PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1664850
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1664850
Internet of Things (IoT) in Oil and Gas Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
The Global Internet Of Things In Oil And Gas Market was valued at USD 2.3 billion in 2024 and is projected to grow at a CAGR of 8.1% from 2025 to 2034. The increasing focus on real-time monitoring, operational efficiency, and improved safety measures are key factors driving the adoption of IoT technologies in the industry.
Companies in the oil and gas sector are embracing IoT solutions to enhance asset management, streamline production processes, and ensure better environmental compliance. As these technologies become more integrated into operations, strategic partnerships are helping speed up their implementation across various functions within the industry. IoT applications are revolutionizing operations by enabling the collection of real-time data, remote monitoring, and predictive maintenance, which in turn boosts operational performance and safety standards. These advancements allow companies to detect potential issues early, reducing risks and minimizing downtime.
| Market Scope | |
|---|---|
| Start Year | 2024 |
| Forecast Year | 2025-2034 |
| Start Value | $2.3 Billion |
| Forecast Value | $5 Billion |
| CAGR | 8.1% |
Moreover, the growing emphasis on green technologies and sustainability is accelerating the adoption of IoT in oil and gas operations. As environmental concerns and regulatory pressures intensify, the sector is increasingly turning to IoT solutions to optimize energy usage and track emissions. IoT technologies also help detect hazards, such as gas leaks, and monitor environmental impacts, contributing to sustainable practices. This not only reduces operational costs but also aligns with broader goals for energy efficiency, carbon footprint reduction, and long-term sustainability.
The IoT's role in promoting greener, more sustainable operations is significant, as it supports the industry's transition to eco-friendly practices. The green technology market is projected to generate substantial revenue by 2032, reflecting a robust annual growth rate of over 19%. This expansion highlights the growing importance of sustainability in the oil and gas sector.
The market is segmented based on operations into upstream, midstream, and downstream. In 2024, the upstream segment held a substantial share, driven by the demand for IoT solutions in monitoring drilling and well operations. IoT devices provide real-time insights into equipment health, well conditions, and drilling efficiency, enhancing exploration and production processes.
The midstream segment is also expected to see significant growth, with IoT technologies enhancing pipeline monitoring, storage, and transportation systems. These solutions enable real-time data collection to improve pipeline integrity and reduce the risk of leaks.
In terms of applications, the IoT in oil and gas market includes pipeline monitoring, fleet and asset management, drilling and well management, production optimization, environmental monitoring, safety management, and more. Among these, pipeline monitoring is expected to grow at a robust pace due to the increasing demand for real-time monitoring and predictive analytics to maintain safe and efficient pipeline operations.
North America is leading the IoT market in oil and gas, accounting for a significant portion of global revenue in 2024. The region's strong oil and gas infrastructure, combined with substantial investments in digital technologies, is driving the adoption of IoT solutions for asset management, safety, and pipeline monitoring.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates & calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market scope & definition
Chapter 2 Executive Summary
- 2.1 Industry 3600 synopsis, 2021 - 2034
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Technology providers
- 3.2.2 Platform providers
- 3.2.3 Oil & gas operators
- 3.2.4 Distributors
- 3.2.5 End users
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Regulatory landscape
- 3.7 Used cases
- 3.7.1 Used case 1
- 3.7.1.1 Benefits
- 3.7.1.2 ROI
- 3.7.2 Used case 2
- 3.7.2.1 Benefits
- 3.7.2.2 ROI
- 3.7.1 Used case 1
- 3.8 Case study
- 3.8.1 Case study 1
- 3.8.1.1 Consumer name
- 3.8.1.2 Challenge
- 3.8.1.3 Solution
- 3.8.1.4 Impact
- 3.8.2 Case study 2
- 3.8.2.1 Consumer name
- 3.8.2.2 Challenge
- 3.8.2.3 Solution
- 3.8.2.4 Impact
- 3.8.1 Case study 1
- 3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Rising adoption of real-time monitoring and automation technologies
- 3.9.1.2 Expanding investments in digital transformation initiatives
- 3.9.1.3 Enhanced focus on predictive analytics and preventive maintenance
- 3.9.1.4 Greater emphasis on improving safety standards and environmental compliance
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 Data security and privacy concerns related to IoT devices
- 3.9.2.2 Shortage of skilled workforce with expertise in IoT and digital technologies
- 3.9.1 Growth drivers
- 3.10 Growth potential analysis
- 3.11 Porter’s analysis
- 3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Offering, 2021 - 2034 ($Bn)
- 5.1 Key trends
- 5.2 Platform
- 5.3 Service
Chapter 6 Market Estimates & Forecast, By Operation, 2021 - 2034 ($Bn)
- 6.1 Key trends
- 6.2 Upstream
- 6.3 Midstream
- 6.4 Downstream
Chapter 7 Market Estimates & Forecast, By Application, 2021 - 2034 ($Bn)
- 7.1 Key trends
- 7.2 Pipeline monitoring
- 7.3 Fleet & asset management
- 7.4 Drilling & well management
- 7.5 Production optimization
- 7.6 Environmental monitoring
- 7.7 Safety & emergency management
- 7.8 Others
Chapter 8 Market Estimates & Forecast, By End Use, 2021 - 2034 ($Bn)
- 8.1 Key trends
- 8.2 National oil companies (NOCs)
- 8.3 Independent oil companies (IOCs)
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2034 ($Bn)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 Australia
- 9.4.5 South Korea
- 9.4.6 Southeast Asia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
Chapter 10 Company Profiles
- 10.1 ABB
- 10.2 Baker Hughes
- 10.3 British Petroleum (BP)
- 10.4 China National Petroleum Corporation (CNPC)
- 10.5 Cisco
- 10.6 ConocoPhillips
- 10.7 Emerson Electric
- 10.8 Equinor
- 10.9 ExxonMobil
- 10.10 Gazprom
- 10.11 General Electric
- 10.12 Halliburton
- 10.13 Honeywell
- 10.14 Repsol
- 10.15 Schlumberger
- 10.16 Shell
- 10.17 Siemens Energy
- 10.18 TotalEnergies
- 10.19 Woodside Petroleum
- 10.20 Yokogawa
