.

Technological Advancement to Shoot up Demand in the Near Future                                                                     

Advancements in research and development work have led to the augmented innovation in the last few years. It has triggered developments in the global smart wearables market. Research and development activities has led to the advent of new categories of product such as hearables, smart fabrics and others that integrate advanced design and technology in the daily lives of people. Of late, there has been an emphasis on offering aesthetic designs to draw the attention of customers.

Smart wearables could also include things like wristbands introduced by companies like Apple Inc., Fitbit, and Jawbone. These wristbands also act as activity trackers and have gained immense popularity, mostly amongst the younger generation. Such popularity of these products is mostly due to the increased awareness about fitness and health. Smart wearable come in the following forms

  • Smartwatch
  • head-mounted display
  • smart clothing
  • ear worn
  • fitness trackers
  • body worn
  • camera
  • exoskeleton
  • medical devices.

Of all of these products, smartwatches are witnessing a spiral growth in its demand due to various additional features and these watches are becoming more of an everyday wear. Prominent brands like Fossil and Apple have kept the pricing consistent and in line with the traditional watches in a bid to maintain their revenue. With the advent of Google WearOS, many of the luxury premium makers of watches, such as Armani and TAG Heuer, are also entering the market. This factor is likely to encourage growth of the global smart wearables market in the years to come.

Adoption of Wearable Tech to Extend from Consumer Sector to Other Industries

Advancements in technology have driven innovations in the consumer electronics sector and as per the current observable trends, smart wearables are expected to disrupt consumer trends in the near future. While consumer demand for smart wearables is anticipated to scale new heights, the adoption of the wearable technology across a range of industries is expected to witness considerable growth. Cost reduction, modernization of business operations, real-time monitoring, efficient inspection of industrial equipment, and improving workforce safety are some of the key areas in which deployment of smart wearables is likely to take place.

In the current scenario, oil & gas companies are increasingly evaluating the potential of smart wearables to improve efficiency and safety, particularly in the downstream applications in the oil & gas sector. The smart wearables market for oil & gas industry is slated to grow at a significant rate during the forecast period (2019-2027). Moreover, the onset of novel technologies, such as Artificial Intelligence (AI) and augmented reality (AR), is expected to create substantial demand for smart wearables for the oil & gas industry in the coming years. Thus, advancements in the wearable technology coupled with growing awareness pertaining to potential benefits and applications of smart wearables in the oil & gas industry are expected to drive the smart wearables market for oil & gas industry. The market is expected to reach ~US$ 6 Bn by the end of 2027.

smart wearables market for oil gas industry infographic

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Smart Wearables Market for Oil & Gas Industry Shifting toward Enhanced Worker Safety

The demand for smart wearables in the oil & gas sector is growing at a considerable pace. Witnessing the growing influence of smart wearables on the industrial sector, companies involved in the smart wearables market for oil & gas industry are investing resources in the development of innovative wearable devices such as smart eyewear, smart helmets, smartwatches, virtual reality headsets, etc. Despite the growing impact of digitalization on the oil & gas sector, human workers are an integral part of the value chain. One of the major factors that is projected to boost the adoption of smart wearables in the oil & gas industry is the role of wearable technology in enhancing efficiency, productivity, and workforce safety.

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Apart from providing an impetus for productivity, wearable devices will play a pivotal role in streamlining the delivery of documents and data in real-time. With rapid advancements in technology, a wide range of smart wearables is available for applications in the oil & gas sector. Based on device type, the smartwatch device type segment is estimated to generate high revenues and account for ~ 41% share of the smart wearables market for oil & gas industry.

Advancements in Internet of Things (IoT) to Augment Demand

While oil and gas companies continue to focus on the adoption of digital technologies, developments in the Internet of Things (IoT) space have come at the right time. The gradual penetration of IoT in the oil & gas sector is expected to boost the growth of the smart wearables market for oil & gas industry during the assessment period. By leveraging IoT, oil and gas companies are expected to lean toward automating and optimizing various processes that were time-consuming. With growing emphasis on workforce safety across the oil & gas sector, companies are required to comply with stringent regulations and regulatory norms. The deployment of IoT will play a critical role in improving the safety of personnel working in hostile environments. Connected sensors, remote sensors, and drones connected to smart wearables will soon gain significant popularity in the smart wearables market for oil & gas industry.

While improving workforce safety will remain a key area of interest, asset monitoring, asset management, and tracking, and predicting maintenance cycles of equipment are some of the other areas where smart wearables could make a significant impact in the oil & gas sector.

smart wearables market for oil gas industry segmentation

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Analysts’ Viewpoint

The smart wearables market for oil & gas industry is expected to expand at a high CAGR of ~12% during the forecast period. The growth of the market can be primarily attributed to the rising influence of novel technologies such as artificial intelligence and progress in the Internet of Things (IoT). Moreover, due to stringent regulations and norms pertaining to workforce safety across the oil & gas sector, the adoption of smart wearables to improve personnel safety will continue to garner significant momentum during the forecast period. As a result, the adoption of smart wearables in upstream applications will remain higher than downstream applications during the forecast period.  

