Oil and Gas Automation and Control Systems Market Overview and Strategic Regional Analysis 2021 to 2030

Global Oil and Gas Automation and Control System Market size was valued at USD 29.23 billion in 2020 and is predicted to reach USD 68.63 billion by 2030 with a CAGR of 8.4% from 2021-2030.

Oil & gas automation systems, also known as oilfield automation systems consist of various components that monitor the flow of oil & gas and control the valves accordingly. It mainly consists of sensors, which automatically opens and closes the valves for supply. These systems are technologically advanced and offer significant advantages over the conventional systems. They also provide information regarding damages, which can reduce potential accidents. Oil & gas automation & control systems are widely used across all major processes in oil and gas production including drilling, extraction operations and process control, logistics, supply chain, security, and retail operations. Automation provides operators immediate access to critical performance, status, and technical information, accelerating decision-making, troubleshooting, and performance efficiency.

Access Full Description of this report at:-

https://www.nextmsc.com/report/oil-and-gas-automation-control-systems-market

Top Companies: Rockwell Automation Inc., Siemens AG, Schneider Electric SE, ABB Ltd., Honeywell International Inc., Robert Bosch GmbH, Texas Instruments Inc., Mitsubishi Electric Corporation and Emerson Electric Co.

Market Dynamics and Trends:

Automation helps oil and gas producers integrate information, as well as control, authorize, and provide security solutions in response to dynamic needs, which acts as the prime factor fuelling the growth of oil and gas automation and control system market. Also, the process of drilling in oil & gas industry is very expensive and poses considerable risks for the workers. Automating the manual parts of this process, such as pipe handling and pressure drilling can significantly reduce these risks and speed up the entire drilling process, thereby saving variable costs. Demand of reducing the oil prices has increased the need for oil and gas companies to stay competitive by reducing production costs. Therefore, oil companies are focusing on automating processes to reduce production costs, thereby creating demand for oil and gas automation and control systems.

In addition, automation also helps in the diagnosis and inspection of machinery. The offshore oil and gas industry uses dynamic positioning rigs to maintain the position of floating objects and drill ships, and drones to perform rig inspections and monitor gas emissions. These vehicles are remotely controlled and can even transmit data and video streams in real time to a central location.

However, strict restrictions imposed to curb adverse effects on the environment and severe regulations on oil and gas drilling activities can restrain the market growth to some extent. On the other hand, the increasing demand for crude oil in various industries such as industrial activities and transportation is expected to create lucrative opportunities for the manufactures in the near future.

Request free sample copy of this report at:-

https://www.nextmsc.com/oil-and-gas-automation-control-systems-market/request-sample

Market Segmentations and Scope of the Study:

The global oil & gas automation & control systems market share is analysed on the basis of technology, application and geography. On the basis of technology, the market is segmented into Distributed Control System (DCS), Programmable Logic Controller (PLC), Safety Instrumented System (SIS), Supervisory Control and Data Acquisition (SCADA), Manufacturing Execution System (MES), and Other. On the basis of application, the market is divided into Upstream, Midstream, Downstream, Onshore, and Offshore. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis:

North America holds the lion share of oil and gas automation and control system market. This is majorly because, the U.S. is one of the largest consumers of crude oil and natural gas, accounting for almost 20% of world consumption. Also, the U.S. government aims to become the top oil and gas producer in the next few years. Moreover, the oil and gas industry's dependency on automation has increased over the past decade, and the announcement of multiple rounds of industrial layoffs has reduced the number of skilled workers at oil and gas companies. This has made the U.S. oil companies increasingly dependent on automation to complete the process without delay.

Although the U.S. is still a net importer of crude oil, its growing status as an energy exporter and low-cost supplier may fundamentally change its position in the global energy landscape. In terms of cost reduction, the U.S. natural gas producers have been using automation to reduce and maintain costs. For example, SCADA is widely used in the upstream, midstream, and downstream oil and gas industries in the U.S. In the upstream sector, its role is usually shaped to mainly support remote data transmission. However, this situation is expected to change due to the widespread use and diversification of SCADA in other industrial fields. In addition, American owners and operators recognize how IT-based automation can effectively solve the unique challenges of the upstream oil and gas industry.

However, Asia-Pacific is expected to show a steady rise in oil and gas automation and control system market. This is due to the development of automation, digital technologies and control systems that improved the efficiency and better monitoring of the oil and gas refining industries. The refining industry uses Distributed Control Systems (DCS) to reduce the possibility of downtime, potentially dangerous and disruptive conditions, because DCS includes operational redundancy. The demand for refined fuels in the Asia-Pacific region is expected to exceed that of other regions in absolute terms, increasing by 17.2% between 2021 and 2026. Several refinery projects are being lined up in China and other countries in the region. Therefore, due to these factors the demand for automation in Asia-Pacific refineries is expected to support the market during the forecast period.

Contact:
Phone Number: +1-217-650-7991
E-mail: info@nextmsc.com

About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

For more insights, please visit, https://www.nextmsc.com

This release was published on openPR.