Oil And Gas Automation Market Growth Accelerates: Strategic Forecast Predicts $30.15 Billion by 2029

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What Will the Oil And Gas Automation Industry Market Size Be by 2025?
In recent times, there has been significant growth in the size of the oil and gas automation market. It is set to expand from $22.24 billion in 2024 to $23.9 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 7.5%. Factors contributing to the growth experienced in the historic period include the rising demand for energy, the necessity for cost reduction, safety considerations, and challenges in exploration and production.

What's the Long-Term Growth Forecast for the Oil And Gas Automation Market Size Through 2029?
In the years to come, the oil and gas automation market is anticipated to witness significant expansion. It is projected to escalate to $30.15 billion by 2029, with a compound annual growth rate (CAGR) of 6.0%. This predicted surge during the forecast period is due to the heightened focus on operational efficiency, the mounting complexity of operations, an uptick in the embrace of digitalization, a focus on environmental sustainability, and a pivot towards remote operations. The forecast period will also see major trends such as the growing acceptance of advanced analytics, broadening industrial IoT integration, the emergence of autonomous operations, a lean towards cloud-based solutions, and a stress on cybersecurity.

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What Are the Key Growth Drivers Fueling the Oil And Gas Automation Market Expansion?
The boom in oil and gas exploration endeavors is anticipated to bolster the advancement of the oil and gas automation market. These exploration activities pertain to the planned procedure of uncovering subterranean reserves of oil and natural gas. The incorporation of automation in this sector equips it with effective, affordable, and secure solutions. Coupled with cutting-edge analytics, automation harmonizes with the industry's objectives for improved and sustainable exploration methods. For instance, as reported by the Energy Information Administration in March 2024, a government agency based in the U.S, there was a 9% upsurge in U.S. crude oil production in 2023 relative to 2022, hitting a historic 12.9 million barrels per day. This escalation has spurred increased crude oil exports, in spite of U.S. refineries persisting in being developed for processing denser crude oils. Consequently, the escalating oil and gas exploration activities are propelling the growth of the oil and gas automation market.

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What Are the Key Trends Driving Oil And Gas Automation Market Growth?
Prominent corporations in the oil and gas automation industry are advancing their technology in areas like actuator solutions, aiming to diminish the carbon footprint and offer enhanced services to customers. Actuator solutions are applied to minimize carbon emissions by utilizing state-of-the-art technologies, thereby reducing greenhouse gasses linked with industrial activities, transportation, and energy manufacturing. For example, in August 2023, Automation Technology Inc., a company based in the US manufacturing valve automation, introduced an actuator solution free of emission. This non-emission electro-hydraulic system delivers an all-inclusive method to lessen emissions without the requirement of a pipeline. Pipeline actuators use pipeline gas to create power, which is consequently discharged into the environment. ATI's self-contained zero-emission electro-hydric unit integrates the power supply and actuator in a compact package. This system comprises the actuator, pump, motor, manifold, reservoir, and all controls, thus obviating the need for gas as an energy source.

How Is the Oil And Gas Automation Market Segmented?
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 Companies Are Leading the Charge in Oil And Gas Automation Market Innovation?
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

Which Regions Are Leading the Global Oil And Gas Automation Market in Revenue?
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.

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