Smart Wearables Market - Product Scope, High Demand, Recent Trends, Analysis and Forecasts 2027

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.

𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:  https://www.transparencymarketresearch.com/smart-wearables-market-for-oil-gas-industry-market.html

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.

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.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=72990 

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.

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.

𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 | 𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.transparencymarketresearch.com/checkout.php?rep_id=72990

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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