Smart Wearables Market for Oil & Gas Industry: Overview

  • Smart wearables is the integration of advanced technologies into wearable objects that can simultaneously both deliver and collect data in the field. Smart wearables include smart glasses, VR (virtual reality) headsets, and sensors embedded in clothes. 
  • Smart wearables reduce the total working hours and response time by providing accurate real-time information to workers, improving communication between on-site workers and control staff, and predicting potential accidents 

Stringent Government Rules and Regulations about Health and Safety to Drive Global Market

  • Oil & gas is considered one of the most dangerous industries to work in, as operations in the oil & gas industry involve various challenges ranging from changing weather conditions to complex operations of equipment. Accidents occurring in the oil & gas industry are largely attributable to mechanical failure, human errors, natural causes, and faulty procedures and training. The large number of accidents is alarming for the industry. Hence, international agencies and governments are enforcing stringent rules and regulations regarding health and safety of workers as well as the environment.
  • Over the last few years, companies are investing more in safety and security of their workers, due to which the number of accidents has been gradually decreasing. Over the last four years, the fatality rate has decreased by 60%.
  • Companies are currently installing systems that can detect faults or leakages and provide early warning. Furthermore, smart wearables offer real-time data of employees and their working condition, which can be useful during emergency and in predicting the system failure.
  • Thus, stringent rules and regulations by governments regarding health and safety are expected to drive the global smart wearables market for oil & gas industry during the forecast period

Rising Concerns about Data Security and Data Privacy to Hamper Smart Wearables Market for Oil & Gas Industry

  • Over the last few years, various industries are revolutionizing their manufacturing process with the help of Industry 4.0, a new digital technology that enables collection and analysis of data across machines, leading to quicker, more flexible, and more efficient processes that produce higher-quality products at reduced costs. In Industry 4.0, manufacturing machinery is connected to sensors and wireless systems, which visualize the entire production line and make decisions by themselves. This automation is possible with the help of various technologies such as cloud computing, Internet of Things (IoT), cyber–physical systems (CPSs), artificial intelligence (AI), Industrial Internet of Things (IIoT), and cognitive computing.
  • These systems can be hacked, wherein hackers can extract intelligence and control or destroy sensitive machinery. The global oil & gas industry has faced several incidences of hacking over the last few years. For instance, in 2018, Saipem, an Italy-based oil and gas contractor, was attacked by a malware that disabled computers by overwriting a file known as master boot record. The attack severely damaged between 300 and 400 servers and up to 100 personal computers out of a total of 4,000 Saipem machines.
  • In August 2017, a malware attacked a safety system of Saudi Aramco, which was the first-ever instance of malware targeting computer systems designed to prevent a disaster at an industrial facility, which could lead to system failure and explosion in refineries. Before this incident, in 2012, Saudi Arabia's Saudi Aramco and Qatar's RasGas were attacked by a malware called Shamoon. It was the largest cyber-attack ever occurred in the global oil & gas industry. During this cyber-attack, more than 35,000 workstations were hacked. The malware was capable to upload computers’ data to hackers and erase systems completely. 
  • Industry 4.0 is being increasingly adopted in the global oil & gas industry. Cyber-attacks are raising concerns about data security and data privacy in the industry. Over the last few years, cyber warfare is receiving attention across the world. Thus, issues related to data security and data privacy is a major restraining factor for the global smart wearables market for oil & gas industry.

Rise in Automation to Offer Opportunities in Smart Wearables Market for Oil & Gas Industry

  • Over the last few years, oil and gas companies have been depending more on the automation process, as it reduces time and increases profitability. This trend is expected to continue in the near future also, due to adoption of automation by oil and gas companies across the globe. Several companies are taking initiatives to implement digitization in oil fields, which has led to rise in investments in the modernization of facilities intended to increase productivity and reduce budgets as well as timelines.
  • Oil and gas fields are located in remote locations and they witness dangerous operations. Due to this, safety of workers and the environment is a priority of oil and gas companies. The automation process ensures safety of systems at field locations, which can detect unanticipated events, even before they occur, by analyzing the historical data.
  • An automation system includes Supervisory Control and Data Acquisition (SCADA), distributed control system, manufacturing execution system, safety instrumented system, and industrial asset management. Along with these, the demand for integrated systems with multiple functionalities has been increasing. Currently, several automation companies are developing Internet of Things (IoT) platforms to connect plants from various locations with one another. This eliminates the need for visits to hazardous locations for standard monitoring purposes, by enabling remote monitoring capabilities on smart devices.
  • With the help of smart wearables, oilfield employees can constantly remain connected with their systems, which can be beneficial in monitoring the working environment as well as employee health
  • Thus, rise in automation in the global oil & gas industry presents immense opportunities to the global smart wearables market for oil & gas industry

