The trends of the IoT in oil and gas market vary across different geographical regions. The IoT in oil and gas market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW). North America is at the forefront of the global IoT in oil and gas market, with high market penetration rate in the U.S., Mexico, and others, which are expected to display robust market growth in the coming five years.
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The Europe market for IoT in oil and gas technologies is quite developed with major growth opportunities arising from countries in the Eastern Europe region. The fastest growth rate is expected from the Asia-Pacific and Rest of the world regions. Presence of key oil and gas producing countries, such as Brazil, Saudi Arabia, UAE and South Africa is estimated to boost the market for advanced techniques. Among all the countries, the U.S. generated the highest revenue of XX billion so far in 2018. Strong growth in the U.S. market was largely due to the high rate of adoption of technologies in the U.S.
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However, during the forecast period, countries, such as Saudi Arabia, India, Malaysia, Singapore, The Netherlands, Denmark and Mexico are projected to display the fastest market growth. These countries present immense scope for market development, owing to the increasing urban population size, growing market penetration of advance technologies and favourable government investments.
Among all the countries, the U.S. generated the highest revenue of $XX billion in 2017. This was largely due to the increased adaptability of technologies by the leading companies in the country. Moreover, majority of the leading players are expanding their product portfolio in the country’s market is also contributing towards the growth. Countries such as U.K. and Norway are also expected to achieve high gains in the market, owing to economic growth and increasing awareness about the application of IoT in the oil and gas industry.
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