Industrial Automation Oil & Gas Market worth dollar18.7 billion by 2025
Published on : Saturday 09-01-2021
Key factors fuelling the growth of the market are IIoT adding value in the industrial automation and optimum and effective exploration of aging reservoirs.
Chicago, January 2021 – According to the new market research report "Industrial Automation Oil & Gas Market With Covid-19 Impact, By Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions (SCADA, PLC, DCS, MES, PAM), Stream and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Industrial Automation Oil & Gas Market is projected to grow from USD 14.9 billion in 2020 to USD 18.7 billion by 2025; it is expected to grow at a CAGR of 4.7% from 2020 to 2025. The key factors fuelling the growth of the market are IIoT adding value in the industrial automation and optimum and effective exploration of aging reservoirs.
Field instruments market is expected to hold the largest share during the forecast period. Field instruments comprise four types of transmitters – pressure, temperature, level, and vibration level switch, which are used for various processes involved in instrumentation. 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. Field instruments' ability to adapt to IoT and field parameter analysis propels the market in industrial automation for oil & gas market.
The oil & gas sector is a major application area for solutions such as PLC, SCADA, DCS, and safety automation; however, the declining prices of oil and reducing oil & gas projects are expected to lead to the steady growth of these markets. Due to the geographically dispersed oil & gas platforms, it is important to have proper communication systems. This growth is attributed to the huge development of industries in India and China. This factor is expected to create a huge demand for automation products that include DCS systems.
The growth of this market is driven by the flourishing manufacturing industry with continuously changing trends and ongoing advancements in automation technologies. Companies seek improved industrial automation oil & gas and solutions for predictive alerts, as well as for analysing their systems to reduce overall operational and maintenance costs. In APAC, the deployment of industrial automation oil & gas components and solutions is expected to increase rapidly during the forecast period in China, India, and Malaysia.
The key players operating in the industrial automation oil & gas market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).
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