Recent Developments, Expansions, Acquisitions, and New Contracts

  • In May 2018, Honeywell International Inc. introduced a hands-free, wearable connected plant technology that allows industrial workers to accomplish their tasks more safely, reliably, and efficiently in a plant or field. The product provides intelligent wearable features as head-mounted visual display that responds to voice and brings live data, documents, work procedures, as well as health and safety information into view.
  • In February 2017, Vuzix Corporation, a leading supplier of smart glasses, augmented reality technology, and virtual reality technology, announced that it had signed an agreement with Toshiba Client Solutions Co. Ltd., a wholly owned subsidiary of Toshiba Corporation, to build a customized pair of smart glasses for the latter 

North America to Lead Smart Wearables Market for Oil & Gas Industry

  • North America dominated the global smart wearables market for oil & gas industry in 2018. Its dominance can be ascribed to the development of oil and gas wells in the region. Demand for smart wearables in the oil & gas industry in the region is anticipated to be high during the forecast period. North America is a leading region in terms of automation and modernization of processes. Furthermore, the region witnesses stringent rules and regulations imposed by governments for employee safety. Due to these reasons, the global smart wearables market for oil & gas industry is expected to expand during the forecast period.
  • Asia Pacific is estimated to be a highly attractive region of the global smart wearables market for oil & gas industry during the forecast period. The region’s share is likely to rise significantly during the forecast period. Increase in the consumption of oil and gas products and significant rise in investments in Asia Pacific over the last few years are expected to drive the smart wearables market for oil & gas industry during the forecast period.
  • The smart wearables market for oil & gas industry in Europe is estimated to witness moderate attractiveness during the forecast period, owing to the ongoing development of oil and gas facilities in the region. The market in the region is estimated to expand at a steady CAGR during the forecast period, due to increased automation in the oil & gas industry in the region.
  • The smart wearables market for oil & gas industry in Latin America and Middle East & Africa is projected to witness moderate to low attractiveness during the forecast period. This can be primarily ascribed to low adoption of smart wearables in the oil & gas industry in these regions. The smart wearables market for oil & gas industry in Latin America and Middle East & Africa is projected to expand at a moderate pace during the forecast period. 

Highly Competitive Smart Wearables Market for Oil & Gas Industry

  • The global smart wearables market for oil & gas industry is highly fragmented, with the presence of a large number of players operating at local, regional, and international levels
  • Key players operating in the global smart wearables market for oil & gas industry are
    • Honeywell International Inc.
    • TOSHIBA CORPORATION
    • 3M
    • Alphabet Inc.
    • Apple Inc.
    • SAMSUNG ELECTRONICS CO., LTD
    • FUJITSU

Smart Wearables Market for Oil & Gas Industry – Scope of Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global smart wearables market for oil & gas industry to accurately gauge its future growth. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape the growth of the global smart wearables market for oil & gas industry, to identify new growth opportunities for stakeholders. The report also provides insightful information about how the global smart wearables market for oil & gas industry is expected to expand during the forecast period i.e. from 2019 to 2027.

The report offers intricate dynamics about different aspects of the global smart wearables market for oil & gas industry, which aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the global smart wearables market for oil & gas industry during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global smart wearables market for oil & gas industry and estimates statistics related to the market growth, in terms of value (US$ Mn).

This study covers detailed segmentation of the global smart wearables market for oil & gas industry along with key information and a competition outlook. The report mentions company profiles of key players that are currently dominating the global smart wearables market for oil & gas industry, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Smart Wearables Market for Oil & Gas Industry

The report provides detailed information about the global smart wearables market for oil & gas industry on the basis of comprehensive research on various factors that are playing a key role in promoting growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global smart wearables market for oil & gas industry. This helps them in designing strategies and making target-driven decisions.

  • Which device type segment of the global smart wearables market for oil & gas industry would emerge as a revenue generator during the forecast period?
  • How are key market players successfully earning revenues in the competitive global smart wearables market for oil & gas industry?
  • What would be the Y-o-Y growth trend of the global smart wearables market for oil & gas industry between 2019 and 2027?
  • What are the winning imperatives of leading players operating in the global smart wearables market for oil & gas industry?
  • Which application segment is expected to offer the maximum growth potential to the global market during the forecast period?

Research Methodology – Smart Wearables Market for Oil & Gas Industry

The research methodology adopted by analysts for compiling the report on the global smart wearables market for oil & gas industry is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global smart wearables market for oil & gas industry.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. Based on the data obtained through interviews with genuine resources, analysts emphasized the changing scenario of the global smart wearables market for oil & gas industry.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global smart wearables market for oil & gas industry.

Smart Wearables Market for Oil & Gas Industry – Segmentation

TMR’s research study assesses the global smart wearables market for oil & gas industry in terms of device type, application, and region. This report presents extensive market dynamics and trends associated with different segments and how they are influencing the growth prospects for the global smart wearables market for oil & gas industry.

Device Type

Smart Eyewear

Virtual Reality Headsets

Smart Helmets

Sensors Embedded in Clothing

Smart Watches

Others

Application

Downstream

Upstream

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Smart Wearables Market For Oil Gas Industry Market

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