Industrial Automation Market for Oil & Gas worth 15.52 Billion USD by 2023

[192 Pages Report] The increasing demand for industrial automation for oil & gas is attributed to its ability of high information accuracy and safety for the workers, as well as processing in various manufacturing plants. The value added to the industrial automation for the oil & gas industry by the Internet of Things and optimum and effective exploration of aging reservoirs are the key factors driving the growth of the industrial automation market for oil & gas. The industrial process automation for oil & gas was valued at USD 12.76 Billion in 2016 and is expected to grow at a CAGR of 3.2% between 2017 and 2023. The base year considered for the study is 2016 and the forecast period is between 2017 and 2023.

The objective of the report is to provide a detailed analysis of the industrial automation market for oil & gas on the basis of solution, instrument, and geography. The report provides detailed information regarding the major factors influencing the growth of the market for oil & gas. The report also provides a detailed overview of the value chain in the market for oil & gas.

"The industrial automation market for oil & gas for manufacturing execution system expected to grow at the highest rate between 2017 and 2023"

The manufacturing execution system (MES) in industrial automation is a core solution for gathering real-time data, analyzing the data, and storing them for current and future decision-making process. MES helps maintain the updated data pertaining to product life cycle, product quality, order execution and dispatch, resource scheduling, downtime management for overall equipment effectiveness (OEE), and production analysis. These factors are expected to continue to gain a large share in the industrial automation market for oil & gas.

"Market for leakage detection system is expected to grow at the highest rate during the forecast period"

The industrial automation market for oil & gas for leakage detection system is expected to grow at the highest rate during the forecast period. As pipelines transport a huge amount of oil and condensate over long distances, they require the most accurate technique for leakage monitoring and detection. E-RTTM is one of the widely used technologies incorporated in the modern leak detection systems, which have applications in the oil and natural gas industry. Therefore, the market for this technology is expected to grow at the highest rate during the forecast period.

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"The Middle East and Africa expected to hold the largest share of the industrial automation market for oil & gas during the forecast period"

The growing competition in the global market is forcing companies in the process industries in the Middle Eastern countries to adopt innovative cost reduction techniques and solutions along with increasing productivity. This is expected to boost the demand for industrial automation market for oil & gas in the Middle East and Africa. The various exhibitions held in this region further boost the market. For example, in 2015, from January to April, ISA Saudi Arabia planned to deliver a total of 11 educational and networking sessions in the field of automation to promote the field of automation and train professionals, solving their technical problems and enhancing leadership skills.

The major players involved in the industrial automation market for oil & gas are ABB (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Rockwell Automation Inc. (US) Schneider Electric SE (France), Endress+Hauser AG (Switzerland), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).

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