IIoT Sensors Market in Oil and Gas Industry - Rising Adoption of Smart Asset Monitoring Boosts Growth| Technavio
Technavio’s latest market research report on the global
IIoT sensors market in the oil and gas industry provides an
analysis of the most important trends expected to impact the market
outlook from 2018-2022. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global IIoT sensors market in oil and gas industry from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the global IIoT sensors market in the
oil and gas industry will grow at a CAGR of over 5% during the
forecast period. The growing commercial acceptance of IIoT sensors is a
major factor driving the market’s growth.
The need to reduce costs primarily drive the rise in the adoption of
IIoT sensors in the oil and gas industry. The installation of these
sensors not only takes less time but also costs less due to the
technical advances and easy assembling options, which sensor
manufacturers provide to end-users. Besides, the cost of the sensors is
declining continuously. This indicates the increase in competition among
the providers of hardware. The competition prevailing among the major
manufacturers of sensors and service providers of IoT products is
increasing, which will lead to an increase in market revenue.
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In this report, Technavio highlights the growing adoption of smart asset
monitoring as one of the key emerging trends in the global IIoT
sensors market in the oil and gas industry:
Growing adoption of smart asset monitoring
Oil and gas is an asset-intensive industry, and thus, a majority of its
capital is in the form of physical assets such as drilling platforms,
pipelines, tanks, and pumps. Besides, these complex assets are exposed
to remote and challenging climatic environments. The companies operating
in the oil and gas industry need substantial capital expenditure while
their overall financial performance is largely dependent on the return
on assets (ROA). Therefore, the performance of every asset must be
monitored continuously, and companies manage the activities around each
asset that is usually spread across an extensive geographic area.
IIoT leverages the power of Big Data Analytics to improve productivity
and efficiency, predominantly in asset-intensive industries such as
petrochemicals and oil and gas. With the integration of more and more
IIoT sensors with machinery and their connection to the Internet,
predictions are that the use of IoT could help in decreasing the costs.
The implementation of IIoT is helping oil field operators to keep assets
functioning.
“IoT-enabled smart asset monitoring solutions allow an organization
to know where the asset is and the condition of the asset, performing
asset lifecycle management and controlling various processes. Similarly,
they add intelligence to automated workflows, real-time alerts, insights
from data, dynamic edge control of assets, predictive maintenance,
cross-domain analytics, and real-time visibility,” says a senior
analyst at Technavio for research on automation.
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Global IIoT sensors market in the oil and gas
industry – segmentation analysis
This market research report segments the global IIoT
sensors market in the oil and gas industry into the following
products (temperature sensors, flow sensors, gas sensors, and pressure
sensors) and key regions (the Americas, APAC, and EMEA).
EMEA accounted for the largest share of the global IIoT sensors market
in the oil and gas industry in 2017, contributing to a market share of
close to 37%. It was followed by the Americas and APAC. EMEA is expected
to dominate the market throughout the forecast period.
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