Summary
The global Oil And Gas Automation Solutions Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Overview
Oil and gas is a rapidly expanding industry where exploration companies often face challenges regarding cost management, maximization of the up-time, and extraction of high value from current assets. Automation solutions can help achieve a reduction in energy consumption and make use of generated data. The global oil and gas automation solutions market focuses on six regions namely North America, Europe, Asia Pacific, Middle East, and Africa. The global oil and gas automation solutions market is expected to witness significant growth during the forecast period, owing to growing implementation of the industrial internet of things (IIoT).
Market Drivers
Growing consumption of oil is expected to drive growth of the global oil and gas automation solutions market during the forecast period. According to the International Energy Agency (IEA), crude oil and natural gas production reached 4,610 million tons in 2019, increasing from 4,095 million tons in 2010. According to the BP Statistical Review of Global Energy 2020, oil consumption in the U.S. reached 10,274 TWh (terawatt-hour) in 2019, increasing from 9,892 TWh in 2010. Increasing demand for oil and related products has compelled oil & gas companies to adopt automation in their daily activities. Hence, these factors are expected to drive growth of the global oil and gas automation solutions market during the forecast period. Furthermore, rising implementation of the industrial internet of things (IIoT) is expected to propel the global oil and gas automation solutions market growth over the forecast period.
Market Restraint
Volatile prices of oil and gas are expected to restrain growth of the global oil and gas automation solutions market during the forecast period.
Regional Insights
Among regions, Middle East is expected to witness significant growth in the global oil and gas automation solutions market during the forecast period. This is owing to rising oil exploration and production activities in the region. Furthermore, Europe is expected to register a robust growth rate, owing to increasing shale gas developments in the region.
Competitive Section
Major companies involved in the global oil and gas automation solutions market are ABB, Eaton, Emerson, OMRON, Honeywell International, Schneider Electric, Rockwell Automation, and Siemens AG.
For instance, in December 2019, ABB entered into an agreement with Equinor to deliver safety and automation systems across Equinor’s installed base and Greenfield projects.
The Oil And Gas Automation Solutions Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Oil And Gas Automation Solutions Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- ABB
- Eaton
- Emerson
- Honeywell International
- Mitsubishi Electric
- OMRON
- Rockwell Automation
- Schneider Electric
- Siemens
- Yokogawa Electric
By the Product Type, the market is primarily segmented into:
By Applications, the market is segmented into:
- split into
- Oil Industry
- Gas Industry
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Oil And Gas Automation Solutions Market Report:
- To assess the size of the market by value and volume
- Analyze the Oil And Gas Automation Solutions Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Oil And Gas Automation Solutions Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Oil And Gas Automation Solutions Market
The Oil And Gas Automation Solutions Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Oil And Gas Automation Solutions Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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