Oil & Gas Automation Market Scope
The manual labor cost, as well as distribution overheads, are increasing day by day which is ultimately affecting the overall operational expenses of the oil and gas industry. Moreover, the probability of human error is always more than that of machine errors. Thus the inclusion of automated systems in the oil and gas industry will significantly reduce the distribution overhead as well as labor cost which is incurred in operations. Thus the global oil and gas automation market will grow at a significant rate over the forecasted period. Oil and gas automation systems can be used in both offshore & onshore operations with the help of numerous technologies such as distributed control system (DCS), the programmable logic controller (PLC), safety instrumented system (SIS) and many others.
According to AMA, the Global Oil & Gas Automation market is expected to see growth rate of 8.01% and may see market size of USD11.93 Billion by 2027.
The Manufacturers having a strong hold in the market are ABB, Baker Hughes, a GE company, Siemens AG, Cameron International Corporation, and Halliburton Company. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Oil & Gas Automation market throughout the predicted period.
ABB (Switzerland), Baker Hughes, a GE company (United States), Siemens AG (Germany), Cameron International Corporation (United States), Halliburton Company (United States), Emerson Electric Co. (United States), Honeywell International Inc. (United States), Kongsberg Gruppen (Norway), Metso Oyj (Finland) and Mitsubishi Electric Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Omron Corporation (Japan), Weatherford International plc. (United States), Rockwell Automation, Inc. (United States), Schlumberger Limited (United States), Schneider Electric SE (France), Weatherford International plc. (United States) and Yokogawa Electric Corporation (Japan).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Oil & Gas Automation market , by Application (Offshore and Onshore) and Region with country level break-up.
On the basis of geography, the market of Oil & Gas Automation has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On September 19th, 2017, a global engineering and technology leader, ‘Siemens’ & a global provider of industrial control system (ICS) cybersecurity solutions, ‘PAS Global’ have formed a strategic alliance to provide to provide fleet-wide, real time monitoring for control systems. By leveraging the unique capabilities of both companies, this partnership will provide customers with: deep analytics required to identify and inventory proprietary assets; and visibility to detect and respond effectively to attacks across the operating environment.
On 04th March 2019, ABB has launched versatile ABB Ability Wellhead Manager to optimize oil and gas operations globally. The new system is based on SCADA, allows both large operators and small start-ups to gather information about their onshore upstream assets. This oil and gas automation system enables immediate access to data, alarms and call out notifications as well as reduces downtime and risk.
Market Trend
- Totally Machine Oriented and Highly Automated Daily Drilling Operations
- Introduction Precise and Accurate Diagnostics and Inspections
Market Drivers
- Continuously Escalating Demand for Petroleum Products
- Minimized Operational Expenses Due to Increased Automation
Opportunities
- Adoption of Oil and Gas Automation System equipped Weather Monitoring Systems
- Simplified and Risk Free Monitoring of the overall Process of Oil and Gas Transmission
Restraints
- Higher Initial Investments and Continues Maintenance Required
- Data Vulnerability due to Extreme Data Dependency on Centralized Monitoring Software
Challenges
- Complex Automation Software and their respective Integration with the Existing System
- Lack of Skilled Workers to Understand Oil and Gas Automation System Operations
Key Target Audience
Oil and Gas Automation Service Provider, Oil and Gas Automation Equipment Manufacturer, Upstream and Downstream Buyers, Market research and Consulting Firms, Venture Capitalists and Investors, Petroleum Industry Associations and Others