Press release
The Surge In Internet Of Things (IOT) Utilization Powers Growth Of The Industrial Automation In The Oil And Gas Market: Key Factor Driving The Growth In The Industrial Automation Oil And Gas Market
Industrial Automation Oil And Gas
What Is the Expected Industrial Automation Oil And Gas Market Size During the Forecast Period?
The market size of the industrial automation oil and gas has been expanding robustly in the past few years. The market is projected to increase from $17.74 billion in 2024 to $18.91 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.6%. The notable growth during the historic phase can be credited to factors such as digital transformation in the oil and gas sector, heightened emphasis on operational efficiency, surge in exploration and production operations, necessity for safety and regulatory compliance, and the proliferation of offshore drilling.
Expectations are high for substantial growth in the industrial automation oil and gas market in the coming years. The market size is set to rise to $26.18 billion in 2029, growing at a compound annual growth rate (CAGR) of 8.5%. This projected growth throughout the forecast period can be ascribed to factors such as the demand for remote control and monitoring, increased adoption of SCADA (supervisory control and data acquisition) systems, growth in non-conventional oil and gas resources, the introduction of advanced process control (APC), expansion of the industrial Internet of Things (IIOT), prioritization of cybersecurity in automation, the adoption of cloud-based automation, and the increased application of wireless sensor networks. Future trends to watch include improvements in control systems and sensors, the integration of AI in automation, the growing prominence of robotics and autonomous systems, an emphasis on energy efficiency and sustainability, partnerships between automation providers and oil companies, the creation of digital twins for asset management, and the application of augmented reality in training and maintenance operations.
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What Are the High-Growth Segments in the Industrial Automation Oil And Gas Market?
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)
Subsegments:
1) By Industrial Robots: Articulated Robots, SCARA Robots, Collaborative Robots (Cobots)
2) By Control Valves: Ball Valves, Gate Valves, Globe Valves, Butterfly Valves
3) By Field Instruments: Pressure Transmitters, Flow Meters, Temperature Sensors
4) By Human Machine Interface (HMI): Software HMI, Hardware HMI
5) By Industrial PC: Panel PCs, Rack-Mount PCs
6) By Process Analyzer: Gas Analyzers, Liquid Analyzers
7) By Intelligent Pigging: Magnetic Flux Leakage (MFL) Pigs, Ultrasonic Pigs
8) By Vibration Monitoring: Portable Vibration Analyzers, Online Vibration Monitoring Systems
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What Key Drivers Are Expected to Influence Future Industrial Automation Oil And Gas Market Growth?
Industrial automation in the oil and gas market is anticipated to expand, driven by the growing use of the Internet of Things (IoT). The IoT involves a system of connected computing devices, machinery, and electronic devices with distinct identities (UIDs). These can transfer data independently, without human interference. Within the oil and gas industry, IoT devices and sensors can be integrated into various elements and processes for real-time monitoring and data gathering. This facilitates efficient tracking of equipment performance, environmental conditions, and safety measures, leading to improved predictive maintenance and fewer periods of downtime. For example, a report by the Global Mobile Supplier Association (GSA), a non-profit industry organization based in the UK that represents suppliers in the mobile communications industry, stated in March 2023 that global IoT connections totaled to 13.2 billion in 2022. The report suggests that this is forecasted to see a growth of 18%, reaching 34.7 billion by 2028. Consequently, the escalating use of the IoT is driving the growth of the industrial automation oil and gas market.
Which Companies Hold the Largest Share Across Different Industrial Automation Oil And Gas Market Segments?
Major companies operating in the industrial automation oil and gas market include 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
What Trends Are Driving Growth in The Industrial Automation Oil And Gas Market?
Product improvements are a crucial strategy for gaining traction in the industrial automation oil and gas market. Top firms in this market are launching top-notch software tools for the oil and gas sector in order to maintain their market standing. For example, in June 2022, US-based company GE Digital LLC, known for its data analysis and software development services, unveiled their Accelerator tools. These tools comprise of top-notch software designed to help companies in asset-intensive energy sectors in rapidly setting up their asset performance management (APM) and other services. The goal is to hasten time to value, expand APM across a broader range of assets, and aid organizations in realizing financial value at their facilities and across their enterprise. This is relevant across the entire energy value chain, from oil and gas to energy producers spanning from renewable sources to conventional gas power and nuclear facilities. With advanced pre-built product configurations, companies can quickly establish enterprise-level asset reliability and performance programs, incorporating prioritized actionable data into daily operations.
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What Are the Emerging Geographies for The Industrial Automation Oil And Gas Market Growth?
Asia-Pacific was the largest region in the industrial automation oil and gas market in 2024. The regions covered in the industrial automation oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Automation Oil And Gas Market?
2. What is the CAGR expected in the Industrial Automation Oil And Gas Market?
3. What Are the Key Innovations Transforming the Industrial Automation Oil And Gas Industry?
4. Which Region Is Leading the Industrial Automation Oil And Gas Market?
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