Market Research Report
Industrial Automation Oil & Gas Market With COVID-19 Impact, by Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions, Stream and Region - Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||981875|
|Published||Content info||221 Pages
Delivery time: 1-2 business days
|Industrial Automation Oil & Gas Market With COVID-19 Impact, by Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions, Stream and Region - Global Forecast to 2025|
|Published: January 7, 2021||Content info: 221 Pages||
The industrial automation oil & gas market is projected to grow from USD 14.9 billion in 2020 to USD 18.7 billion by 2025; it is expected to grow at a CAGR of 4.7% from 2020 to 2025. The growth of the industrial automation oil & gas market is driven by IIoT adding value in the industrial automation and optimum and effective exploration of aging reservoirs.
COVID-19 has emerged as a global pandemic that has spread across 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of industries may have a considerable direct impact on the industrial automation oil & gas market.
"The control valves in component segment is expected to grow at the highest CAGR during the forecast period."
The control valves market is expected to grow at highest CAGR during the forecast period. Control valves offer the benefit of remote monitoring and regulating the flow of a process. The increasing complexity of manufacturing and distribution units in process industries are contributing toward a steady rise in their demand. The goal of control valves is to maintain product quality, improve plant efficiency, and automatically regulate the flow rate.
"The downstream is projected to account for the largest share of the industrial automation oil & gas market during the forecast period."
Downstream held the largest market share in the industrial automation for oil & gas market. The oil & gas operations that are undertaken after the crude oil is transported by the midstream process and before the product reaches its point of sale are considered under downstream process. There is an increasing adoption of the solutions such as SCADA and PAM in downstream processes. Also, field instruments and process analyzers are widely used in downstream processes, and thus gives impetus to downstream in the market. The increasing adoption of industrial automation, SCADA, and IIoT, the trend has shifted toward condition-based predictive maintenance strategies giving impetus to downstream market.
"APAC is projected to grow at a highest CAGR during the forecast period."
APAC and North America are the leaders in terms of the adoption of IoT, and the industrial automation oil & gas market in these regions is expected to grow significantly during the forecast period. In APAC, the deployment of industrial automation in oil & gas industry is expected to increase rapidly during the forecast period in China, India, and Malaysia. The market in APAC is growing rapidly owing to the large-scale advancements and technological innovations in the oil & gas industry; this necessitates the use of industrial automation oil & gas solutions and omponents. China was the epicenter of the COVID-19 outbreak, and the resultant shutdowns and supply chain disruptions dealt a major blow to the economic activities in APAC. Various countries in the region have undertaken economic reforms to revive their economy; this is expected to give an impetus to the growth of the industrial automation oil & gas market in APAC.
The key players in the industrial automation oil & gas market include ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan).
The industrial automation oil & gas market has been segmented into component, solutions, stream, and region. Based on component, the market has been segmented into industrial robots, control valves, field instruments, HMI, industrial PC, process analyzers, intelligent pigging, and vibration monitoring. Based on solutions, the industrial automation oil & gas market has been segmented into SCADA, PLC, DCS, MES, Functional Safety, and PAM. Based on stream, the market has been segmented into upstream, midstream, and downstream. The industrial automation oil & gas market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).