New York, United States , Nov. 24, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Automation Oil & Gas Market Size is to Grow from USD 16.5 Billion in 2022 to USD 28.39 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.5% during the projected period.
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Industrial automation for oil and gas, often known as oilfield automation, refers to a growing number of operations, many of which use digital technologies, that can help oil and gas companies compete more effectively in worldwide markets. The industrial automation oil and gas market refers to the deployment and usage of automation technology and solutions within the oil and gas sector. The industrial automation oil and gas market has risen significantly throughout the forecast period, owing to a variety of factors including growing energy consumption, a renewed emphasis on productivity, and the need for reliable and sustainable operations. The industrial automation oil and gas market encompasses a wide range of automation technologies and innovations that are systematically used at various phases of the oil and gas exploration, production, refining, transportation, and other processes. Automation technologies in this market provide continuous process tracking, supervision, assessment, and optimization, resulting in higher efficiency and better decision-making solutions. The expanding digitalization of business entities, as well as the need for more sustainable and effective operations, has raised the demand for industrial automation oil and gas industry products and services.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Industrial Automation Oil & Gas Market Size, Share, and COVID-19 Impact Analysis, By Component (HMI, Industrial PC, Industrial Robots, Control Valves, Process Analyzer, Field Instruments, Vibration Monitoring, Others), By Process (Upstream, Midstream, Downstream), By Solution (MES, PLC, DCS, PAM, SCADA, Functional Safety, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The control valves segment is dominating the market with the largest revenue share over the forecast period.
On the basis of component, the global industrial automation oil & gas market is segmented into the HMI, industrial PC, industrial robots, control valves, process analyzer, field instruments, vibration monitoring, and others. Among these, the control valves segment is dominating the market with the largest revenue share of 43.6% over the forecast period. Control valves are used in the oil and gas sector to regulate the flow or pressure of a fluid. its crucial significance in ensuring operational efficiency and safety at practically all stages of oil and gas operations has necessitated its use. Their application is critical in the refining, transportation, and distribution processes.
The downstream segment is expected to hold the largest share of the global industrial automation oil & gas market during the forecast period.
Based on the process, the global industrial automation oil & gas market is classified into upstream, midstream, and downstream. Among these, the quality assurance & inspection segment is expected to hold the largest share of the global industrial automation oil & gas market during the forecast period. The high capital and operational expenditures required in refining and petrochemical production, as well as the complexity of refining operations and the enormous number of refineries worldwide, all contribute to its dominance. Advanced automation technologies, such as process control systems, sensors, and advanced analytics, are crucial in this industry for guaranteeing efficient and safe operations.
The DCS segment accounted for the largest revenue share of more than 35.7% over the forecast period.
On the basis of solution, the global industrial automation oil & gas market is segmented into MES, PLC, DCS, PAM, SCADA, functional safety, and others. Among these, the DCS segment is dominating the market with the largest revenue share of 35.7% over the forecast period, primarily because of its widespread use in numerous oil and gas operations, particularly in refining and petrochemical plants. DCS systems have become crucial in industries with complicated operations, like as oil refining and gas processing, for controlling sophisticated procedures across large facilities. It integrates the control, monitoring, and automation of many pieces of equipment and systems.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. The oil and gas revolution, massive infrastructure, technological advancements, and the region's commitment to contemporary technology for efficiency and safety are all factors contributing to its supremacy. North America has a thriving oil and gas industry, dominated by the United States and Canada, with a significant shift toward unconventional energy sources including shale gas and oil reserves. In order to improve shale extraction procedures, automation has become critical. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific region is diverse, with countries producing and consuming significant amounts of oil and gas. Growing industrial development in the region necessitates increased energy consumption, which drives investment in oil and gas automation systems. India and China, both of which have enormous populations and expanding energy demands, are driving the need for improved oil and gas operations. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Automation Oil & Gas Market include Siemens AG, General Electric, Rockwell Automation, Schneider Electric, Mitsubishi Electric Corp., Honeywell International, Yokogawa Electric Corp., ABB Ltd., Sigit Inc., Endress+Hauser, Eaton Corp., KUKA, Hitachi, Ltd., VEGA Grieshaber KG, Tyco International Ltd., Baker Hughes Inc., FANUC CORPORATION, Omron Corporation, and several others.
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Recent Market Developments
On March 2023, Tata Consultancy Services (TCS) has announced the release of its 5G-enabled solution, TCS Cognitive Plant Operations Adviser for the Microsoft Azure Private Mobile Edge Computing (PMEC) platform, to assist companies in industries such as manufacturing and oil and gas in harnessing AI and machine learning to make them more intelligent, agile, and resilient.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Industrial Automation Oil & Gas Market based on the below-mentioned segments:
Industrial Automation Oil & Gas Market, Component Analysis
- HMI
- Industrial PC
- Industrial Robots
- Control Valves
- Process Analyzer
- Field Instruments
- Vibration Monitoring
- Others
Industrial Automation Oil & Gas Market, Process Analysis
- Upstream
- Midstream
- Downstream
Industrial Automation Oil & Gas Market, Solution Analysis
- MES (Manufacturing Execution System)
- PLC (Programmable Logic Controller)
- DCS (Distribution Control System)
- PAM (Process Automation Management)
- SCADA (Supervisory Control and Data Acquisition)
- Functional Safety
- Others
Industrial Automation Oil & Gas Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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