Global IIoT Sensors Market in Oil and Gas Industry 2018-2022
About IIoT Sensors in Oil and Gas Industry
IIoT sensors are devices that can communicate/deliver their readings to internet cloud services for further aggregation and analysis of trends within an industrial setting.
Technavio’s analysts forecast the global IIoT sensors market in oil and gas industry to grow at a CAGR of 5.39% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global IIoT sensors market in oil and gas industry for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IIoT Sensors Market in Oil and Gas Industry 2018-2022
Technavio recognizes the following companies as the key players in the global IIoT sensors market in oil and gas industry: ABB, Emerson Electric, General Electric, Honeywell, Rockwell Automation, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing adoption of smart asset monitoring. The preference for industrial internet of things enabled smart asset monitoring solutions add intelligence to automated workflows, real-time alerts, dynamic edge control of assets, cross-domain analytics, insights from data, real-time visibility, and predictive maintenance.”
According to the report, one driver in the market is growing commercial acceptance of IIoT sensors. The increase in the adoption of IIoT sensors in the oil and gas industry is mainly driven by the need to reduce costs. The installation of these sensors not only takes less time but also costs less owing to technical advances and easy assembling options that sensor manufacturers provide to end-users.
Further, the report states that one challenge in the market is threat of cyber-attacks. Oil and gas infrastructure, like all critical infrastructure, has always been a prime target for hackers. Many cyber-attacks and malware are targeted at industrial control systems, and therefore, SCADA systems are generally used to manage them.