Oil & Gas Industry-Smart Wearables Market Company Business Overview, Sales, Revenue and Gross Margin, Recent Development

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.

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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.

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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.

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.

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

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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
o Honeywell International Inc.
o TOSHIBA CORPORATION
o 3M
o Alphabet Inc.
o Apple Inc.
o SAMSUNG ELECTRONICS CO., LTD
o FUJITSU

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.

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