Smart
Wearables Market for Oil & Gas Industry: Introduction
The global smart wearables
market for oil & gas industry was valued at ~US$
2.3 Bn in 2018 and
is anticipated to expand at a CAGR of ~12% during the
forecast period. Among device types, the smart watches segment held a dominant
share of the global smart wearables market for oil & gas industry in 2018,
primarily due to various qualities of smart watches. Among applications, the
upstream segment constituted a significant share of the global smart wearables
market for oil & gas industry in 2018, owing to the
high risk factor associated with working in the upstream process.
Upstream locations are remote and isolated, wherein use of smart wearables can
avoid major accidents, owing to their predictive analytics properties. Hence,
the demand for smart wearables is expected to increase in the upstream segment
during the forecast period. The smart wearables market for oil & gas
industry in North America is likely to expand at a substantial pace during the
forecast period, owing to high investments in exploration and production
activities in the oil & gas industry in the region.
Key Drivers of Smart Wearables
Market for Oil & Gas Industry
After the 2014 fall
in prices of crude oil and natural gas, investments in the global oil & gas
industry dropped significantly in 2015. However,
after 2016, investments have been
increasing gradually, due to steady demand for oil and gas products worldwide.
Spending on oil and gas exploration rose by 20% in 2018,
as 140 new reserves of oil and gas were discovered. The total estimate for
discovered resources was around 9 billion barrels
of oil equivalent in 2018, which was 10
billion barrels of oil equivalent in 2017.
In these, offshore discoveries were prominent with 70% share of the volumes
found, while gas resources accounted for about 40% share. In
terms of discovery, Latin America is the leading region, holding 24% share
of the global volumes discovered, which stand at around 2.1
billion barrels of oil equivalent. North America and
Europe collectively hold 15% share of
the global volumes discovered, which stand at 1.3 billion barrels
of oil equivalent. Asia Pacific held 11% share, while Middle East & Africa
held 9% share of the global volumes discovered in 2018.
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Rising
investments in the exploration and production of oil and gas are expected to
boost the global oil & gas industry in the near future. This, in turn, is
projected to drive the global smart wearables market for oil & gas industry
during the forecast period.
North America to Lead Smart
Wearables Market for Oil & Gas Industry
North
America dominated the global smart wearables market for oil & gas industry
in 2018 and
the trend is expected to continue during the forecast period, owing to
significant implementation of AI- and IoT-based systems in the oil and &
gas industry in the region. Demand for smart wearables is expected to be high
in the region during the forecast period. The smart wearables market for oil
& gas industry in North America is estimated to expand considerably during
the forecast period, led by the significant development of oil and gas
infrastructure in the region. The U.S. accounted for a leading share of the
smart wearables market for oil & gas industry in North America in 2018.
This can be primarily ascribed to the increase in awareness about safety and
security of workers in the country. High investments in oil and gas exploration
and production in the U.S. are estimated to drive the smart wearables market
for oil & gas industry in the country during the forecast period. The smart
wearables market for oil & gas industry in Canada is projected to expand at
a moderate pace in the next few years, owing to modernization of oil and gas
processes with the help of IoT- and AI-based systems in the oil & gas
industry in the country.
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Major Developments in Smart
Wearables Market for Oil & Gas Industry
In November
2019, Ansell Ltd, a global leader in safety solutions,
announced to have entered into a partnership with ProGlove, a leading provider
of industrial wearables, to develop hand protection solutions by using the IoT
or AI technology to ensure correct personal protective equipment compliance in
workplaces. This cooperation facilitated use of innovations in Industrial
Internet of Things (IIoT) in scaling Ansell PPE to create a safe work
environment.
In November
2019, Google announced that it had acquired Fitbit Inc., a
leading manufacturer of smart wearables in the world, for around US$
2.1 Bn. Fitbit Inc. is headquartered in San Francisco,
California, the U.S. Its products include activity trackers and
wireless-enabled wearable technology devices that measure data such as the
number of steps walked, heart rate, quality of sleep, steps climbed, and other
personal metrics associated with fitness. The acquisition is expected to help
Google enhance its reach and gain higher share in the global smart wearables
market for oil & gas industry.
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Competition Landscape
The global
smart wearables market for oil & gas industry is led by multinational
players. Prominent players functioning in the global smart wearables market for
oil & gas industry are Honeywell International Inc., TOSHIBA CORPORATION, 3M, Alphabet
Inc., Apple Inc., SAMSUNG ELECTRONICS CO., LTD, and FUJITSU
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