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Internet of Things (IoT) in Oil & Gas Market Share

Report ID: GMI12489
Published Date: Dec 2024
Report Format: PDF

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Internet of Things in Oil & Gas Market Share

Internet of Things (IoT) in Oil & Gas Company Market Share, 2024

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Siemens Energy, Cisco, and Schlumberger hold a significant market share of over 13% in Internet of Things (IoT) in oil & gas industry. These major companies are making significant investments in research and development to strengthen their product offerings, focusing on integrating advanced IoT solutions with real-time monitoring, predictive analytics, and data-driven insights. Companies are emphasizing innovation to address the industry's demand for operational efficiency, enhanced safety, and environmental sustainability. By enhancing IoT systems with features like remote monitoring, automated control, and sensor-based data collection, these players are providing solutions that streamline operations and reduce costs.

Additionally, players such as Siemens Energy and Cisco are entering strategic partnerships with software developers and energy firms to enhance their competitive positioning in the IoT space. These collaborations aim to leverage IoT and cloud computing technologies to provide advanced asset management, pipeline monitoring, and fleet tracking solutions.

By integrating real-time data analytics and edge computing, these partnerships are enabling more responsive and efficient operations across various oil and gas processes, from upstream exploration to downstream distribution. Their focus on developing integrated platforms for remote monitoring, predictive maintenance, and system optimization is shaping the future of digital transformation in the sector.

Internet of Things in Oil & Gas Market Companies

Major players operating in Internet of Things (IoT) in oil & gas industry include:

ABB
Baker Hughes
Cisco
ConocoPhillips
Halliburton
Schlumberger
Shell
Siemens Energy
TotalEnergies
Yokogawa

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of IoT in oil and gas reached USD 2.3 billion in 2024 and is set to grow at an 8.1% CAGR from 2025 to 2034, driven by the growing emphasis on real-time monitoring and improved operational efficiency.

The pipeline monitoring segment is anticipated to register a CAGR of over 5.5% from 2025 to 2034, led by the increasing demand for real-time monitoring and predictive analytics.

The North America market accounted for 30% of the revenue share in 2024, propelled by the accelerated adoption of real-time monitoring solutions and predictive maintenance technologies.

The key players in the industry include ABB, Baker Hughes, Cisco, ConocoPhillips, Halliburton, Schlumberger, Shell, Siemens Energy, TotalEnergies, and Yokogawa.