Oil and Gas Remote Monitoring Market Segmentation by Type (Pipeline Integrity Monitoring, Tank Level Monitoring, Equipment-Based Condition Monitoring (CBM), Pipeline Pressure Relief Valve Monitoring, Refineries Pressure Relief Valve Monitoring, and Others); and by Sector (Upstream, Midstream, and Downstream) – Global Demand Analysis and Opportunity Outlook 2029
Buy Now Report ID: 2948 | Published Date: Feb 13, 2023
Our in-depth analysis of the global oil and gas remote monitoring market includes the following segments:
By Type
By Sector
Growth Drivers
Challenges
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: Growing trend of new devices and rising demand for industrial automation are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Rising investment in the non- conventional source of energy and high cost of implementation are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing adoption of industrial automation in the region.
Ans: The major players dominating the oil and gas remote monitoring market are Emerson, ABB Ltd, Siemens AG, Sensaphone, Honeywell International Inc., TE Connectivity, MTS Sensor Technologies GmbH, Indutrade and Robert Bosch GmbH.
Ans: The company profiles are selected on the basis of revenues generated from the geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, sector and region.
Ans: With respect to application, the onshore is expected to hold the largest market share due to the need for lesser capital investment as compared to the offshore segment.
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