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IoT In Oil And Gas Market; Rising Operational Efficiency And Remote Monitoring To Fuel The Market Growth-By PMI

PMI

Prophecy Market Insights latest research report on the IoT in Oil and Gas market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market's size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Oil & gas industries are witnessing unparalleled digital transformation which is driven by adoption of IoT (Internet of Things) technology. Growing adoption of digital technology across globe has provided lucrative opportunities in target market growth. Wide applications of IoT in oil and gas industries to empower its businesses with automated processes, decrease cost by analyzing and collecting data to identify areas of improvement with increased productivity has fruitful the demand for market growth.

Another major benefits of IoT adoption in oil and gas industries such as improved environmental monitoring, advanced analytics, improved operational efficiency, reduced maintenance cost, smart inventory management, hazard management, smart inventory management  and better decision making is further anticipated to increase the demand for IoT in Oil and Gas market growth over the forecast period.

Major playersThe prominent player operating in the IoT in Oil and Gas market includes,

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Key Market Insights from the report:        

By industry stream, in 2016, upstream segment held a major share in terms of an IoT oil & gas market among other types. Growth in the use of new technologies during the drilling and exploration phase such as 3D seismic technologies and hydraulic manufacturing among others has boosted the segment growth.

By solution, the global market is segmented into sensing systems, communication, cloud and edge computing, and data management

By application, the global market is segmented into fleet and asset management, preventive maintenance, pipeline monitoring, security management, and others

By region, in 2016, North America dominated the global IoT oil & gas market and is expected to maintain its dominance throughout the forecast period. This is mainly attributed due to growth in a production rate of shale oil and tight oil, among others. A recent announcement for expansion of offshore shipping and pipelines to transport oil is projected to boost the midway market in the U.S.

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Analyst View:The shift towards the use of IoT in the oil and gas industry has been stimulated owing to lowering the cost of the sensors and the increasing availability of the wireless network. Also, the need for increased operational efficiency and scarcity of skilled labor is expected to boost the growth of the IoT in Oil and Gas market growth.

Key Components and Applications of the IoT in Oil and Gas Market:

Sensors and Data Collection: IoT systems use various sensors (e.G., pressure, temperature, vibration) to collect data from equipment, pipelines, and facilities.

Data Analytics: Advanced analytics and machine learning algorithms are applied to the collected data for predictive maintenance, equipment optimization, and anomaly detection.

Remote Monitoring: Real-time monitoring of oil wells, pipelines, and offshore platforms enables early detection of leaks, equipment failures, and safety hazards.

Asset Management: IoT systems help track and manage valuable assets, such as drilling rigs, pumps, and vehicles, optimizing their utilization and reducing downtime.

Environmental Monitoring: Monitoring and managing environmental parameters, such as emissions and soil quality, to ensure compliance with environmental regulations.

Supply Chain Management: Tracking and monitoring the movement of goods and materials in the oil and gas supply chain to improve logistics and reduce costs.

Worker Safety: Wearable IoT devices and sensors enhance worker safety by monitoring conditions and providing real-time alerts in hazardous environments.

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Market Trends and Drivers:

Cost Optimization: The oil and gas industry faces pressure to reduce operating costs, making IoT an attractive solution for optimizing asset performance and operational efficiency.

Predictive Maintenance: Predictive maintenance

Safety and Compliance: IoT technologies help oil and gas companies adhere to stringent safety and environmental regulations, reducing incidents and penalties.

Energy Efficiency: Monitoring energy consumption and optimizing processes can lead to substantial energy savings, a critical consideration for sustainability.

Digital Twin Technology: The development of digital twins, virtual representations of physical assets and processes, enhances decision-making and simulation capabilities.

Rising Data Integration: Integration of IoT data with other systems, such as Enterprise Resource Planning (ERP) and Geographic Information Systems (GIS), improves overall operational visibility.

About us:

Prophecy Market Insights is specialized market research, marketing/business strategy, analytics, and solutions that offer strategic support to clients for making well-informed business decisions and identifying and achieving high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome transform and advance their businesses with growth.

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The IoT Trap

I'm sure that you've heard about the Sonos speaker debacle. (If not, read about it on Hackaday.) Basically, a company that sells a premium Internet-connected speaker wanted to retire an older product line, and offered a 30% discount to people who would "trade in" their old speakers for new ones. The catch: they weren't really trading them in, but instead flashing a "self-destruct" firmware and then taking it to the recycling.

Naturally, Sonos' most loyal customers weren't happy about intentionally bricking their faithful devices, a hubbub ensued, and eventually the CEO ended up reversing course and eating crow. Hackaday's own Gerrit Coetzee wrote up our coverage and mentioned that maybe Sonos just couldn't afford to support the service for the old products any more, and didn't want them to remain in the wild. So much so, that it's worth 30% of the cost of their current product to get out from under the implicit contract.

By buying one of these IoT devices, you're paying more money up front for the promise that the company will keep supporting the service that it relies on into the future. But providing this service costs money, and as more and more "products" are actually services in disguise, we've seen case after case of working machines shut down because the company doesn't want to keep paying for the service. It doesn't seem to matter if the company is small, like Sonos, or an immensely wealthy monopoly player like Google. Somehow, the people planning these products have a much shorter lifetime in mind than their customers do, and fail to make the up-front price cover costs.

This puts these companies in a tough spot. The more a customer loves the device, the longer they'll want to keep it running, and the worse the blowback will be when the firm eventually has to try to weasel its way out of a "lifetime" contract. And they are alienating exactly their most loyal customers — those who want to keep their widget running longer than might even be reasonable. Given that this whole business model is new, it's not surprising that some firms will get it wrong. What's surprising to me is how many fall into the IoT trap.

So take this as a cautionary tale as a consumer. And if you're in a company offering a product that depends on a service to continue to function, ask yourself if you're really going to be able to support it for the customer's idea of the lifetime of the product. What looks like a great deal at a five-year horizon might bankrupt your company at ten. Will you, or your customers, be willing to throw their devices away? Should they be?

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