Navigating Challenges and Opportunities: Growth Prospects of Connected Solutions for Oil & Gas Market Till 2030

The connected solutions for the oil & gas market are on the brink of impressive expansion, with a projected Compound Annual Growth Rate (CAGR) of 16.3% spanning the projection period from 2020 to 2030. The outbreak of the Covid-19 pandemic delivered a severe blow to the global economy, significantly impacting the oil and gas industries and resulting in a substantial loss of jobs. Despite the introduction of government stimulus packages, the accumulation of substantial surplus stocks of oil and gas emerged as a significant challenge. Consequently, the adoption rates of connected solutions for oil & gas are expected to face constraints.

In the face of these challenges, numerous companies within the oil and gas sectors are grappling with the repercussions as individuals and organizations adopt measures to reduce their reliance on fossil fuels. Nevertheless, investments in Internet of Things (IoT) based solutions are poised to make meaningful contributions in terms of productivity, reliability, and utility. These solutions will enhance performance and curtail operational expenses, thereby aiding in the mitigation of losses.

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"In the midst of the COVID-19 pandemic, connected solutions for the oil & gas industry offer real-time insights into industry trends. This technology facilitates the analysis of capital investment distribution and safety measures. Furthermore, IoT-based solutions contribute to reduced onsite human presence through automation and remote operations monitoring. These trends are expected to uphold global market growth during the crisis," according to the FMI analyst.

Key Insights from the Connected Solutions for Oil & Gas Market

Software solutions are in high demand among oil & gas organizations for operational automation. Connected services for oil & gas are expected to witness robust growth, driven by the increasing need for support and maintenance operations. Predictive and preventive maintenance applications are gaining traction, spurred by frequent innovations in Internet of Things (IoT) and Industry 4.0 practices. Asset tracking applications are experiencing rapid growth, finding applications in government and private sectors. North America is set to lead the connected solutions for oil & gas market due to substantial exploration activity in the U.S. and Canada. The modernization of infrastructure in India and China will contribute to growth in the Asia Pacific region.

Growth Factors for the Connected Solutions for Oil & Gas Market

Disruptive IoT developments for asset tracking and infrastructure maintenance are propelling market growth. Government interest in incorporating connected pipeline solutions is creating new growth opportunities. The widespread adoption of fleet management solutions is driving growth in the oil and gas industry. Challenging market conditions and the demand for optimized supply chains and operations through connected solutions are expected to fuel market growth.

Competition Landscape

Key players in the connected solutions for oil & gas market include, but are not limited to, Robert Bosch GmbH, Cisco Systems Inc., Siemens AG, Intel Corporation, Schneider Electric, Sierra Wireless, Telit, General Electric, and Honeywell International. These market players are actively investing in technological advancements and customer service infrastructure.

For example, Sierra Wireless has introduced an edge-to-cloud solution for asset management tailored to IoT applications in industrial settings. Similarly, Cisco Systems has launched connected pipeline solutions designed to provide safeguards against physical and cyber threats.

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Connected Solutions for Oil & Gas Market: Segmentation

The global connected solutions for oil & gas market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach to readers.

Component:
1. Hardware
Sensors
Beacons
IoT Gateways
Others

2. Software
Oil & Gas IoT Platform
Fleet Management Software
Others

3. Services
a. Professional Services
Oil & Gas Consulting & Advisory
Integration & Deployment Services
Support & Maintenance

b. Managed Services

Value Chain
Upstream
Midstream
Downstream

Application
Asset Tracking and Monitoring
Predictive and Preventive Maintenance
Supply Chain Management
Leak Detection
Fleet Management
Others

Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East & Africa

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.