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Industrial Automation Oil and Gas Market Thrives with Key Market Insights, Technological Advances, and a Robust Growth Outlook
Industrial Automation Oil And Gas Market
As per the report, the industrial automation oil and gas market size has grown strongly in recent years. It will grow from $16.82 billion in 2023 to $18.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The industrial automation oil and gas market size is expected to see strong growth in the next few years. It will grow to $23.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
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The Surge In Internet Of Things (IOT) Utilization Powers Growth Of The Industrial Automation In The Oil And Gas Market
The increasing usage of the Internet of Things (IoT) is expected to propel the growth of the industrial automation oil and gas market going forward. The Internet of Things (IoT) is a networked system of interconnected computing devices, mechanical and electronic machinery with unique identities (UIDs), and the capacity to transfer data without needing human-to-human or human-to-computer contact. The oil and gas industry can achieve real-time monitoring and data collection by integrating IoT devices and sensors into various components and processes. It allows for efficient tracking of equipment performance, environmental conditions, and safety parameters, resulting in better predictive maintenance and reduced downtime. For instance, in March 2023, according to a report published by the Global Mobile Supplier Association (GSA), a UK-based not-for-profit industry organization representing suppliers in the mobile communication industry, the global IoT connections reached 13.2 billion in 2022 and are expected to increase by 18% to 34.7 billion by 2028. Therefore, the increasing usage of the Internet of Things (IoT) drives the industrial automation oil and gas market.
Innovative Product Offerings Drive Growth In The Industrial Automation Oil And Gas Market
Product innovations are a key trend for gaining popularity in the industrial automation oil and gas market. Major companies operating in the industrial automation oil and gas market are introducing best-in-class software tools in the oil and gas industry to sustain their position in the market. For instance, in June 2022, GE Digital LLC, a US-based company that provides data analysis and services related to software development, launched the Accelerator tools, which include best-in-class software tools to assist companies in asset-intensive energy industries in quickly configuring their asset performance management (APM) and other offerings. It is intended to accelerate time to value, scale APM to a wider variety of assets, and assist organizations in gaining financial value at their facilities and throughout the enterprise. It is applicable throughout the whole energy value chain, from oil and gas to power-generating assets ranging from renewable energy to more typical gas power and nuclear production facilities. Companies may rapidly build up enterprise-level asset reliability and performance programs using advanced pre-built product configurations, incorporating prioritized actionable information into everyday operations.
The industrial automation oil and gas market covered in this report is segmented -
1) By Component: Industrial Robots, Control Valves, Field Instruments, Human Machine Interference (HMI), Industrial PC, Process Analyzer, Intelligent Pigging, Vibration Monitoring
2) By Stream: Upstream, Midstream, Downstream
3) By Solutions: Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control Systems (DCS), Manufacturing Execution System (MES), Functional Safety, Plant Asset Management (PAM)
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Major companies operating in the industrial automation oil and gas market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corp., Emerson Electric Co., Rockwell Automation Inc., FANUC CORPORATION, Fuji Electric Co. Ltd., Omron Corporation, AMETEK Inc., Phoenix Contact, Festo Group, Endress+Hauser Group, Yokogawa Electric Corporation, AZBIL North Americas Inc., KUKA AG, WAGO Corp., Krohne Group, Pepperl+Fuchs SE, Beckhoff Automation LLC, Yokohama Industries Americas, Hitachi Industrial Equipment Systems Co. Ltd., VEGA Grieshaber KG
Contents of the report:
1. Executive Summary
2. Industrial Automation Oil And Gas Market Report Structure
3. Industrial Automation Oil And Gas Market Trends And Strategies
4. Industrial Automation Oil And Gas Market - Macro Economic Scenario
5. Industrial Automation Oil And Gas Market Size And Growth
…..
27. Industrial Automation Oil And Gas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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