Press release
Understanding Impact of COVID-19 on Smart Wearables Market
smart wearables Market
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.
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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.
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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.
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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
Global Smart Wearables Market for Oil & Gas Industry: Segmentation
Smart Wearables Market for Oil & Gas Industry, by Device Type
Smart Eyewear
Virtual Reality Headsets
Smart Helmets
Sensors Embedded in Clothing
Smart Watches
Others
Smart Wearables Market for Oil & Gas Industry, by Application
Downstream
Upstream
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