Industrial Automation Oil & Gas Market Forecasts to 2028 – Global Analysis By Stream (Downstream, Midstream, and Upstream), Component, Solution, Application (Offshore and Onshore) and By Geography
According to Stratistics MRC, the Global Industrial Automation Oil & Gas Market is accounted for $14.90 billion in 2020 and is expected to reach $24.85 billion by 2028 growing at a CAGR of 6.6% during the forecast period. While the factors like implementation of industrial internet of things (IIoT) and the need for optimum and effective exploration of aging reservoirs are driving the market growth. However, the lack of skilled professionals is hindering the market growth.
Oil and gas automation, also well-known as oilfield automation, in the oil and gas industry refers to a rising number of processes, many involving digital technologies that can help energy producers better compete in global markets. While some industry areas are riper for automation than others, top oil and gas automation candidates include drilling, logistics, and supply chain, production operations and process control, safety, and retail operations.
Based on the solution, the plant asset management (PAM) segment is estimated to have lucrative growth during the forecast period. The growth of this segment can be attributed to the rising deployment of PAM solutions in the oil & gas industry to build a comprehensive and complete data record related to different equipment installed in these plants, right from their uptime performance to their life cycle cost assessment.
By geography, Asia Pacific is going to have lucrative growth due to the large-scale advancements and technological innovations in the oil & gas industry. China was the epicentre of the COVID-19 outbreak, and the resultant shutdowns and supply chain disruptions dealt a major blow to the economic activities in APAC.
Some of the key players profiled in the Industrial Automation Oil & Gas Market include Yokogawa Electric, WIKA, Thermo Fisher Scientific, Siemens AG, Ametek, Rockwell Automation, Inc., Phoenix Contact, Omron Corporation, National Instruments Corporation, FANUC, KUKA, Emerson Electric, Honeywell International, Hitachi, General Electric, Fuji Electric, Mitsubishi Electric Corp., Endress+Hauser, Schneider Electric, Danfoss, Cisco Systems, KROHNE Group, and ABB.
• Control Valves
• Field Instruments
• Human–Machine Interface (HMI)
• Industrial Personal Computer (PC)
• Industrial Robots
• Intelligent Pigging
• Process Analyzer
• Vibration Monitoring
• Other Components
• Distributed Control Systems (DCS)
• Functional Safety
• Manufacturing Execution System (MES)
• Plant Asset Management (PAM)
• Programmable Logic Controller (PLC)
• Supervisory Control and Data Acquisition (SCADA)
• Advanced Process Control (APC)
• Safety Automation
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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