Prominent connected solutions for oil & gas developers are pushing for applications in remote monitoring, and the adoption of augmented reality and virtual reality, to keep up with end user requirements during the pandemic
DUBAI, UAE / ACCESSWIRE / June 18, 2020 / The connected solutions for oil & gas market is projected to expand at a impressive 16.3% CAGR throughout the projection period (2020-2030). The covid-19 outbreak has had a severe impact on the global economy, hitting the oil and gas industries hard, and costing innumerable jobs. Despite stimulus packages being announced by governments, large, excess stocks of oil and gas has become a major challenge. Connected solutions for oil & gas will consequently suffer in terms of adoption rates.
Numerous companies in the oil and gas industries are also struggling as people and organizations take measures to cut reliance on fossil fuels. However, investments in Internet of Things based solutions will contribute in terms of productivity, reliability, and utility, increasing performance and cutting operational costs which will help to mitigate losses.
"Connected solutions for oil & gas enable real-time visualizations of the information and trends of oil and gas industry during the coronavirus outbreak. The technology can be used to analyze capital investments distribution, and safety. Also, IoT based solutions can reduce the need for onsite human presence with automation and remote monitoring of operations. Such trends will allow the global market to sustain growth through the crisis period," says the FMI analyst.
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Connected Solutions for Oil & Gas Market - Primary Takeaways
- Software solutions are highly sought after for connected solutions for oil & gas organizations with the high demand for operational automation.
- Connected solutions for oil & gas services will grow strongly, driven by high requirement of support and maintenance operations.
- Predictive and preventive maintenance applications are gaining traction with frequent innovations in Internet of Things and Industry 4.0 practices.
- Asset tracking applications are also witnessing rapid growth with use in government, and private verticals.
- North America will lead the connected solutions for oil & gas market with strong exploration activity in the U.S. and Canada. Infrastructural modernization in India and China will help growth in Asia Pacific.
Connected Solutions for Oil & Gas Market - Growth Factors
- Disruptive developments in IoT for asset tracking and infrastructure maintenance applications drive market growth.
- Strong interest by government bodies in the incorporation of connected pipeline solutions, generates novel growth opportunities.
- Rapid spread of fleet management solutions drives growth of connected solutions in oil and gas industry.
- Poor market conditions and the demand for optimization of supply chains and operations through connected solutions for oil & gas, will aid market growth.
Connected Solutions for Oil & Gas Market - Major Constraints
- The inherent complexity of connected solutions for oil & gas is a major hinderance to widespread adoption.
- Security and regulatory concerns are obstacles faced by connected solutions for oil & gas developers.
The Projected Impact of COVID-19
Connected solutions for oil & gas companies have taken up efforts to leverage their capabilities to adopt machine learning based tools in addition to the use of drones and unmanned vehicles in oil & gas industry operations. Market players have implemented programs to aid numerous workers to train remotely and meet the evolving requirements of the industry. Also, connected solutions have been used to minimize supply delays and disruptions.
Also, connected solutions can be used to optimize predictive and preventive maintenance to not only reduce production downtime, but also to control purchase costs. Such opportunities will prove lucrative to market players through the crisis period, and will set a strong foundation of growth even after the end of the pandemic.
Explore the connected solutions for oil & gas market report comprising 139 figures, 172 tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-9181
Competition Landscape
The connected solutions for oil & gas market comprises of key players including but not limited to Robert Bosch GmbH, Cisco Systems Inc., Siemens AG, Intel Corporation, Schneider Electric, Sierra Wireless, Telit, General Electric, and Honeywell International. Market players are investing in the development of technology, and customer service infrastructure.
For instance, in Sierra Wireless has launched an edge-to-cloud solution for asset management created for IoT applications in industrial settings. Similarly, Cisco Systems has launched connected pipeline solutions, which provide safeguards against physical and cyber-attacks.
More About the Study
The FMI market research study provides detailed insights on connected solutions for oil & gas market. The market is broken down in terms of component (hardware, software, and services), value chain (upstream, midstream, and downstream), and application (asset tracking & monitoring, predictive and preventive maintenance, supply chain management, leak detection, fleet management, and others), across six key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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