During the forecast period, the connected solutions for oil & gas market is anticipated to grow at a remarkable 16.3 percent CAGR (2020-2030). The COVID-19 epidemic has had a significant negative impact on the world economy, severely harming the oil and gas sectors and costing countless jobs. Governments have promised stimulus plans, but the problem of enormous, excess oil and gas stocks has grown significantly. Consequently, adoption rates for connected solutions for the oil and gas industry will decline.
As people and organisations take steps to reduce their dependency on fossil fuels, many oil and gas firms are now experiencing financial difficulties. However, spending on IoT-based solutions will benefit from increased productivity, dependability, and utility, as well as improved performance and lower operating expenses.
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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.
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.
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Competition Landscape – Driving Growth through Innovation
Growing customer expectations and intense competition are creating a storm in the global Connected Solutions for Oil & Gas market, which is compelling solution providers to innovate and improve customer engagement. Various Connected Solutions for Oil & Gas solution providers are focusing on offering digital solutions with advanced technologies to cater the changing customer needs and expectations.
Some of the key players in the Connected Solutions for Oil & Gas market are Cisco Systems, Inc., Intel Corporation, Sierra Wireless, General Electric, Honeywell International, Telit, Schneider Electric, Siemens AG, and Robert Bosch GmbH
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