The ‘North America IoT in Oil & Gas Market, By Industry Stream (Upstream, Downstream, Midstream), By Solution (Sensor System, Communication & Networks, Data Management, Others), By Application, By Country, Competition Forecast & Opportunities, 2017-2027’ report has been added to ResearchAndMarkets.com.
North America IoT in oil and gas market value in the base year 2021 was US$7.30 billion, and it is anticipated to further grow with 12.16% CAGR during the forecast period, 2023 - 2027, to achieve a market value of US$14.72 billion by 2027F.
Surging demand for sensor-based tank monitoring, decreasing the safety risks related to the oil and gas industry and its working, is driving the growth of the North America IoT in oil and gas market in the upcoming five years. Also, the increased incorporation of internet and cloud-based services for the functioning of equipment, devices, and recording data, is also supporting the growth of the North America IoT in oil and gas market in the next five years.
Additionally, the growing trend of smart industries and efficient functioning demands technological advancements. Increasing research and development of smart technologies and their incorporation in technically sound devices are also major reasons for the growth of the North America IoT in oil and gas market in the future five years.
Moreover, developed countries like the US have a large number of oil wells and reservoirs. The rapidly growing number of oil reservoirs is also aiding the market's growth.
Furthermore, advantages like better field communication, reduced costs of maintenance, real-time monitoring, digital oil-field infrastructure, reduced power consumption, mine automation, greater safety and security of assets to increase the productivity of each oil reservoir, further substantiates the growth of the North America IoT in oil and gas market in the forecast years.
Upstream industries are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of increasing number of companies involved in identifying, extracting, or producing raw materials.
Moreover, increasing demand for the oil and gas from various end use industries and higher demand for the internet-based services to explore potential reservoirs of oil, are also driving the growth of the North America IoT in oil and gas market in the next five years.
Read the article online at: https://www.worldpipelines.com/special-reports/23032022/north-america-iot-in-oil-and-gas-markets-2027/
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