Claim 30% Off Global Market Reports With Code ONLINE30 – Insights on Tariff Effects, Global Trade, and Industry Disruptors

Claim 30% Off Global Market Reports With Code ONLINE30 – Insights on Tariff Effects, Global Trade, and Industry Disruptors

What Is The Predicted Market Size Of The Oil And Gas Automation Industry By 2029?

Over the past few years, substantial growth has been witnessed in the oil and gas automation market size. The market, which stood at $22.24 billion in 2024, is set to reach $23.75 billion in 2025, representing a compound annual growth rate (CAGR) of 6.8%. The notable growth recorded in the historic phase is a result of factors such as rising energy needs, cost-cutting necessities, safety considerations, as well as issues linked to exploration and production.

The market size for oil and gas automation is predicted to exhibit robust growth in the forthcoming years, reaching a valuation of $29.73 billion in 2029, with a 5.8% CAGR. This growth during the forecast period can be traced back to the heightened focus on operational efficiency, the escalating complexity of operations, the burgeoning adoption of digitalization, a focus on environmental sustainability, and the move towards remote operations. The most prominent trends anticipated in the forecast period encompass the growing adoption of advanced analytics, the expansion of industrial IoT integration, the emergence of autonomous operations, the movement towards cloud-based solutions, and an emphasis on cybersecurity.

Get A Free Sample Of The Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=14147&type=smp

Which Key Factors Are Fueling Growth In The Oil And Gas Automation Market?

The oil and gas automation market is anticipated to experience substantial growth due to the increasing oil and gas exploration activities. Such activities involve a systematic search for subterranean reserves of oil and natural gas. The use of automation within this industry provides cost-effective, efficient, and secure solutions. Automation, coupled with advanced analytics, helps to achieve industry objectives for optimized and sustainable exploration approaches. For instance, the Energy Information Administration, a U.S government body, reported in March 2024 that U.S. crude oil production had risen by 9% in 2023 compared to 2022, hitting a record-breaking 12.9 million barrels per day. This surge has contributed to an increase in crude oil exports, despite U.S. refineries continuing to be calibrated for processing denser crude oils. Hence, the escalating oil and gas exploration activities are bolstering the growth of the oil and gas automation market.

What Are The Key Segment Trends Observed In The Oil And Gas Automation Market?

The oil and gas automationmarket 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

Which Disruptive Trends Are Driving Change Across The Oil And Gas Automation Market?

Key players in the oil and gas automation industry are creating technology-based solutions like actuator systems to cut down carbon emissions and provide customers with advanced features. These solutions leverage pioneering technologies to either lower or eliminate greenhouse gas emissions resulting from activities like energy production, transportation, and industrial processes. Automation Technology Inc., an American valve automation manufacturer is one such example. In August 2023, it developed a zero-emission actuator system. This electro-hydraulic package offers a comprehensive approach to reducing emissions without needing a pipeline. Traditional pipeline actuators use pipeline gas to produce electricity, which is then discharged into the environment. Contrarily, ATI’s zero-emission electro-hydric system combines the power supply and actuator into a compact package. The setup includes the actuator, pump, motor, manifold, reservoir, and all control mechanisms, thus eliminating the dependency on gas as a power supply.

Which Firms Are Driving Innovation Within The Oil And Gas Automation Market?

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

Access The Complete Report Here:

https://www.thebusinessresearchcompany.com/report/oil-and-gas-automation-global-market-report

What Regional Factors Are Accelerating Growth In The Oil And Gas Automation Market?

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.

Customize Your Report Here:

https://www.thebusinessresearchcompany.com/customise?id=14147&type=smp

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Get in touch with us:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 310-496-7795

Asia +44 7882 955267 & +91 8897263534

Europe +44 7882 955267

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model