According to the research report titled ‘Global Main Automation Contractor (MAC) Market in the Oil & Gas Industry Size study, by Sector (Upstream (Offshore and Onshore), Midstream, Downstream), by Project Size (Small & Medium, Large) and Regional Forecasts 2020-2027’, available with Market Study Report, global main automation contractor (MAC) market in the oil & gas industry is predicted to expand at 6.2% CAGR over 2020-2027.
 

As per the findings of the report, the growth of global main automation contractor (MAC) market in the oil & gas industry is mainly driven by mounting production of natural gas and crude oil, favorable government policies, and rapid development in the oil & gas vertical.
 

Moreover, rising adoption of MACs by oil & gas companies for reducing project management and integration complexities will continue to enhance the remuneration scope of this industry. Besides, investments infrastructure development and exploration activities is significantly enhancing the overall main automation contractor (MAC) market outlook in the oil & gas industry.
 

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For those unaware, main automation contractors (MAC) oversee the execution of an organizational project by supervising several aspects such as information, control, instrumentation, and safety. MACs add significant value to the projects by not only mitigating risks but also by reducing expenditure, which further stimulates the product demand.
 

On the contrary, high costs associated with the implementation of MACs will continue to hinder business development during the study period.
 

Based on sector, worldwide main automation contractor (MAC) market in the oil & gas industry is divided into downstream, midstream, and upstream. With regards to project size, the industry vertical is bifurcated into large and small & medium.
 

Speaking of geographic scope, global main automation contractor (MAC) market in the oil & gas industry is fragmented into Europe, North America, Latin America, Asia-Pacific, and rest of the world. Among these, North America captures a large portion of the industry share and is set to grow exponentially through 2027. This can be attributed to increasing off-shore and on-shore oil & gas activities and high concentration of prominent market vendors in the region.
 

Meanwhile, Asia-Pacific market is predicted to expand exponentially over the forecast period, on account of favorable government initiatives along with rising adoption of automation technologies in the oil & gas sector.
 

Worldwide main automation contractor (MAC) market in the oil & gas industry comprises of several leading players, including Honeywell International, Inc., Yokogawa Electric Corp., ABB Ltd., Rockwell Automation Inc., Emerson Electric Co., Schneider Electric SE, and Siemens AG.