Connected solutions for oil & gas sector are expected to surge at a CAGR of 16.3% between 2020 and 2030. VR training emerges as a popular connected solution in the oil and gas market as it remains on the cusp of digital transformation. Connected pipeline solution solving challenges associated with damaging leaks leading to massive losses. IoT plays a critical role in minimizing downtime with machine learning and predictive analytics.
Fleet management remains undeniably important to asset tracking and improved deliveries. Connected solutions for oil & gas market also enable remote monitoring – an appropriate solution to operational challenges due to COVID-19.
Need for Operational Optimization in Wobbling Oil & Gas Sector Fuels the Adoption of Connected Solution
Connected solutions surfaced as a key enabler across industries, including oil & gas – providing error solutions for seamless operations. It has gained momentum as companies engaged in upstream, midstream, as well as downstream activities, are emphasizing on optimizing the operations, to remain relevant and profitable.
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Connected Pipelines Rescue Suppliers from Biggest Challenge Caused by Damaging Leaks
Solutions such as connected pipelines for end-to-end management to prevent incidents, ensure safety, resiliency, and security are expected to establish exceptional efficiency.
In a recent development, Scheider Electric and Cisco joined hands improve operational efficiency and Total Cost Ownership (TCO) to ensure quick solutions to complex network issues. The smart pipeline offers a real-time control through SCADA system.
IoT in Oil and Gas Sector Proves Mettle with Predictive Maintenance Solutions
Efforts to minimize downtime with machine learning and predictive analytics have brought spotlight on Internet of Things (IoT).
IoT has particularly worked towards reducing non-productive time (NPT) that can be caused by usually understood elements such as weather changes. Cost reduction and risk management are the primary objectives that have been achieved by IoT with asset tracking and predictive maintenance solutions.
Fleet Management Software Paces Ahead as Remote Monitoring Reduces Downtime
Future Market Insights states, the oil & gas fleet management application segment is expected to increase almost 4X during the forecast period (2020-2030), registering a CAGR of around 15% during the forecast period.
Despite the ongoing geopolitical and climate changes the oil and gas industry has been operating in an organized and coordinated manner. Transportation of inflammable materials with improved efficiency, reduced costs, and in compliance with government regulations across multiple borders can been possible with exceptional fleet management software.
Connected Solutions for Oil & Gas Reduces Cost for Upstream Activities with Real-time Monitoring
In this time of fluctuating crude prices, upstream oil & gas companies are focusing on reducing cost of exploration and production by adopting innovative technologies like big data and industrial IoT. Connected oil and gas solutions are helping upstream companies in exploration process by enabling them with the better idea of subsurface geology and faster processing of data and transforming them into surface models.
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Solution Enablers Strengthening Presence in Asian countries : Regional Outlook for Connected Solutions in Oil & Gas Sector
Economic growth and increasing oil and gas demand as a result of large scale industrialization in the countries of East Asia and South Asia is playing a pivot role in development of connected solutions for oil & gas sector. Established oil & gas companies are updating operation by integrating connected solution. A three fold increase in spending on connected solutions anticipated by leading oil & gas companies in the region during the forecast period.
In terms of value, the connected oil and gas market in East Asia and South Asia & Pacific collectively captured the 1/4th of the global value in 2019. The strong growth in oil and gas demand from countries such as China and India is playing a crucial role in driving the adoption of these smart solutions that enable exceptional efficiency.
Enabling Employee Safety with Connected Oil and Gas Solutions
Real-time communication at exploration sites generates raw data, which can be analyzed and monitored with these software and solutions for better output. For instance, drilling operations using sensors can deliver continuous diagnostics ensuring efficiency, safety, and reduced cost of operations.
Availability of accurate data for making quick decisions, reduced equipment failure, and persistent plant automation have led to increased safety of workers. Analyzing patterns and comparing it to historical data can predict events before they happen, creating a safer work environment for upstream players.
The Sector is Open for Innovators, but Tech-Goliaths Lead from the Front
Continuous investments and focus on developing collaborative partnerships to innovate and develop digital capabilities to leverage new business models has become a key strategy of solution providers. It has been instrumental in enhancing their customer reach and sales revenue.
Partnerships and collaborations with policy makers and governments are also helping connected solutions for oil & gas solution providers to tackle disruption in supply and demand and unlock values for ever-changing and diverse needs.
Key Players in the Connected Solutions for Oil & Gas Market are:
- Cisco Systems, Inc.
- Intel Corporation
- Sierra Wireless
- General Electric
- Honeywell International
- Schneider Electric
- Siemens AG
- Robert Bosch GmbH
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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.
- Asset Tracking and Monitoring
- Predictive and Preventive Maintenance
- Supply Chain Management
- Leak Detection
- Fleet Management
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East & Africa
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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