What Factors Propelled The Growth Of The Industrial Automation Oil And Gas Market In The Past?
The industrial automation oil and gas market has seen considerable growth due to a variety of factors.
•In the past few years, the size of the industrial automation oil and gas market has experienced a robust growth. It is projected to expand from $17.74 billion to $18.91 billion between 2024 and 2025, exhibiting a compound annual growth rate (CAGR) of 6.6%.
The notable growth during the historic period is primarily due to the digitization of the oil and gas industry, a heightened emphasis on operational efficiency, an increase in exploration and production activities, the necessity for safety and compliance, and the expansion of offshore drilling.
What Is The Projected Growth And Market Size For The Industrial Automation Oil And Gas Sector?
The industrial automation oil and gas market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a robust growth is projected in the industrial automation oil and gas market size, expecting to expand to a value of $26.18 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 8.5%.
Factors that can be seen propelling this growth during the forecast period include the need for remote controlling and monitoring, the implementation of scada (supervisory control and data acquisition) systems, the expansion of unconventional oil and gas resources, the deployment of advanced process control (APC), the spread of industrial internet of things (IIOT), the focus on industrial automation cybersecurity, the uptake of cloud-based automation solutions, and the enhanced usage of wireless sensor networks. Forecast period advancements consist of developments in control systems and sensors, incorporation of artificial intelligence into automation, the emergence of robotics and autonomous systems, emphasis on energy efficiency and sustainability, collaborations between automation providers and oil corporations, the creation of digital twins for asset management, and the application of augmented reality in training and maintenance.
Which Factors Are Boosting Growth In The Industrial Automation Oil And Gas Market?
The growth of the industrial automation oil and gas market is anticipated to be boosted by the rising adoption of the Internet of Things (IoT). IoT refers to a connected system of computing devices, mechanical and electronic machinery, each with a unique identity (UID) that permits data transfer without requiring human-to-human or human-to-computer interaction. The integration of IoT devices and sensors into various components and processes allows the oil and gas industry to implement real-time monitoring and data collection. This enables efficient tracking of equipment functionality, environmental situations, and safety measures, leading to superior predictive maintenance and minimized downtime. As per a report released by the Global Mobile Supplier Association (GSA), a not-for-profit organization based in the UK, the total IoT connections globally amounted to 13.2 billion in 2022, showcasing a predicted rise of 18% to 34.7 billion by 2028. Consequently, this growing adoption of IoT fuels the advancement of the industrial automation oil and gas market.
What Key Areas Define The Segmentation Of The Global Industrial Automation Oil And Gas Market?
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)
Subsegments:
1) By Industrial Robots: Articulated Robots, SCARA Robots, Collaborative Robots (Cobots)
2) By Control Valves: Ball Valves, Gate Valves, Globe Valves, Butterfly Valves
3) By Field Instruments: Pressure Transmitters, Flow Meters, Temperature Sensors
4) By Human Machine Interface (HMI): Software HMI, Hardware HMI
5) By Industrial PC: Panel PCs, Rack-Mount PCs
6) By Process Analyzer: Gas Analyzers, Liquid Analyzers
7) By Intelligent Pigging: Magnetic Flux Leakage (MFL) Pigs, Ultrasonic Pigs
8) By Vibration Monitoring: Portable Vibration Analyzers, Online Vibration Monitoring Systems
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How Are Emerging Trends Reshaping The Dynamics Of The Industrial Automation Oil And Gas Market?
Product advancements play a significant role in increasing popularity within the industrial automation oil and gas market. Major firms functioning within this market are capitalizing on cutting-edge software tools in the oil and gas sector to maintain their market standing. In June 2022, GE Digital LLC, an American firm known for providing data analysis and software development-related services, launched the sophisticated Accelerator tools. These tools consist of top-tier software designed to aid companies in rapidly configuring their asset performance management (APM) and other services within energy-intensive industries. The purpose of these tools is to expedite value realization, expand APM to a broader array of assets, and support organizations in realizing financial benefits within their facilities and across their businesses. The tools are applicable across the entire energy value chain, from oil and gas to assets that produce power, including both renewable energy sources and traditional gas power nuclear production facilities. With these advanced, pre-constructed product configurations, companies can swiftly establish enterprise-level asset reliability and performance programs, integrating prioritized, actionable data into regular operations.
Who Are the Key Players in the Industrial Automation Oil And Gas Market?
Major companies operating in the industrial automation oil and gas market include:
• 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
What Is The Most Dominant Region In The Industrial Automation Oil And Gas Market?
Asia-Pacific was the largest region in the industrial automation oil and gas market in 2024. 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
