Oil and Gas Remote Monitoring Market Highlights 2020-2029
The oil and gas remote monitoring market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The demand for pipeline monitoring systems can be associated with high growth due to the increasing number of oil & gas leakages in the pipelines and storage tanks due to natural disasters and high pressure. Along with this, government regulations for pipeline safety are projected to drive market growth in the upcoming years. Furthermore, the growing trend of developing new devices and solutions to monitor pipeline performance, automate the functions, and safeguard the operations is expected to fuel this market's progress. The market growth can also be attributed to factors such as growing demand for industrial mobility and growing awareness about energy efficiency.
The market is segmented based on sectors into upstream, midstream, and downstream. The upstream segment is assessed to occupy the largest market share over the forecast period ascribing to the ability of this procedure to offer high petroleum recovery from subsurface reservoirs. Additionally, the downstream segment is projected to witness the highest growth in the future owing to the fact that downstream oil and gas production companies are closer to the end user.
Oil and Gas Remote Monitoring Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the highest CAGR over the forecast period due to the increasing adoption of industrial automation in countries such as China and India. CLICK TO DOWNLOAD SAMPLE REPORT
According to IBEF, ONGC is investing USD 2.73 billion in drilling oil & gas wells from 2018 to 2019. Furthermore, Saudi Aramco plans to invest in the downstream sector in India.
The global oil and gas remote monitoring market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global oil and gas remote monitoring market includes the following segments:
By Type
- Pipeline Integrity Monitoring
- Tank Level Monitoring
- Equipment-based Condition Monitoring (CBM)
- Pipeline Pressure Relief Valve Monitoring
- Refineries Pressure Relief Valve Monitoring
- Others
By Sector
- Upstream
- Midstream
- Downstream
Growth Drivers
- Growing Trend of New Devices
- Rising Demand for Industrial Automation
Challenges
- High Cost of Implementation
- Rising Investment in Non- Conventional Sources of Energy
Top Featured Companies Dominating the Market
- Emerson
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ABB Ltd
- Siemens AG
- Sensaphone
- Honeywell International Inc.
- TE Connectivity
- MTS Sensor Technologies GmbH
- Indutrade
- Robert Bosch GmbH
