The important application responsible for this growth is none other than remote supervision of assets like industrial equipment, tanks, and pipeline infrastructure both in downstream and midstream verticals
Reports now surfaced that the utilization of Internet of Things (IoT) devices in the oil and gas industry has increased massively in recent years. According to a report by Berg Insight, the installation of wireless devices such as low-power wide-area (LPWA), satellite, and cellular in this sector is likely to augment from 7.8 million units to 18.8 million units by the end of 2028.
The statistics also indicate that the usage of IoT devices will grow at a compound annual growth rate (CAGR) of 19.3 percent. The important application responsible for this growth is none other than remote supervision of assets like industrial equipment, tanks, and pipeline infrastructure both in downstream and midstream verticals. The forecasted growth of shipments of the cellular device is related to a massive adoption of sensor based applications on NB-IoT and LTE-M technologies and the continued preference for cellular communications in the remote tank monitoring segment.
According to Ryan Daws, senior editor at TechForge Media, Berg Insight analysts believe that non-3GPP LPWA technologies like LoRa can also achieve a significant position in this market, as many remote monitoring applications have limited bandwidth requirements. Partnerships among industrial automation vendors and technology companies continue to be a trend in the oil and gas industry, expanding in scope to include oil and gas operators and software companies. Global automation vendors such as ABB, Emerson, Hitachi, Honeywell, Rockwell Automation, Schneider Electric, Siemens, and Yokogawa can deliver complete solutions thanks to their extensive partner ecosystems.
Highlighting the increasing role of wireless devices in this industry, Veronika Barta, IoT Analyst at Berg Insight, said, "Oil and gas companies are increasingly relying on data from IIoT devices to make better-informed decisions. Deployments of wireless IIoT devices with edge computing will be key to optimizing assets and improving oil and gas operations."
