The installed base of wireless IoT devices in the oil and gas industry reached 1.3 million in 2018
April 08, 2019 / IoT.Business.News
According to a new research report from the M2M/IoT analyst firm Berg Insight, the number of devices featuring cellular or satellite connectivity deployed in oil and gas applications amounted to 1.3 million at the end of 2018. Growing at a compound annual growth rate (CAGR) of 6.8 percent, this number is expected to reach 1.9 million units by 2023. Remote monitoring of tanks and industrial equipment in the midstream and downstream sectors comprise the most common applications for wireless solutions in the oil and gas industry. Berg Insight expects that shipments in the upstream sector will grow faster, although from a much smaller base, as cellular communications become an increasingly viable alternative to proprietary radio due to improved 4G LTE coverage in North America and broader support from the industry.