Press release
Oil And Gas Automation Industry to Achieve $43.25 Billion Growth by 2029
Oil And Gas Data Management Market
How Will the Oil And Gas Automation Market Grow by 2025 in Terms of Size and Growth?
The size of the oil and gas automation market has witnessed robust growth in the last few years. The market is anticipated to increase from $22.24 billion in 2024 to $23.75 billion in 2025, noting a compound annual growth rate (CAGR) of 6.8%. The rise in the historical period can be credited to factors such as the growing energy demand, urgency to decrease costs, safety issues, and the difficulties in exploration and production.
What Are the Estimated Growth Rates for the Oil And Gas Automation Industry Through 2029?
In the coming years, the oil and gas automation market is projected to experience substantial growth, with an expected valuation of $29.73 billion by 2029, representing a compound annual growth rate (CAGR) of 5.8%. This projected growth during the predicted period can be ascribed to a number of factors, including a heightened focus on operational efficiency, the escalating complexities of operations, an intensified adoption rate of digitalization, increased attention to environmental sustainability, and a shift towards remote operations. Key trends during the forecast period are expected to include the growing utilization of advanced analytics, the broadening integration of industrial Internet of Things (IoT), the emergence of autonomous operations, a shift towards cloud-based solutions, and a heightened emphasis on cybersecurity.
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What Are the Strategic Drivers Boosting Oil And Gas Automation Market Performance?
The escalation in oil and gas exploration undertakings is projected to fuel the expansion of the oil and gas automation market in the future. This refers to the methodical search for subterranean oil and natural gas resources. Efficiency, cost-saving, and safety are the key benefits of automation in the oil and gas sector. Moreover, automated systems that utilise advanced analytics are aligned with the industry's objectives for optimised, sustainable exploration procedures. For example, the Energy Information Administration, a United States government agency, reported that in March 2024, the production of U.S. crude oil rose by 9% in 2023 compared to 2022, hitting an all-time high of 12.9 million barrels per day. This rise has led to an increase in crude oil exports, even as U.S. refineries persist in optimising the processing of heavier crude oils. Consequently, the intensified oil and gas exploration activities are stimulating the growth of the oil and gas automation market.
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What Are the Segments in 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
What Are the Key Adoption Trends in the Oil And Gas Automation Market?
Leading enterprises in the oil and gas automation sector are creating innovative technologies such as actuator solutions to mitigate the carbon footprint and enhance customer experience with superior features. These solutions are used for reducing the carbon footprint through the adoption of cutting-edge technologies that curtail or abolish greenhouse gas emissions generated from industrial operations, transportation, and energy generation. For example, Automation Technology Inc., a valve automation producer from the US, unveiled a zero-emission actuator solution in August 2023. This zero-emission electro-hydraulic product is an inclusive strategy to curtail emissions without the requirement of a pipeline. Pipeline actuators utilize pipeline gas for electricity generation, which is then discharged into the atmosphere. ATI's standalone zero-emission electro-hydric system combines the power supply and actuator in a compact package. This solution comprises the actuator, pump, motor manifold, reservoir, and all controls, thus eliminating the necessity for gas as a power source.
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Which Companies Lead the Competitive Landscape of the Oil And Gas Automation Industry?
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
Where Are the Key Oil And Gas Automation Market Opportunities by Region?
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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