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Industrial Automation Oil And Gas Market Expansion Continues, with Forecast Valuation of $26.18 Billion by 2029
Industrial Automation Oil And Gas
Industrial Automation Oil And Gas Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the industrial automation oil and gas market has seen a significant upswing in the past few years. The market is set to expand from $17.74 billion in 2024 to $18.91 billion in 2025, marking a compound annual growth rate (CAGR) of 6.6%. The historical growth trend can be traced back to the digitization of the oil and gas industry, the rising emphasis on operational efficiency, the surge in exploration and production activities, the ever-present need for safety and compliance, and the expansion of offshore drilling.
Industrial Automation Oil And Gas Market Size Forecast: What's the Projected Valuation by 2029?
The size of the industrial automation oil and gas market is projected to witness substantial expansion in the coming years, growing to $26.18 billion by 2029 at a compound annual growth rate (CAGR) of 8.5%. Multiple factors are contributing to this anticipated growth in the forecast period, such as the need for remote monitoring and control, an increase in the adoption of SCADA (Supervisory Control and Data Acquisition) systems, expansion in unconventional oil and gas resources, the application of advanced process control (APC), the surge of industrial internet of things (IIOT), prioritization of cybersecurity in industrial automation, the adoption of cloud-based automation solutions, and the rising use of wireless sensor networks. In the forecast period, major trends extend to advancements in control systems and sensors, the incorporation of artificial intelligence in automation, the emergence of robotics and autonomous systems, a focus on energy efficiency and sustainability, collaborations between automation providers and oil companies, the development of digital twins for asset management, and the application of augmented reality in training and maintenance.
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What Are the Drivers Transforming the Industrial Automation Oil And Gas Market?
The surge in the adoption of the Internet of Things (IoT) is projected to catalyze the expansion of the industrial automation oil and gas market. IoT is comprised of a network of interconnected computing gadgets, mechanized and electronic devices, characterized by unique identifiers (UIDs), and having the ability to transfer information without the need for human-to-human or human-computer interaction. By incorporating IoT gadgets and sensors into different parts and processes, the oil and gas sector can accomplish real-time monitoring and data gathering. This enables efficient monitoring of equipment performance, environmental factors, and safety measures, leading to enhanced predictive maintenance and minimized downtime. For instance, as per a report issued by the Global Mobile Supplier Association (GSA) in March 2023-a non-profit industry body from the UK representing suppliers in the mobile communication sector- global IoT connections hit 13.2 billion in 2022 and are projected to rise by 18% to 34.7 billion by 2028. As a result, the burgeoning use of IoT is bolstering the industrial automation oil and gas market.
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What Long-Term Trends Will Define the Future of the Industrial Automation Oil And Gas Market?
Innovation in products is emerging as a fundamental trend to achieve recognition in the industrial automation oil and gas market. Top companies in this sector are launching top-tier software tools in the oil and gas industry to maintain their market standing. For instance, in June 2022, GE Digital LLC, renowned for its data analysis and software development services in the US, introduced the Accelerator tools. These are top-tier software tools designed to aid companies in asset-heavy energy sectors swiftly set up their asset performance management (APM) and other services. The objective is to hasten the time to value, expand APM to a more diverse array of assets, and help enterprises procure financial value at their locations and throughout the corporation. This applies across the complete energy value chain, encompasses oil and gas to power-generation assets from renewable sources to traditional gas power and nuclear production facilities. Companies can quickly establish enterprise-level asset reliability and performance programs using sophisticated pre-built product configurations, and integrate prioritized actionable details into routine operations.
Which Segments in the Industrial Automation Oil And Gas Market Offer the Most Profit Potential?
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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Which Firms Dominate the Industrial Automation Oil And Gas Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Industrial Automation Oil And Gas Market?
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
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