Internet of Things in Oil & Gas Market to reach $5 Bn by 2034, Says Global Market Insights Inc.

Selbyville, Delaware, Feb. 04, 2025 (GLOBE NEWSWIRE) —

The IoT in oil & gas market valuation is predicted to surpass USD 5 billion by 2034, reported in a research analysis by Global Market Insights Inc.

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.

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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.

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.

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North America is leading the IoT in oil & gas market, 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.

Partial chapters of report table of contents (TOC):

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   Iot in Oil & Gas Market 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
3.8    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
3.9    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
3.10    Growth potential analysis
3.11    Porter’s analysis
3.12    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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