Turning Data Into Action: The Future Of the Industrial automation oil & gas market

 The industrial automation oil & gas market size was valued at USD 14.7 billion in 2020 and is projected to reach USD 18.7 billion by 2025; it is expected to grow at a CAGR of 4.7% from 2020 to 2025. The growth of industrial automation oil & gas market is driven by IIoT adding value in the industrial automation and optimum and effective exploration of aging reservoirs.

 
The solutions segment is projected to account for the larger size of the industrial automation oil & gas market from 2020 to 2025. The growth of this segment can be attributed to tangible cost benefits offered by eliminating redundant and obsolete processes such as scanning, searching, and streamlining with use of automation solutions such as MES, PAM, functional safety, and SCADA. They provide overall control to manufacturers to track the flow of operations, right from the raw material acquisition to the development of the final products.

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The APAC region held the largest share of the industrial automation oil & gas market during the forecast period. This growth can be attributed to the increasing adoption of various components and solutions in oil & gas industry. The industrial automation market in APAC is expected to grow at the highest CAGR because of the increased number of manufacturing facilities and refineries and is expected to lead the production landscape in next 5 years.

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