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Internet of Things (IoT) in Oil & Gas Market Size
- Report ID: GMI12489
- Published Date: Dec 2024
- Report Format: PDF
Internet of Things in Oil & Gas Market Size
The global internet of things (IoT) in oil & gas market size was valued at USD 2.3 billion in 2024 and is estimated to register a CAGR of 8.1% between 2025 and 2034. The growing emphasis on real-time monitoring, improved operational efficiency, and enhanced safety protocols are key drivers behind the expansion of the IoT market in oil & gas.
Companies are increasingly adopting IoT solutions to improve asset management, optimize production processes, and enhance environmental compliance. Strategic collaborations are accelerating the integration of IoT technologies across various oil & gas operations. For example, in October 2024, IMI Plc acquired TWTG Group, a player in Industrial IoT, to enhance its wireless IoT solutions within the process automation sector, boosting its digital transformation efforts.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Internet of Things in Oil & Gas Market Size in 2024: | USD 2.3 Billion |
| Forecast Period: | 2025 to 2034 |
| Forecast Period 2025 to 2034 CAGR: | 8.1% |
| 2034 Value Projection: | USD 5 Billion |
| Historical Data for: | 2021 – 2024 |
| No. of Pages: | 165 |
| Tables, Charts & Figures: | 180 |
| Segments covered: | Offering, Operation, Application, End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The adoption of IoT technologies is transforming the oil & gas industry by enabling real-time data collection, remote monitoring, and predictive maintenance. These technologies not only increase operational performance but also contribute to improved safety standards and environmental sustainability. By utilizing IoT for environmental monitoring, fleet management, and pipeline monitoring, companies are able to proactively detect issues before they escalate, reducing operational risks and minimizing downtime.
Additionally, growing focus on green technology and sustainability is accelerating the adoption of IoT solutions in the oil and gas sector. As environmental concerns and regulatory pressures intensify, companies are leveraging IoT technologies to enhance operational efficiency while minimizing environmental impact. Through IoT-enabled sensors and real-time monitoring, companies can track emissions, optimize energy usage, and detect potential hazards such as gas leaks, all of which contribute to more sustainable and eco-friendly practices. This not only helps in reducing operational costs but also aligns with the industry's broader goals of achieving energy efficiency, lowering carbon footprints, and supporting long-term sustainability initiatives.
As a result, IoT is playing a crucial role in driving the oil and gas industry's transition to greener, more sustainable operations. The green technology and sustainability market is projected to grow and generate revenue of around USD 80 billion by 2032, with an annual growth rate of over 19%.
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Internet of Things in Oil & Gas Market Scope
