Press release
Actuator Technology Reducing Carbon Footprint Trend: A Crucial Influence on the Oil And Gas Automation Market's Transformation in 2025
Oil And Gas Automation Market
The oil and gas automation market has seen steady growth in recent years. It will rise from $22.24 billion in 2024 to $23.9 billion in 2025, with a CAGR of 7.5%. This increase can be attributed to growing energy demands, cost-reduction requirements, safety concerns, and challenges in exploration and production.
The oil and gas automation market is expected to see steady growth, reaching $30.15 billion by 2029 at a CAGR of 6.0%. This is due to increasing operational efficiency, growing complexity in operations, rising digitalization, a focus on environmental sustainability, and a shift toward remote operations. Trends include advanced analytics adoption, integration of industrial IoT, autonomous operations, cloud-based solutions, and a heightened emphasis on cybersecurity.
What Factors Are Fueling Growth in the Oil And Gas Automation Market?
The increasing oil and gas exploration activities are expected to spur the growth of the oil and gas automation market. Exploration activities in the oil and gas sector involve systematic processes to locate underground reserves of oil and natural gas. Automation enhances these activities by providing efficient, cost-effective, and safe solutions, aligning with industry goals for optimized and sustainable exploration. For instance, in March 2024, the Energy Information Administration, a U.S.-based government agency, reported that U.S. crude oil production surged by 9% in 2023 compared to 2022, reaching a record 12.9 million barrels per day. This increase led to higher crude oil exports despite U.S. refineries continuing to prioritize processing heavier crude oils. Therefore, the expansion of oil and gas exploration is propelling the oil and gas automation market.
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Which Leading Companies Are Shaping the Growth of the Oil And Gas Automation Market?
Major companies operating in the oil and gas automation market are 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
What Are the Major Trends Shaping the Oil And Gas Automation Market?
Key players in the oil and gas automation sector are developing advanced solutions, such as actuator technologies, to minimize carbon emissions and improve service capabilities. Actuator solutions reduce greenhouse gas emissions by incorporating cutting-edge technologies into industrial processes, transportation, and energy production. For instance, in August 2023, Automation Technology Inc., a U.S.-based valve automation manufacturer, introduced a zero-emission actuator solution. This electro-hydraulic system reduces emissions without relying on pipeline gas, which is typically vented into the atmosphere. ATI's self-contained actuator system includes an integrated power supply, pump, motor, manifold, reservoir, and control components, eliminating the need for gas as a power source.
What Are the Key Segments of the Oil And Gas Automation Market?
The oil and gas automation market covered in this report is segmented -
1) By Component: Software, Service
2) By Technology, Distributed Control System (DCS), Enterprise Resource Planning (ERP), Supervisory Control And Data Acquisition (SCADA), Machine Execution System (MES), Product Lifecycle Management (PLM), Programmable Logic Controller (PLC)
3) By Process: Midstream, Upstream, Downstream
4) By Application, Chemical And Petrochemical, Paper And Pulp, Water And Waste Water Treatment, Energy And Utilities, Oil And Gas Pharmaceutical: Other Applications
Subsegments:
1) By Software: Supervisory Control And Data Acquisition (SCADA) Systems, Distributed Control Systems (DCS), Advanced Process Control (APC) Software, Asset Management Software, Safety And Security Software
2) By Service: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services, Training And Education Services
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Which Region Dominates the Oil And Gas Automation Market?
North America was the largest region in the oil and gas automation market in 2024. 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.
What Is Covered In The Oil And Gas Automation Global Market Report?
- Market Size Analysis: Analyze the Oil And Gas Automation Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Oil And Gas Automation Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Oil And Gas Automation Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Oil And Gas Automation Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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