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on May 17, 2024
Overview and Scope
Oil and gas automation refers to the implementation of digital technologies throughout the oil and gas industry to enhance competitiveness, reduce costs, and improve efficiency. It improves operational efficiency by streamlining processes, reducing manual interventions, and optimizing resource utilization
Sizing and Forecast
The oil and gas automation market size has grown strongly in recent years. It will grow from $20.63 billion in 2023 to $22.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing demand for energy, need for cost reduction, safety concerns, exploration and production challenges.
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Segmentation & Regional Insights
The oil and gas automation market covered in this report is segmented –
1) By Component: Software, Service
2) By Technology, Distributed Control System (DCS), Enterprise Resource Planning (ERP), Supervisory Control And Data Acquisition (SCADA), Machine Execution System (MES), Product Lifecycle Management (PLM), Programmable Logic Controller (PLC)
3) By Process: Midstream, Upstream, Downstream
4) By Application, Chemical And Petrochemical, Paper And Pulp, Water And Waste Water Treatment, Energy And Utilities, Oil And Gas Pharmaceutical: Other Applications
North America was the largest region in the oil and gas automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oil and gas automation 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 surging oil and gas exploration activities are expected to propel the growth of the oil and gas automation market going forward. Oil and gas exploration activities refer to the systematic process of searching for underground deposits of oil and natural gas resources. Automation in the oil and gas industry delivers efficient, cost-effective, and safe solutions. With advanced analytics, automation aligns with industry goals for optimized, sustainable exploration practices. For instance, in 2021, according to the U.S. Energy Information Administration's (EIA), US-based government agency, annual U.S. crude oil production will average 11.1 million b/d in 2021 and expects crude oil production to increase in 2022 by 0.4 million b/d because of increased drilling as prices remain at or near $50 per barrel. Therefore, the surging oil and gas exploration activities are driving the growth of the oil and gas automation market.
Key Industry Players
Major companies operating in the oil and gas automation market are BP Plc, Robert Bosch GmbH, Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Ltd., Schlumberger Limited, Johnson Controls International plc, Baker Hughes Inc., Eaton Corp PLC, Texas Instruments Inc., Cognizant Technology Solutions Corp., Alstom SA, Tyco International Ltd., Jacobs Engineering Group, Parker Hannifin Corporation, Emerson Electric Co., Rockwell Automation Inc., Dassault Systèmes SE, SNC-Lavalin Group Inc., Weatherford International Ltd., Black & Veatch Holding Company, TETRA Technologies Inc., Yokogawa Electric Corporation, Kongsberg Gruppen ASA, Petrofac Limited
The oil and gas automation market report table of contents includes:
1. Executive Summary
2. Oil And Gas Automation Market Characteristics
3. Oil And Gas Automation Market Trends And Strategies
4. Oil And Gas Automation Market - Macro Economic Scenario
5. Global Oil And Gas Automation Market Size and Growth
….
32. Global Oil And Gas Automation Market Competitive Benchmarking
33. Global Oil And Gas Automation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oil And Gas Automation Market
35.Oil And Gas Automation Market Future Outlook and Potential Analysis
36. Appendix
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Posted in: Technology