Press release
Oil And Gas Automation Market Set to Reach $30.15 Billion by 2029 with 6% Yearly Growth
Oil And Gas Automation Market
The boom in oil and gas exploration activities is anticipated to fuel the expansion of the oil and gas automation market. The term refers to the methodical procedure of locating subsurface deposits of oil and natural gas resources. The application of automation in this sector offers efficient, economical, and secure options. By using advanced data analysis, automation aligns with the industry's ambitions for optimized, sustainable exploration methods. For instance, the U.S. Energy Information Administration, a governmental agency, reported in March 2024 that U.S. crude oil production increased by 9% in 2023 compared to the prior year, hitting a record 12.9 million barrels per day. This surge has escalated crude oil exports, despite the consistent optimization of U.S. refineries for processing heavier crude oils. Hence, the soaring oil and gas exploration activities are propelling the oil and gas automation market's growth.
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What growth opportunities are expected to drive the oil and gas automation market's CAGR through 2034?
In recent times, the size of the oil and gas automation market has experienced robust growth. The market is projected to expand from $22.24 billion in 2024 to $23.9 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.5%. The growth noted in the historical period can be traced back to the rising energy demand, a quest for cost reduction, safety-related concerns, and challenges related to exploration and production.
There's projected to be robust expansion in the oil and gas automation market in the coming years, with an expected valuation of $30.15 billion by the year 2029 and a compound annual growth rate (CAGR) of 6.0%. This anticipated increase over the forecast period is owing to a greater emphasis on operational efficacy, escalating intricacy of operations, a rise in digitalization, a concern for environmental sustainability, and a move towards remote operations. Key trends for this period include the augmented uptake of advanced analytics, the proliferation of industrial internet of things (IoT) integration, the emergence of autonomous operations, a tilt towards cloud-based solutions, and a focus on cybersecurity.
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What are the emerging trends shaping the future of the oil and gas automation market?
Prominent enterprises in oil and gas automation are spearheading the creation of tech-based solutions like actuator solutions, with the aim to mitigate carbon emissions and upgrade customer experience with advanced features. These actuator solutions utilize sophisticated technologies to reduce or possibly eradicate the discharge of greenhouse gases tied to industrial operations, transportation, and energy production. For example, in August 2023, Automation Technology Inc., an American firm specializing in valve automation, introduced a zero-emission actuator solution. This no emission electro-hydraulic package offers a broad strategy to slash emissions without the necessity of a pipeline. Pipeline actuators utilize pipeline gas to produce electricity, which is subsequently discharged into the environment. The self-contained zero-emission electro-hydric system by ATI merges the power supply and actuator into a compact package. This solution comprises the actuator, pump, motor, manifold, reservoir, and all controls, which renders gas as a power source obsolete.
Which growth-oriented segments of the oil and gas automation market are leading the industry's development?
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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What regions are leading the charge in 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 companies are at the forefront of innovation in 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
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What Is Covered In The Oil And Gas Automation Global Market Report?
•Market Size Forecast: Examine the oil and gas automation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the oil and gas automation market for a structured understanding.
•Key Players Overview: Analyze major players in the oil and gas automation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the oil and gas automation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the oil and gas automation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the oil and gas automation market.
•Industry Challenges: Identify potential risks and obstacles affecting the oil and gas automation market.
•Competitive Landscape: Review strategic developments in the oil and gas automation market, including expansions, agreements, and new product launches.
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