Industrial Automation Market for Oil & Gas worth 15.52 Billion USD by 2023
The
industrial automation market for oil & gas is expected to reach USD 15.52
Billion by 2023, growing at a CAGR of 3.2% between 2017 and 2023. Factors that
are driving the growth of the market include value addition to the industrial
automation for oil & gas by the Internet of Things, and optimum and
effective exploration of aging reservoirs.
Browse 74 market data tables and 89 figures spread through
192 pages and in-depth TOC on "Industrial Automation Market for Oil & Gas - Global
Forecast to 2023"
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“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.
“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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