2024 Global Outlook: Automation Trends in Oil and Gas Industry

"The Business Research Company recently released a comprehensive report on the Global Oil And Gas Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The oil and gas automation market size has grown strongly in recent years. It will grow from $20.63 billion in 2023 to $22.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing demand for energy, need for cost reduction, safety concerns, exploration and production challenges.

The oil and gas automation market size is expected to see strong growth in the next few years. It will grow to $28.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing focus on operational efficiency, growing complexity of operations, rising adoption of digitalization, focus on environmental sustainability, shift towards remote operations. Major trends in the forecast period include increased adoption of advanced analytics, expansion of industrial iot (IoT) integration, rise of autonomous operations, shift towards cloud-based solutions, emphasis on cybersecurity.

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Market Drivers and Trends:

The surging oil and gas exploration activities are expected to propel the growth of the oil and gas automation market going forward. Oil and gas exploration activities refer to the systematic process of searching for underground deposits of oil and natural gas resources. Automation in the oil and gas industry delivers efficient, cost-effective, and safe solutions. With advanced analytics, automation aligns with industry goals for optimized, sustainable exploration practices. For instance, in 2021, according to the U.S. Energy Information Administration's (EIA), US-based government agency, annual U.S. crude oil production will average 11.1 million b/d in 2021 and expects crude oil production to increase in 2022 by 0.4 million b/d because of increased drilling as prices remain at or near $50 per barrel. Therefore, the surging oil and gas exploration activities are driving the growth of the oil and gas automation market.

Major oil and gas automation companies are developing technological solutions, such as actuator solutions, to eliminate the carbon footprint and serve customers better with advanced features. Actuator solutions are used to eliminate the carbon footprint by implementing advanced technologies that reduce or eliminate the emissions of greenhouse gases associated with industrial processes, transportation, and energy production. For instance, in August 2023, Automation Technology Inc., a US-based valve automation manufacturer, launched a zero-emission actuator solution. The zero emission electro-hydraulic package provides a comprehensive method to reduce emissions without requiring a pipeline. Pipeline actuators employ pipeline gas to generate electricity, which is then released into the atmosphere. ATI's self-contained zero-emission electro-hydric system connects the power supply and actuator in a small package. The solution includes the actuator, pump, motor, manifold, reservoir, and all controls, which eliminate the need for gas as a power source.

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Major Key Players of the Market:

BP Plc, Robert Bosch GmbH, Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Ltd., Schlumberger Limited, Johnson Controls International plc, Baker Hughes Inc., Eaton Corp PLC, Texas Instruments Inc., Cognizant Technology Solutions Corp., Alstom SA, Tyco International Ltd., Jacobs Engineering Group, Parker Hannifin Corporation, Emerson Electric Co., Rockwell Automation Inc., Dassault Systèmes SE, SNC-Lavalin Group Inc., Weatherford International Ltd., Black & Veatch Holding Company, TETRA Technologies Inc., Yokogawa Electric Corporation, Kongsberg Gruppen ASA, Petrofac Limited

Oil And Gas Automation Market 2024 Key Insights:

• The oil and gas automation is expected to grow to $28.49 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surging Oil And Gas Exploration Fuels Automation Market.
• Actuator Technology Reducing Carbon Footprint.
• North America was the largest region in the oil and gas automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oil and gas automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.