Smart Wearables Market for Oil & Gas Industry: Introduction
- Smart wearables refer to the integration of advanced technologies into wearable objects that can both deliver and collect data in the field. Smart wearables include smart glasses VR (virtual reality) headsets, sensors embedded clothes, and other smart wearable devices.
- Smart wearables reduce the total working hours and response time by providing accurate real-time information to workers and improving communication between on-site workers and control staff
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Key Drivers & Restrains of Smart Wearables Market for Oil & Gas Industry
- Stringent occupational health and safety regulations and mandatory policies implemented by safety agencies, including NFPA, NIOSH, and OSHA, along with consumer preference for sophisticated gadgets are some of the factors driving the smart wearables market for oil & gas industry during the forecast period. Smart wearables improve safety of employees, as they alert workers to safety hazards, and monitor stress and health levels.
- Need to obtain real-time information to simplify work process and minimize human error is expected to augment the global smart wearables market for oil & gas industry during the forecast period. Furthermore, increase in awareness about the benefits of integration of the sensor technology in wearable objects is also likely to fuel market growth. These devices help protect employees from radiological particles and particulates, biological contaminants, chemical agents, toxic vapors, and hazardous gases.
- High cost of these wearable objects is anticipated to hamper the market during the forecast period.
Sensors Embedded in Clothing Equipment Segment to Hold Major Share of Global Market
- The global smart wearables market for oil & gas industry can be segmented based on equipment, application, and region
- In terms of equipment, the global smart wearables market for oil & gas industry can be divided into smart safety eyewear, virtual reality headset, smart helmets, sensors embedded in clothing (safety gloves, safety shoes, workwear), and others. Sensors embedded in clothing is one of the most extensively used equipment in the smart wearables market for oil & gas industry due to its ability to protect workers by monitoring biometrics, broadcasting information to control rooms, and warning workers of potential dangers. The ability of these devices to identify patterns or potential dangers that could increase risk or lead to injury is also projected to drive the adoption of smart wearables in the oil & gas industry.
- On the basis of application, the global smart wearables market for oil & gas industry can be classified into upstream and downstream. The upstream segment is expected to witness considerable growth due to rise in the demand for personal protective equipment to enhance safety of oilfield workers during exploration & production activities.
North America Expected to Hold a Major Share of Global Market
- In terms of region, the global smart wearables for oil & gas industry market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The smart wearables market for oil & gas industry in North America is expected to expand at a significant pace during the forecast period. This growth of the market can be attributed to the introduction of strict regulatory norms with regard to occupational safety & health by policymakers, including CSA, ANSI, and OSHA. Furthermore, ongoing investments in exploration & production activities of conventional & unconventional resources are expected to fuel market growth.
- This market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period due to increasing awareness of workplace safety. Surge in private and public firm investments in refurbishment and renovation of refineries is projected to propel the smart wearables market growth.
- The smart wearables market for oil & gas industry in Europe is also projected to witness growth during the forecast period due to ongoing investments in offshore drilling activities to reduce fossil fuel imports. Moreover, introduction of strict regulations regarding health and safety of personnel working in the oil & gas industry will enhance product adoption across the region.
- The smart wearables market for oil & gas industry in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period
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Key Players Operating in Global Smart Wearables Market for Oil & Gas Industry
Leading companies operating in the global smart wearables market for oil & gas industry include:
- Honeywell International Inc.
- ANSELL LTD.
- Delta Plus Group
- Apple Inc.
- Fischer Connectors SA
- Mallcom (India) Limited
- Dynamic Safety B.V.
Global Smart Wearables Market for Oil & Gas Industry: Research Scope
Global Smart Wearables Market for Oil & Gas Industry, by Equipment
- Smart Safety Eyewear
- Virtual Reality Headset
- Smart Helmets
- Sensors Embedded in Clothing
Global Smart Wearables Market for Oil & Gas Industry, by Application
Global Smart Wearables Market for Oil & Gas Industry, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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