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, at a CAGR of 3.2% between 2017 and 2023. The growth of this market is propelled by the Internet of Things, adding value to the industrial automation for oil & gas and the need for optimum and effective exploration of aging reservoirs.

Distributed control systems (DCSs) are expected to hold the largest share of the overall industrial process automation market for oil & gas in 2017. DCS is connected to sensors, actuators, controllers, and control valves to control set point and complete the processing at oil & gas plants efficiently. The set point helps control the flow of material through the plant. Deep sea exploration and extraction along with shale gas further drive the demand for the implementation of DCS. The market for manufacturing execution systems (MESs) is expected to grow at the highest rate between 2017 and 2023. MES is an online tool used for prioritizing and scheduling the processes of manufacturing according to the requirements. It prioritizes and manages the processes in oil & gas plants to carry out the process in an optimum manner.

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Field instruments held the largest share of the industrial automation market for oil & gas. The industrial automation is carried out with the help of field instruments for measuring, transmitting, and controlling the processes. The instruments can be controlled and automated from a control room, making them a vital part of the industrial automation. 

The market for leakage detection system is expected to grow at the highest rate during the forecast period. The industrial automation system is applied across various processes in the oil & gas industry, which include a huge number of pipelines and transportation of oil & gas over long distances. The leakage detection system helps the operator to detect, analyze, and take the correct steps of action required to curb the leakage of these precious and hazardous petroleum liquids and gases.

The Middle East and Africa held the largest share of the overall industrial automation market for oil & gas. The demand for industrial automation for oil & gas is very high in the Middle East and Africa owing to the huge number of oil reserves and refineries in this region. Furthermore, the government support for the adoption of industrial automation for oil & gas application is also high in the region

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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