Major Players in IoT in Oil and Gas Market with Size | Manufacturers 2024

Major Players in IoT in the Oil and Gas Market with Size

IoT in Oil and Gas Market has been operating smoothly on the back of several factors stimulating its growth.  The Internet of Things (IoT) has emerged as a game-changing technology in the oil and gas industry. With the ability to connect various devices, sensors, and systems, IoT has revolutionized the way companies operate in this sector.  One of the key factors driving this growth is the contribution of major players in the industry. These companies are leading the way in implementing IoT solutions in their operations. They have recognized the potential of IoT in improving efficiency, reducing costs, and enhancing safety measures.

Some of the key players in the IoT in the oil and gas market include major oil and gas companies, technology giants, and specialized IoT solution providers. These players are constantly investing in research and development to further enhance their offerings and stay ahead of the competition. The major oil and gas companies have been early adopters of IoT solutions, integrating them into their existing operations to improve productivity and optimize production processes. Technology giants such as Microsoft, IBM, and Cisco provide the necessary infrastructure for IoT implementation while also offering their own customized IoT solutions for the industry.

Specialized IoT solution providers offer tailor-made solutions specifically designed for the needs of the oil and gas sector. These companies collaborate with industry experts to develop innovative solutions that address the challenges faced by oil and gas companies. Global IoT in Oil and Gas Market has been experiencing significant growth over the past few years. As of 2024, the global market is valued at approximately USD 35.2 billion. Further, the Global Market is projected to expand at a CAGR of 10.2% from 2024 to 2030. Additionally, by 2030, the market size is expected to reach around USD 39.40 billion.

List of Leading Companies in the IoT in the Oil and Gas Market

1. PetroCloud

Founded in 2013 with its headquarters in Houston, Texas, PetroCloud is a pioneer in providing cloud-based solutions for the oilfield services industry. The company offers an IoT platform that connects all production sites and data sources into one centralized platform. This allows oil and gas companies to monitor their assets remotely, automate processes, and make data-driven decisions for optimizing production and reducing costs.

2. Flutura

Flutura is an Indian company founded in 2012 with its headquarters in Bengaluru. It provides AI-powered IoT solutions for the oil and gas industry, helping companies optimize their asset performance and reduce downtime. The company's flagship product Cerebra is a cutting-edge platform that enables predictive maintenance, real-time monitoring, and automated anomaly detection for critical equipment.

3. RigNet

Established in 2001 with its headquarters in Houston, Texas, RigNet offers end-to-end managed communication services for the oil and gas industry. The company's IoT offering, named IntelieLive, provides real-time data streaming and analytics for remote monitoring of offshore assets and operations. This helps companies improve safety, increase efficiency, and reduce costs.

4. OSIsoft

OSIsoft is a global leader in providing real-time data management solutions for various industries, including oil and gas. The company's flagship product PI System is a highly scalable platform that collects, analyzes, and visualizes operational data from multiple sources. This enables oil and gas companies to monitor their assets in real time and make informed decisions for optimizing production. 

5. WellAware

WellAware, founded in 2012 with its headquarters in San Antonio, Texas, offers a cloud-based IIoT platform for the oil and gas industry. The company's solution provides real-time data transmission, monitoring, and analytics for upstream and midstream operations. This helps companies reduce downtime, increase production efficiency, and improve safety.

Frequently Asked Questions About the Market Study (FAQs):