Global Internet of Things (IOT) In Oil and Gas (O&G) Market- Analysis And Forecast: 2017-2026 (Focus on: IoT solutions such as platforms and analytics, Applications such as Upstream, Midstream and...

LONDON, Oct. 26, 2017 /PRNewswire/ -- Global IoT in Oil and Gas Market to Reach $30.57 Billion by 2026

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Owing to low rate of demand of crude oil globally as compared to supply, prices of crude oil have stepped down by more than 50% since 2014. Several factors such as growth in electric vehicles, increased production of shale oil in the U.S., low demand rate in China, and the prospect of increased supply from Iran after lifting of the global sanctions, among others, indicates that the prices of crude oil is expected to not gain considerable momentum over the next decade.

Due to this, revenue of the global top five major oil and gas companies decreased by approximately 15% on an average in 2016 as compared to 2015. This has compelled the oil and gas industry to maximize their operational efficiency, productivity, and improve asset portfolio to remain competitive in the market. This has led to increased investments by oil and gas industries to integrate IoT products, solutions and services as a part of business operations.

The report titled "Global IoT in Oil and Gas Market" provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, challenges, and opportunities prevailing in both the industries.

Moreover, value chain analysis, consortiums, and patents have also been included in the report. Key development strategies adopted by IoT solution providers, distributors, and service providers have also been included in the report. Key regulations with respect to oil and gas industry have also been considered in the report because of the compliance requirements which is expected to promote the use of IoT solutions.

Adoption of IoT solutions is at a nascent stage in oil and gas industry. Therefore, IoT in oil and gas market estimation has been built on detailed assumptions and limitations. The market has been estimated on the basis of different types of IoT solutions, their uses across different applications of oil and gas industry, and geographical analysis.

The report profiles 23 organizations across different geographies on the basis of manufacturers and IoT solution providers working across the IoT industry and providing their offerings to oil and gas industry.

Key questions answered in the report:
• What was the size, in terms of revenue, of IoT in O&G market in 2016, and growth rate during the forecast period, 2017-2026?
• What are different types of IoT solutions used in oil and gas industry globally and their sub segments?
• What was the market value of IoT for different applications of oil and gas in 2016, on the basis of upstream, midstream and downstream?
• What is the market size of IoT solutions in oil and gas industry on the basis of different geographical regions?
• What are the key trends opportunities in global IoT in O&G market, pertaining to different applications?
• What are the major driving forces that tend to increase the demand of IoT in O&G during the forecast period?
• What are the major challenges inhibiting the growth of the global IoT in oil and gas market?
• What is the percentage of market share of IoT players in oil and gas industry for 2016?
• What kind of new strategies are being adopted by existing market players to make a mark in the industry?
• Which segment of value chain has high opportunity where investors can invest and make significant profitable margins?
• How attractive is the market for different stakeholders present in the market by using Porter's Five Forces model?
• Who are the key market players in the market, along with company profiles, their business financials, company snapshots, key products & services, major developments, SWOT analysis and future programs (if any)?

Executive Summary
Prices of crude oil and gas are fluctuating constantly owing to which, the oil and gas industry is currently facing a challenging environment. To predict their future business plan precisely and improve profitability, O&G companies need to improve their operational efficiencies across all the different segments of value chain. This has led to the adoption of IoT solutions by oil and gas industry.

In addition to that, factors such as aging infrastructure and manpower will also be a major contributor to the increase in IoT use. Companies such as British Petroleum (BP), Apache Corporation, and Saudi Aramco among others have started leveraging on IoT solutions such as platforms and analytics.

Recent numerous partnerships between IoT and O&G companies along with several product launches of IoT solutions for oil and gas industries is a clear indicator that there will be an increase in demand for IoT solutions by O&G industry.

Global IoT in O&G market is anticipated to grow to $30.57 billion by 2026. It is expected to be mainly driven by shortage of skilled labor, increasing number of cyber-attacks, aging infrastructure, and need to increase operational efficiency, which will act as key drivers for the growth of this market.

Analytics accounted for a major market share in comparison to other IoT solution platform in terms of value. It accounted for approximately 76% share in total IoT in O&G market for 2016.

Analytics and platforms are expected to witness a high growth rate owing to increase in use of sensors and devices will drive the need for device management and data analytics among others, the oil and gas industry being asset intensive industry with more than half of the infrastructure is aging, and increase in use of new advanced technologies for exploration, among others.

Upstream application held a major share in terms of market value in 2016 among all the mentioned application types. In the coming future, upstream application is expected to grow owing to the use of advanced technologies during exploration and drilling phase such as hydraulic manufacturing and 3D seismic technologies among others, boom in the U.S. for shale oil production, reduction of capital expenditures on new projects for exploration and drilling and increasing rig uptime among others.

North America dominated the global IoT in O&G market in 2016 and accounted for approximately 38% of the global IoT in O&G market. Furthermore, owing to various factors such as growth in production rate of unconventional energy sources such as shale oil and tight oil, among others, recent announcement for expansion of pipelines and offshore shipping to transport oil is expected to drive the midstream market in the U.S., and high level of awareness, knowledge coupled with technical advancements in the region among others.

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