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.
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:
Our in-depth analysis of the global oil and gas remote monitoring market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing trend of new devices and rising demand for industrial automation are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Rising investment in the non- conventional source of energy and high cost of implementation are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing adoption of industrial automation in the region.
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.
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.
The market is segmented by type, sector and region.
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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