Enjoy complimentary customisation on priority with our Enterprise License!
The automation solutions market share in the oil and gas industry is expected to increase by USD 3.58 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.74%.
The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by solution (SCADA, DCS, PLC, and MES) and geography (North America, Europe, APAC, the Middle East and Africa, and South America).
The automation solutions market in the oil and gas industry report offers information on several market vendors, including ABB Ltd., Cisco Systems Inc., Dassault Systemes SE, Eaton Corp. Plc, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., FURUKAWA Co. Ltd, General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, Thermo Fisher Scientific Inc., and Yokogawa Electric Corp. among others.
ABB Ltd. - The company is publicly held and headquartered in Switzerland. It is a global company generating USD 28,945 million in revenues and has around 105,000 employees. Its revenue from the global automation solutions market in the oil and gas industry contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. The company offers automation solutions in the oil and gas such as System 800xA, control room and consoles design, operator effectiveness, extended operation workspace, electrical scope integration using IEC61850 and tailored oil and gas instrumentation solutions.
Get the Automation Solutions Market Size Forecast by Download Report Sample
Technavio categorizes the global automation solutions market in the oil and gas industry in the oil and gas industry as a part of the global electrical components and equipment market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The growing regulatory compliance is notably driving the automation solutions industry growth in the oil and gas industry, although factors such as growing cybersecurity concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Automation Solutions Market Driver in the Oil and Gas Industry
The growing regulatory compliance is a major factor driving the global market in the oil and gas industry market share growth. The oil and gas industry is one of the highly regulated industries. In the past ten years, regulatory compliance in the oil and gas industry has increased significantly owing to the rise in the number of accidents and growth in environmental awareness. Therefore, regulatory authorities and independent energy agencies have drafted strict safety standards for the oil and gas industry. The adoption of automation solutions in the oil and gas upstream sector can result in significant savings by preventing the loss of property and life. Oil and gas companies are adopting different strategies for deploying automation solutions for drilling in the oil and gas industry. Automation solution such as SCADA helps in the centralized monitoring of all processes, improving precise control of various activities and continuous round-the-clock monitoring of facilities. Thus, automation solutions allow regular monitoring of machines and equipment and help companies to adhere to safety and environmental regulations. Therefore, the market will continue to grow significantly during the forecast period.
Key Automation Solutions Market Trend in the Oil and Gas Industry
The growing importance of big data analytics and IoT is another factor supporting the global market in the oil and gas industry market share growth. The process of generating patterns or trends by analyzing huge volumes of data is called big data analytics. This technology is not only used in the IT industry but also in process industries such as the oil and gas industry. The integration of automation solutions with big data analytics provides the ability to predict future risks and take the required steps for risk mitigation. It helps in proper decision-making as it provides accurate information and identifies the actual cause of a problem. A wide range of electrical components and equipment such as motors and transformers are being introduced with IIoT features. This allows electrical components and equipment to transmit critical operating parameters concerning the health and performance of the electric machine to transmit over the Internet protocol to a control room or device. The application of IIoT-enabled solutions ensures cost savings and increases the operational efficiency of oil and gas companies. Therefore, big data analytics can evaluate a large amount of complex data and help in the maintenance of equipment in the oil and gas industry.
Key Automation Solutions Market Challenge in the Oil and Gas Industry
The growing cybersecurity concerns will be a major challenge for the global market in the oil and gas industry market share growth during the forecast period. While automation solutions help in improving productivity and increasing the efficiency of oil and gas industrial processes, some of the automated solutions are also susceptible to cyberattacks. Cybersecurity is one of the emerging issues in end-user industries. Data hacking and alteration are major security concerns for oil and gas companies. For instance, in the oil and gas industry, data breach issues can hamper the production process and result in operational failure. Cyberattacks on the oil and gas infrastructure, such as pipelines, drilling rigs, and refineries, can halt operations and lead to the use of data for unethical purposes or alteration of operations. The data of oil and gas companies can be used by cybercriminals to achieve financial or intellectual gains. Although vendors and end-users are focusing on improving security measures to prevent cyberattacks, the constantly evolving nature of cyberattacks has put automation solutions at high risk, thus challenging the growth of the global market in the oil and gas industry
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Our In-house experts produce extensive information on the value chain and parent market of the automation solutions market in the oil and gas industry, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
Get a glance at the market share of various regions Request PDF Sample now!
42% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the automation solutions market in the oil and gas industry in North America. Market growth in this region will be faster than the market growth in all other regions.
The increased investments by the government and oil and gas companies will facilitate the automation solutions market growth in the oil and gas industry in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the market in North America witnessed slow growth due to the COVID-19 outbreak. However, in Q4 of 2020, the initiation of large-scale vaccination drives led to a decline in the number of COVID-19 cases in the region. This has resulted in the lifting of lockdown restrictions and the resumption of industrial operations, which has increased the demand for oil and gas from the commercial and industrial sectors in North America.
To gain further insights on the market contribution of various segments Request a PDF Sample
The automation solutions market share in the oil and gas industry in the oil and gas growth by the SCADA segment will be significant during the forecast period. In each sector, maintaining standards, quality, and efficiency of the assets is imperative for integral processes of exploration, extraction, refinement, and transportation of the resources (oil and gas). Hence, monitoring and controlling activities are vital to ensure the smooth functioning of these processes, which can be achieved by using SCADA systems. Therefore, this segment is expected to attain the highest year-on-year growth rate in the oil and gas industry during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automation solutions market in the oil and gas industry size and actionable market insights on the post-COVID-19 impact on each segment.
Oil & Gas Pipeline and Transportation Automation market - The market growth will accelerate at a CAGR of 2.18% and reach an estimated value of USD 960.46 million by 2026.
Automation Solutions Market Scope in the Oil and Gas Industry |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.74% |
Market growth 2022-2026 |
USD 3.58 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.36 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Cisco Systems Inc., Dassault Systemes SE, Eaton Corp. Plc, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., FURUKAWA Co. Ltd, General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, Thermo Fisher Scientific Inc., and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Solution
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.