Oil and Gas Automation Market: Overview
Automation in the oil and gas industry refers to the completion of tasks by the use of control systems, with minimal human intervention. Automation in the oil and gas industry helps in improving the safety and enhancing the efficiency of various operations. Work-related fatalities in the oil and gas industry is increasing every year and thus, automation in the industry helps in avoiding accidents and ensuring safety for the workforce. Automation in the oil and gas industry has applications such as retailing and distribution of petroleum products, start-up, commissioning, and processing and production of plants.
The market study offers an in-depth analysis of the global oil and gas automation industry, studying it by segmenting the market based on various key criteria. It provides an executive-level blueprint of the global oil and gas automation market using Porter’s five forces, market attractiveness analysis, and value chain analysis. It discusses the degree of competition, bargaining power of buyer and supplier, threat of new entrants, and threat of substitutes. In addition to this, the report discusses the company market share and market attractiveness analysis. The report assesses industry policies that influence the global oil and gas automation market.
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The global oil and gas automation market can be segmented on the basis of technology, sector, petroleum derivative products, and by geography. On the basis of technology, the market can be segmented into distributed control systems (DCS), programmable logic controller (PLC), human machine interface (HMI), supervisory control and data acquisition (SCADA), and real-time optimization and simulation (RTOS). By derivative products, the market can be segmented into liquefied petroleum gas, petrol, and diesel.
Oil and Gas Automation Market: Trends and Opportunities
The key factors driving the global oil and gas automation market include effective and easy maintenance made possible by automation, enhanced safety and security, and effective exploration from aging reservoirs. In order to satisfy the increasing demand of oil and gas by both domestic and international consumers, there is a need for a delivery system that is both efficient and accurate. Thus, different products such as DCS, PLC, HMI, and SCADA can be used to ensure adequate safety. The oil and gas companies are chiefly aiming at automation systems so as to achieve a higher level of transparency which subsequently leads to profits by complying with stringent regulations regarding carbon emissions. This is expected to continue to drive the market in the coming years.
Technological advancements and innovations in automation of both software and hardware are aiding the growth of the oil and gas automation market. On the other hand, factors impacting the growth of the global oil and gas automation market negatively include high initial investments and challenges regarding system upgrades. In short, configuration and consistency are among key concerns for players in the market.
Oil and Gas Automation Market: Region-wise Outlook
The report segments the global oil and gas automation market on the basis of geography, into North America, Europe, Asia Pacific, and the Rest of the World. Owing to the availability of coal and oil reserves, the oil and gas automation market is expected to be concentrated in South East Asia. In addition to this, North America is expected to be a lucrative regional segment in the coming years.
Key Players Mentioned in the Report
The report profiles key players operating in the global oil and gas automation market. They are ABB, Mitsubishi Electric, Siemens, Emersion, Honeywell, and Rockwell Automation. The recent developments and growth strategies adopted by each of the players have been included in the report. The report also provides insights into the strengths and weaknesses of the companies profiled. The opportunities and challenges that these companies face are also elaborated upon.
