November 03, 2020
According to the research report titled ‘Global Industrial automation market for oil & gas industry Size, by Process (Upstream Process, Midstream Process, and Downstream Process), by Solution (Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controller (PLC), Human–Machine Interface (HMI), Distributed Control Systems (DCS), Safety Automation, Manufacturing Execution System (MES) and Advanced Process Control (APC)), by Instrument (Field Instruments, Control Valves, Leakage Detection System, Flow Computer, and Communication) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global industrial automation market for oil & gas industry reached a valuation of USD 14.02 billion in the year 2019 and is reckoned to witness a y-o-y growth rate of 3.20% between 2020 and 2027.
Flourishing oil & gas sector is one of the primary factors fueling the growth of global industrial automation market for oil & gas industry. Increasing exploration of ageing oil reserves is also facilitating the business scenario.
In March 2018, the IEA (International Energy Agency) claimed that global oil demand is increasing by an average of 1.2 mb/d and is expected to record 104.7 mb/d till 2023 by the year 2023. The agency further added that India and China together will contribute around 50% of the global oil demand.
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Similarly, according to EIA (Energy Information Administration), the consumption of petroleum as well as other liquid fuels in the United States is predicted to reach an average of 20.6 million b/d (barrels per day) in the year 2020, which is a 0.8% (160,000 b/d) increase since 2019. Thus, mounting oil demand has impelled the adoption of industrial automation in oil & gas sector, thereby boosting the overall market size.
For those unfamiliar, industrial automation involves the use of control systems such as computers and robots, along with IT (information technology) solutions for managing and controlling various processes and machineries in order to avoid human intervention.
In this context, industrial automation is widely adopted in oil & gas industry to integrate control systems with technology as well as safety measures to fulfill worldwide demand for the resources, which in turn is favoring the overall market outlook. However, shifting preference towards renewable sources of energy may negatively impact global industrial automation market for oil & gas industry dynamics.
Regionally, North America currently holds the majority market share and is expected to register continuous growth in the ensuing years, primarily due to rising number of oil exploration activities. Meanwhile, Asia-Pacific industry automation market for oil & gas industry is expected to showcase highest CAGR through 2027, owing to escalating investments in oil & gas sector.
The prominent companies operating in worldwide industrial automation market for oil & gas industry are Yokogawa Electric Corp., Rockwell Automation Inc., Mitsubishi Electric Corp., General Electric Co., Endress+Hauser AG, Siemens AG, Schneider Electric SE, Honeywell International Inc., Emerson Electric Co., and ABB Ltd. among others.