Industrial Automation Oil & Gas Market: Global Industry Analysis and Forecast (2023-2029)

Industrial Automation Oil & Gas Market size was valued at US$ 10.53 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 4.7% through 2023 to 2029, reaching nearly US$ 14.52 Bn.
Industrial Automation Oil & Gas Market Overview:
Oilfield automation is also known as oil & gas automation, it refers to a growing no of the process many involving digital technology, which can help energy producers better compete in the global market. Top oil and gas automation candidates include drilling production operations and process control logistics and supply chain, safety and retail operations. Sensors based oil and gas automation is used which is the use of artificial intelligence, self-luring system to increase productivity, improve efficiency, and reduce cost. In this report industrial automation oil and gas markets growth reasons, as well as markets many segments (type, sources, applications, and region) are discussed. Data has been given by market players, regions, and specific.

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This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics. The study discusses the industrial automation market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the Global industrial automation oil and gas market situation.
Industrial Automation Oil & Gas Market Dynamics:
Increasing demand for crude oil and petroleum expected to drive industrial automation oil and gas market

Over the recent years, the implementation of automation in the oil and gas industry has established an important role in the quick operation and improved performance. The demand for crude oil and petroleum products with advanced workflow requirements in the oil and gas industry. Automation improves efficiency and safety it also helps in easy monitoring of overall process this features also increases industrial automation oil and gas market.

Resource availability is the major challenge of industrial automation oil and gas markets

Lower oil and gas availability is expected to challenge the overall industry growth. Labour shortage also remains, a major challenge for the oil and gas market.

Current industrial automation oil and gas market trend

The Internet of Things (IoT) and artificial intelligence form the largest oil & gas industry trends. Big data analytics, cloud technology, predictive maintenance, and manufacturing execution systems enable vital data management and analysis tools that significantly improve overall operational efficiency.
Industrial Automation Oil & Gas Market Segment Analysis:
By solutions, the oil & gas industry to hold a major share of PAM the process industry market during the forecast period. Increased adoption of Plant Asset Management (PAM) in the process has intensified competition. The use of PAM systems in the oil and gas industry helps in managing long-term and short-term scheduling of operations. For instance, PAM software reduces the cycle time of the operational process, which comprises the production, treatment, transportation, maintenance, and realization of hydrocarbon products. This industry has several parallel operations such as scheduling, executing, and monitoring. These operations have to be planned well to increase profitability. Similarly, these solutions also help oil and gas plants to reduce operational costs, without increasing any risk pertaining to unplanned downtime or employee and environment safety. Thus, the industry needs PAM solutions to ensure the safety and operational efficiency of oil and gas plants.

By component, A control valve is a device which is power-operated practically. It is used to control or regulate the flow of fluids, such as oil, gas, steam & water. Usually, the processing plants consist of thousands, of control loops that are all connected together to manufacture a product that will be sold. Every control loop is designed and planned to maintain important procedures such as flow, pressure, temperature, level, etc. within a particular operating range that is required to ensure the quality of the end product.

The valves plays important role in the oil & gas industry. They are used to isolate & protect equipment, control flow rates, and guide & direct the refining process of crude oil. Specifically, these valves provide a mechanism to control the process overflow rate, temperature and pressure in the oil & gas industry. They basically function by varying the size of the flow pathway as directed by either an electrical, a hydraulic or a pneumatic signal that is sent from the controller. The automatic operation of these valves gives them the ability to be remotely operated, instead of having an operator constantly monitoring and adjusting.
Regional Insights:
The biggest oil producer in Asia pacific is china, India, and Indonesia. China accounts for more than half of the total production in Asia and imports additional oil to meet domestic demand. Oil and Gas for Asia. Asia has become “ground zero” for growth in global energy and commodity markets. The region's rapid economic growth is driving an enormous rise in the consumption of oil and liquefied natural gas (LNG) to fuel booming motorization and industrial growth.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the market dynamics, structure by analyzing the market segments and project the market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Industrial Automation Oil & Gas Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 10.53 Bn.


Forecast Period 2023 to 2029 CAGR:
4.7 %
Market Size in 2029:
US $ 14.52 Bn.


 Segments Covered:
by Solutions
SCADA
PLC
DCS
MES
Functional safety
PAM


by Component
Industrial Robot
Control Valve
Field Instruments
HMI
Industrial Pc
Intelligent Pigging
Vibration Monitoring
Processes Analyzer



Industrial Automation Oil & Gas Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. ABB Ltd. (Switzerland)
2. Endress+Hauser AG (Switzerland)
3. Emerson Electric Co. (US)
4. General Electric (US)
5. Rockwell Automation
6. Inc. (US)
7. Schneider Electric SE (France)
8. Siemens AG (Germany)
9. Mitsubishi Electric Corp. (Japan)
10. Honeywell International Inc. (US)
11. Yokogawa Electric Corp. (Japan).

Frequently Asked Questions:

1. Which region has the largest share in Global Industrial Automation Oil & Gas Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Industrial Automation Oil & Gas Market?
Ans: The Global Industrial Automation Oil & Gas Market is growing at a CAGR of 4.7% during forecasting period 2023-2029.

3. What is scope of the Global Industrial Automation Oil & Gas Market report?
Ans: Global Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Industrial Automation Oil & Gas Market?
Ans: The important key players in the Global Industrial Automation Oil & Gas Market are – ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, and Inc. (US)

5. What is the study period of this Market?
Ans: The Global Industrial Automation Oil & Gas Market is studied from 2022 to 2029.