Oil & Gas Automation Market Share 2021 Strategies to Boost Growth, Development, Manufacturers, Industry Size, Trends with Covid-19 Impact till 2026 | ABB Ltd., Honeywell International Inc., Rockwell Automation Inc., Mitsubishi Corporation

The "Oil & Gas Automation Market" provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the Market’s growth. The rise in the aviation sector is escalating the growth of the Oil & Gas Automation Market. Increased adoption of superior technology consisting of synthetic intelligence and system learning, a developing quantity of records and growing utility of records answers through an extensive variety of ends person verticals consisting of banking, economic services, and insurance, authorities and public sector, telecommunications and IT, energy, healthcare and others are the foremost elements as a consequence of the increase of the market.

Key players in the global Oil & Gas Automation Market covered:

ABB Ltd., Honeywell International Inc., Rockwell Automation Inc., Mitsubishi Corporation, Schneider Electric SE, Emerson Electric Co., Eaton Corporation, Dassault Systèmes SE, Yokogawa Electric Corporation, Siemens Corporation, Robert Bosch GmbH, Texas Instruments Inc., Johnson Controls Inc.

Recent Development:

- March 2020 - Emerson and Quantum Reservoir Impact announced a partnership to develop and market next-generation applications for artificial intelligence-based analytics and decision-making tools designed for oil and gas exploration and production.
- February 2019 - Emerson launched a new campaign named We See global to showcase breakthrough innovation and positive opportunities for the company to improve the productivity and performance of its customers worldwide. The new campaign focuses on the challenges it solved in oil and gas, power, food safety, environmentally friendly refrigerants, and pharmaceutical manufacturing.

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Market Overview:

The Oil & Gas Automation Market was valued at USD 17.05 billion in 2020 and is expected to reach USD 24.9 billion by 2026 and grow at a CAGR of 6.47% over the forecast period (2021 - 2026). 

-Adopting digital technologies can improve internal communication and simplify plans by allowing engineering teams to work more efficiently with the oil & gas companies to better manage data and project requirements. Automation in the Oil & gas industry can improve efficiency and bring down costs.

-After the events of the Deepwater Horizon oil spill, the measurement of pressure and flow of oil is seen as a task that could be significantly improved through automation. The pressure, flow, and level of oil can be reported remotely from the field without any on-site crew, using smart sensors, which are connected to centralized monitoring software. With the help of this information, rig crews can monitor and adjust settings as needed.

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Key Market Trends

- Distributed Control Systems (DCS) is integrated as a control architecture comprising a supervisory level of control overseeing multiple, integrated sub-systems that are responsible for managing the details of a localized process. The significant usage of DCS is to control industrial processes such as oil and gas refineries, oil production, etc.
- Some of the major drivers of DCS include increased use of renewable and nuclear energy for power generation and adoption of the industrial internet of things (IIoT) for real-time decision making.
- DCS is also flexible enough to integrate various hardware solutions to provide a comprehensive solution. DCS also has the capability to incorporate traditional SIMATIC ET 200 distributed I/O stations as well as use modern smart devices with the Internet Of Things (IoT) technology.

Key questions answered in this report:

What are the current market trends and dynamics in the circulating Oil & Gas Automation market and valuable opportunities for emerging players?
Estimated forecast and market projections up to 2026
Which segment accounts for the fastest CAGR during the forecast period?
Which is the largest regional market for circulating the Oil & Gas Automation market?
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
The worldwide market value of the circulating Oil & Gas Automation market in 2021 and 2026
Which are the key trends driving the global circulating Oil & Gas Automation market growth?
Who are the leading service providers in the circulating Oil & Gas Automation market worldwide?

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North America Holds a Significant Market Share

- The United States is the largest market for oil and gas in North America. In 2019, US exports of crude, as well as liquefied natural gas (LNG) and refined products, continue to rise, which aligned perfectly with the new administration's motto of energy dominance for the United States.
- In September 2019, the country exported 140,000 BPD more crude oil and petroleum products than imported. According to the Energy Information Agency, the total crude oil and petroleum net exports are expected to rise up to an average of 750,000 BPD in 2020 as compared with the net imports of 520,000 BPD in 2019.
- Baker Hughes uses the InForce surface control system, which combines the hydraulic power to activate downhole tools and the control logic to govern an intelligent well system.

Effect of COVID-19:

Oil & Gas Automation Market report investigates the effect of Coronavirus (COVID-19) on the industry. Since December 2019, the COVID-19 infection has spread to practically 180+ nations around the world with the World Health Organization pronouncing it a general wellbeing crisis. The worldwide effects of the Covid infection 2019 (COVID-19) are now beginning to be felt, and will essentially influence the market in 2020

Report Customization:

The Global Oil & Gas Automation Market report may be modified to meet your specific business needs. Because we understand what our clients want, we provide 25% customization for any of our MID reports at no additional cost to all of our clients.

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This release was published on openPR.