End-user emphasis on reduced downtime will create huge demand for real-time monitoring solutions, finds Frost & Sullivan
SANTA CLARA, Calif., Jan. 31, 2020 /PRNewswire/ -- Regulatory requirements and the need to minimize unexpected downtime, loss from leakages, and workplace accidents are driving the demand for Industrial Internet of Things (IIoT)-based monitoring solutions across different streams of the oil & gas industry. Responding to market demand, vendors will offer end-to-end IIoT-based monitoring solutions that increase the ease of purchase and deployment and enable seamless operation.
"Innovative pricing models such as subscription-based pricing, pay per connected device, and pay-as-you-grow services enabled by IIoT are likely to promote the rapid adoption of monitoring solutions," said Krishna Raman, Research Analyst for Industrial at Frost & Sullivan. "These models reduce the end-users' CAPEX required to implement them."
Frost & Sullivan's recent analysis, Digitization of Oil and Gas—Understanding the Impact of IIoT-based Monitoring, analyzes the industry trends in the upstream, midstream, and downstream oil & gas sectors. The study covers the geographic segments of North America, EMEA and Russia, Latin America, and Asia-Pacific.
For further information on this analysis, please visit: http://frost.ly/3yw
"The midstream sector is expected to experience the highest growth in investments," noted Raman. "Growth of the United States gas power plants segment and increased emphasis on gas exports will boost investment in pipelines, especially real-time pipeline monitoring solutions and natural gas liquefaction terminals. This demand for real-time monitoring will be further driven by end-users' desire for zero asset downtime and fool-proof personnel safety."
There will be greater growth opportunities for IIoT solution vendors that:
Digitization of Oil and Gas—Understanding the Impact of IIoT-based Monitoring is part of Frost & Sullivan's global Industrial Automation & Process Control Growth Partnership Service program.
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Digitization of Oil and Gas—Understanding the Impact of IIoT-based Monitoring
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