Acumen Research and Consulting recently published report titled “Oil & Gas Automation Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
TOKYO, June 21, 2022 (GLOBE NEWSWIRE) -- The Global Oil & Gas Automation Market size accounted for USD 18,979 Mn in 2021 and is estimated to reach USD 33,336 Mn by 2030, with a significant CAGR of 6.7% from 2022 to 2030.
When compared to other industries, the oil & gas industry's approach to digital transformation is expected to be evolutionary rather than revolutionary. However, advancements in technologies such as the cloud, social media, big data, and analytics are driving trends with enormous potential for the oil and gas industry. By breaking down the silos of company business functions, cloud computing can improve business agility. Big data and analytics will enable corporations to analyze massive amounts of structured and unstructured data from various sources and generate real-time insights, thereby facilitating innovation.
Mobile technology enables new business situations, whereas social channels improve customer relationships by establishing these connections in a quick, direct, and low-cost manner. The declining cost of sensors, combined with the surfacing of the industrial internet of things (IIoT), will immensely increase the amount of data that corporations can access.
Combining these technologies in novel ways has the potential to exponentially increase their capabilities, far outweighing their effectiveness if deployed individually. This combined effect is currently introducing a new level of connected intelligence to oil and gas operations. Aside from increased efficiency, digitalization may enable businesses to better reach out to customers. Big data and analytics, IIoT, and mobile devices are quickly becoming trending digital topics for oil and gas companies.
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Report Coverage:
| Market | Oil & Gas Automation Market | |
| Market Size in 2021 | USD 18,979 Mn | |
| Market Forecast 2030 | USD 33,336 Mn | |
| CAGR During 2022 - 2030 | 6.7% | |
| Analysis Period | 2018 - 2030 | |
| Base Year | 2021 | |
| Forecast Data | 2022 - 2030 | |
| Segments Covered | By Technology, By Component, By Process, By Region | |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | ABB Ltd., Alstom, Baker Hughes Inc., BP Plc, Eaton Corp PLC, Emerson Electric Co., Siemens AG, Sigit Inc, Tyco International Ltd, Weatherford International Ltd, and Yokogawa Electric Co. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
| Customization Scope | 10 hrs of free customization and expert consultation | |
COVID-19 Impact on the Oil & Gas Automation Industry
Despite the fact that the COVID-19 pandemic is still changing the growth of various industries, the pandemic’s instant impact is varied. While some industries may experience a decline in demand, many others will stay unaffected and exhibit strong development prospects. The COVID-19 pandemic has put down the closure of countless businesses. Maximum workers were not allowed at their manufacturing units and asked to stay home. Thus, the need for automation was growing. However, since many facilities did not have the infra for automation, the market slightly declined but is likely to recover with lucrative opportunities in the coming years.
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Global Oil & Gas Automation Market Growth Factors
The growth of the oil & gas automation industry is driven by the rising demand for oil & gas. The industry has witnessed the importance of automation, especially in critical conditions where the human workforce could not work with constant efficiency. For instance, offshore oil & gas companies benefited greatly from automaton because of their unique environment and operating model. Many offshore platforms are constantly manned, but they are evacuated when a hurricane approaches. Many automation projects were justified because they could reduce or eliminate production lost when manually operated platforms were shut down during an evacuation. Automated platforms demonstrated the ability to stay in production for much longer periods of time, resulting in impressive, provable savings. Thus, the integration of automation in oil & gas industry is expected to be lucrative.
Global Oil & Gas Automation Market Segments
The oil & gas automation market is divided into four categories: technology, offering, process, and region. Based on technology, the market is categorized into a distributed control system (DCS), machine execution system (MES), enterprise resource planning (ERP), product lifecycle management (PLM), programmable logic controller (PLC), supervisory control and data acquisition (SCADA), and other technologies. Based on our analysis, the SCADA segment achieved a substantial market share in 2021. However, the DCS segment is likely to attain a considerable growth rate throughout the projected years 2022 – 2030.
By offering, the market is split into hardware, software, and services. Among offerings, the hardware segment accumulated a noteworthy market share in 202, whereas the software segment is anticipated to observe a substantial growth rate in the coming years.
Furthermore, the process segment is classified into upstream, midstream, and downstream. Drilling is one of the upstream segments that has benefited greatly from automation. The downstream segment transforms crude oil into usable finished products like heating oil, lubricants, plastics, synthetic rubber, pesticides, fertilizers, asphalt, and pharmaceuticals. All retail channels, such as gas stations, are incorporated in the downstream segment. Moreover, the framework is frequently more approachable in midstream oil and gas activities, and the situations can be less harsh.
Oil & Gas Automation Market Regional Stance
North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa are the market's regional segments. North America accounted for the largest share of the market during the projection period (2022– 2030). However, in the next years, the Asia-Pacific area is predicted to grow at the quickest rate.
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Oil & Gas Automation Market Players
The oil & gas automation industry involves many key players. The top players presented in the report include ABB Ltd., Alstom, Baker Hughes Inc., BP Plc, Eaton Corp PLC, Emerson Electric Co., Siemens AG, Sigit Inc, Tyco International Ltd, Weatherford International Ltd, and Yokogawa Electric Co.
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