Industrial Automation Oil And Gas Market Size, Trends And Forecast To 2033
Overview and Scope
Industrial automation in oil and gas refers to applying advanced technologies and control systems to automate various processes involved in the extraction, production, refining, and distribution of oil and gas. Using industrial automation in the oil and gas sector increases efficiency, safety, and productivity while reducing operational costs and human intervention.
Sizing and Forecast
The industrial automation oil and gas market size has grown strongly in recent years. It will grow from $16.82 billion in 2023 to $18.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to oil and gas industry digitization, increasing focus on operational efficiency, growth in exploration and production activities, need for safety and compliance, expansion of offshore drilling.
The industrial automation oil and gas market size is expected to see strong growth in the next few years. It will grow to $23.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to demand for remote monitoring and control, adoption of scada (supervisory control and data acquisition) systems, growth in unconventional oil and gas resources, implementation of advanced process control (apc), expansion of industrial internet of things (iiot), emphasis on cybersecurity in industrial automation, adoption of cloud-based automation solutions, increased use of wireless sensor networks
Major trends in the forecast period include advances in control systems and sensors, integration of artificial intelligence in automation, rise of robotics and autonomous systems, focus on energy efficiency and sustainability, collaboration between automation providers and oil companies, development of digital twins for asset management, use of augmented reality in training and maintenance.
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Segmentation & Regional Insights
The industrial automation oil and gas market covered in this report is segmented –
1) By Component: Industrial Robots, Control Valves, Field Instruments, Human Machine Interference (HMI), Industrial PC, Process Analyzer, Intelligent Pigging, Vibration Monitoring
2) By Stream: Upstream, Midstream, Downstream
3) By Solutions: Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control Systems (DCS), Manufacturing Execution System (MES), Functional Safety, Plant Asset Management (PAM)
Asia-Pacific was the largest region in the industrial automation oil and gas market in 2023. The regions covered in the industrial automation oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing usage of the Internet of Things (IoT) is expected to propel the growth of the industrial automation oil and gas market going forward. The Internet of Things (IoT) is a networked system of interconnected computing devices, mechanical and electronic machinery with unique identities (UIDs), and the capacity to transfer data without needing human-to-human or human-to-computer contact. The oil and gas industry can achieve real-time monitoring and data collection by integrating IoT devices and sensors into various components and processes. It allows for efficient tracking of equipment performance, environmental conditions, and safety parameters, resulting in better predictive maintenance and reduced downtime. For instance, in March 2023, according to a report published by the Global Mobile Supplier Association (GSA), a UK-based not-for-profit industry organization representing suppliers in the mobile communication industry, the global IoT connections reached 13.2 billion in 2022 and are expected to increase by 18% to 34.7 billion by 2028. Therefore, the increasing usage of the Internet of Things (IoT) drives the industrial automation oil and gas market.
Key Industry Players
Major companies operating in the industrial automation oil and gas market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corp., Emerson Electric Co., Rockwell Automation Inc., FANUC CORPORATION, Fuji Electric Co. Ltd., Omron Corporation, AMETEK Inc., Phoenix Contact, Festo Group, Endress+Hauser Group, Yokogawa Electric Corporation, AZBIL North Americas Inc., KUKA AG, WAGO Corp., Krohne Group, Pepperl+Fuchs SE, Beckhoff Automation LLC, Yokohama Industries Americas, Hitachi Industrial Equipment Systems Co. Ltd., VEGA Grieshaber KG
The industrial automation oil and gas market report table of contents includes:
1. Executive Summary
2. Industrial Automation Oil And Gas Market Characteristics
3. Industrial Automation Oil And Gas Market Trends And Strategies
4. Industrial Automation Oil And Gas Market – Macro Economic Scenario
5. Global Industrial Automation Oil And Gas Market Size and Growth
…………….
32. Global Industrial Automation Oil And Gas Market Competitive Benchmarking
33. Global Industrial Automation Oil And Gas Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Automation Oil And Gas Market
35. Industrial Automation Oil And Gas Market Future Outlook and Potential Analysis
36. Appendix
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