Industrial Automation Oil & Gas Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

Industrial automation oil & gas market helps in collecting the data through various sensors and analyzing them using software suites to form a pattern and predict any forthcoming issues beforehand. In other words, oil and gas automation is also known as oilfield automation. In the oil and gas industry, it is referred to a growing number of processes, many involving digital technologies, that can help energy producers better compete in global markets. In addition, industrial automation is the control of machinery and processes used in various industries by autonomous systems using technologies like robotics and computer software. Furthermore, the production is optimized using comprehensive surveillance and analysis systems. The geographical data of the reservoir and surrounding area are analyzed for understanding the feasibility of operating aging reservoirs. Moreover, the enterprise-wide monitoring of wells and production optimization through the analysis of the collected data of wells decreases the risk of downtime and operation failure. Hence, operation failures are predicted, power costs are reduced, and optimization opportunities are identified daily with the use of industrial automation, thus predicting the actual life span of an oil well. The global industrial automation oil & gas market is expected to witness a CAGR of around 5% during the forecast period (2021–2027). 

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However, Covid – 19 has devasted the global economy due to which many sectors experienced a downfall as the demand for industrial automation oil and gas got reduced within the industries due to their shutdown. The production and supply chain in many industries got declined due to a lack of operations which directly or indirectly affected the market industrial automation oil & gas. In addition, the production is optimized using comprehensive surveillance and analysis systems requires the use of industrial automation oil & gas, by which the growth of the industrial automation oil & gas market will be seen during the forecasted period.

According to UnivDatos Market Insights (UMI)’ research report “Global Industrial Automation Oil & Gas Market”, the market is expected to witness a growth of ~ 5.3% during the forecast period 2021-2027F. As the market is anticipated to witness an uptick in growth owing to the demand for industrial automation oil & gas has been increasing rapidly all over the globe owing to the growing integration of cyber-physical systems, IoT, and cloud computing in the oil and gas industry. For instance, Zyfra builds an Industrial Internet of Things (IoT) Platform, and the startup’s IIoT products for upstream feature the field development platform Geonaft, a software-based precision drill, production scheduling, artificial lift, and predictive maintenance tools among others. Zyfra’s IIoT solutions allow oil companies to optimize their processes in real-time while helping field operators and workers to improve efficiency and safety.

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In addition, some of the major players operating in the market include Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Emerson Electric Co., Mitsubishi Electric Corp., Schneider Electric SE, Endress+Hauser AG, Rockwell Automation, Yokogawa Electric Corp. Several M&As along with partnerships have been undertaken by these players to develop the industrial automation oil & gas market.

Based on process, the market is fragmented into upstream, midstream, and downstream. The upstream process will grow significantly in the industrial automation oil and gas market during the forecasted period. This is due to its applications such as tank management, well optimization, well test management, injection control, surface control management, scada system for oil and gas. In addition, drilling is one of the upstream segments that benefited from the industrial automation of oil & gas. Furthermore, IoT solutions backed by analytics will permit upstream solutions to keep track of the extraction process from a distanced location in real-time. Through software integration companies can link the latest technologies to change the entire maintenance process by transforming it into a proactive one. Hence, these factors will drive the market growth of industrial automation oil and gas in the coming years.

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Based on the solution, the market is fragmented into supervisory control and data acquisition (scada), programmable logic controller (plc), human-machine interface (hmi), plant asset management (pam), and others. In 2020, plant asset management (pam) is seen dominating the growth of the industrial automation oil & gas market. This is mainly due to its use in managing long-term and short-term scheduling of operations. In addition, plant asset management (pam) software reduces the cycle time of the operational process, which comprises the production, treatment, transportation, maintenance, and realization of hydrocarbon products. Furthermore, industrial automation oil & gas has several operations such as scheduling, executing, and monitoring. These operations have to be planned well to increase profitability. Moreover, these solutions also help oil and gas plants to reduce operational costs, without increasing any risk pertaining to unplanned downtime or employee and environment safety. Hence, the industry needs plant asset management (pam) solutions to ensure the safety and operational efficiency of oil and gas plants and these factors signify its growth during the forecasted period.

Based on the instruments, the market is fragmented into field instruments, control valves, flow meters, process analyzers, leakage detection systems, and others. During the forecasted period, the field instruments segment is seen dominating the growth of the industrial automation oil & gas market. This is mainly due to four types of transmitters involved in instrumentation such as pressure, temperature, level, and vibration level switch. In addition, field instruments are the instruments that can adapt to IoT, and field parameter analysis propels the market in industrial automation for the oil & gas market. Hence, pressure transmitters are extensively used in the oil and gas sector for the measurement of flow, level, pressure, density, and viscosity, among which flow measurement is the most common application area.

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Asia-Pacific Held Significant Share in the Market in 2020

For a better understanding of the market adoption of the industrial automation oil & gas, the market is analyzed based on its worldwide presence in the regions such as North America; Europe; Asia-Pacific; and the Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the large-scale advancements and technological innovations in the oil & gas industry. In addition, many manufacturing industries with continuously changing trends and ongoing advancements in automation technologies. Furthermore, many major players are looking toward improved industrial automation oil & gas and solutions for predictive alerts, as well as for analyzing their systems to reduce overall operational and maintenance costs. Moreover, the deployment of industrial automation oil & gas components and solutions is expected to increase rapidly during the forecast period in Asai-Pacific region countries such as China, India, and Malaysia. For instance, in March 2020, ABB launched a new range of color-coded sensors that make it easy to choose and manage the optimal pH measurement solution. The sensors will help analyze the pH level of water more effectively.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Industrial Automation Oil & Gas Market are Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Emerson Electric Co., Mitsubishi Electric Corp., Schneider Electric SE, Endress+Hauser AG, Rockwell Automation, Yokogawa Electric Corp. Several M&As along with partnerships have been undertaken by these players to develop the industrial automation oil & gas market.

“Global Industrial Automation Oil & Gas Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

1.      By Process (Upstream, Midstream, and Downstream)

2.      By Solution (Supervisory Control and Data Acquisition (Scada), Programmable Logic Controller (Plc), Human-Machine Interface (Hmi), Plant Asset Management (Pam), and Others)

3.      By Instruments (Field Instruments, Control Valves, Flow Meters, Process Analyzers, Leakage Detection Systems, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (Cisco Systems Inc., Honeywell International Inc., Siemens AG, ABB Ltd., Emerson Electric Co., Mitsubishi Electric Corp., Schneider Electric SE, Endress+Hauser AG, Rockwell Automation, Yokogawa Electric Corp.)

Key questions answered in the study:

1.      What are the current and future trends of the global industrial automation oil & gas industry?

2.      How the industry has been evolving in terms of process, solution, instrument, and region?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global industrial automation oil & gas industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global industrial automation oil & gas suppliers across various region and countries?