Global Oil & Gas Automation Market Outlook - By Technology (DCS, PLC, HMI, SCADA, RTOS), Sector (Upstream, Midstream, Downstream), Products (Liquefied Petroleum Gas, Petrol, Diesel), Geography, Trends, Forecast - (2017 - 2022)
The need for enhanced safety and security standards in oil and gas fields are the major factors driving the market growth. Accidents can be avoided by the use of automated products that can control and monitor the safety of rigs, plants and operators. Different products like distributed control systems, programmable logic controllers, human machine interface, supervisory control and data acquisition can all be used to ensure adequate safety.
The global market for oil and gas automation is estimated to grow from USD 10.29 billion in 2016 to USD 15.94 billion by 2021, at a CAGR of 7.57%. Currently, North America is the largest regional market, while the USA also takes a major share of the global production in this region. Additionally, the market in Asia-Pacific is also estimated to witness a tremendous growth in demand over the coming years.
Enhancing safety and security
Effective and easy maintenance
Exploration from aging reservoirs
Initial investment is high
In the last decade, production of oil and gas has shown a steady growth with a CAGR of 1.1% and 2.5% respectively. This will help the automation products to capture more market share in this sector. New oil and gas wells are being discovered continuously and old, underutilized ones are being renovated with the help of automation and control.
However, these automation products are expensive and require high capital expenditure. The manufacturers in these segments are doing a lot of research and development so as to reduce the cost, in order to, reach out to a wider range of consumers. Major players in this market are ABB Ltd, Honeywell, General Electric International Inc., Rockwell Automation and Schneider Electric.
SPECIALITIES OF THIS REPORT
The report will be useful in gaining an exhaustive understanding of the regional market. It will also be of assistance in providing a comprehensive analysis of the major trends, innovations and associated prospects for market growth over the coming half of this decade.
The report will be an ideal source material for industry consultants, manufacturers and other interested and/or allied parties to gain a critical insight into the factors driving and restraining the market, in addition to the opportunities offered.
The report contains a wide range of information about the leading market players and the major strategies adopted by them, which makes it an indispensable source of insightful data.
WHAT THE REPORT OFFERS
Market definition along with the identification of key drivers and restraints for the market.
Market analysis with region-specific assessments and competition analysis on the global and regional scales.
Identification and analysis of the macro and micro factors that affect the industry on both the global and regional scales.
Identification of factors instrumental in changing the market scenarios, offering prospective opportunities.
The identification of key companies which can influence the market on both the global and regional fronts.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.