In this blog post, researchers at TMR answer some of the queries about the global market for IoT for the oil and gas industry:
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The augmenting demand for natural gas is having a tremendous effect on the demand for IoT solutions in the oil and gas industry. The minimal environment polluting properties of natural gas has propelled its demand across the world, which is resulting in increased operations for the exploration of crude oil, leading to a remarkable rise in the application of IoT solution in oil and gas exploration operations. Apart from this, the escalating concerns over safety at operation sites is also fueling the adoption of IoT solutions in the oil and gas industry.
Majorly, IoT solutions find significant application in downstream solutions, midstream solutions, and midstream solutions. Upstream oil and gas companies are involved in the operations of crude oil exploration and production. With the augmenting demand for crude oil across the world, the need for IoT solutions in upstream companies is increasing at a much higher rate than midstream and downstream ones and the trend is expected to continue over the forthcoming years.
North America, among all, is dominating the global market for IoT solutions, thanks to the high production of crude oil. With the U.S. becoming a prominent exporter of fossil energy and the presence of advanced infrastructure for technological development, the regional market is anticipated to retain its position over the next few years. Amongst other, the Middle East and Africa market, with abundance of oil, is projected to report lucrative opportunity for the growth of the global market in the near future.