Automation Solutions Market in the Oil and Gas Industry by Product and Geography - Forecast and Analysis 2020-2024
Global Automation Solutions Market in the Oil and Gas Industry: About this market
Technavio’s oil and gas automation solutions market analysis considers sales from hardware, software, and maintenance and services. Our report also provides a detailed analysis of the market in APAC, Europe, North America, MEA, and South America. In 2019, the SCADA systems product segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as monitoring and controlling activities for integral processes will play a vital role in helping the SCADA system segment to maintain its market position. Also, our global oil and gas automation solutions market report looks at factors such as growing regulatory compliance, gradual recovery in upstream activities, and rise in global demand for oil and gas. However, growing cyber security concerns, interoperability issues due to proprietary software, and volatile oil and gas environment may hamper the growth of the oil and gas automation solutions industry over the forecast period.
Global Automation Solutions Market in the Oil and Gas Industry: Overview
Rise in the global demand for oil and gas
The increasing demand for oil and gas has increased investments in midstream infrastructure, which includes the expansion of oil and gas terminals and the construction of pipelines. This has a direct impact on the demand for oil and gas automation solutions. Automation systems such as SCADA and DCS are implemented to overcome common problems, such as unstable flow of fluids through pipelines and risers in the upstream segment. This demand will lead to the expansion of the global oil and gas automation solutions market at a CAGR of over 5% during the forecast period.
Growing importance of big data analytics and IoT
The oil and gas industry is adopting IoT-enabled electric components and equipment to obtain increased efficiency and reduced downtime. The application of big data analytics can break down organizational and operational data and system silos and automate the data gathering process across business operations. Moreover, the application of IoT-enabled solutions ensures cost savings and increases operational efficiency of oil and gas industry. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global oil and gas automation solutions market during the forecast period 2020-2024, click here.
With the presence of several major players, the global oil and gas automation solutions market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading oil and gas automation solutions manufacturers, that include ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
Also, the oil and gas automation solutions market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook