According to the new market research report "Industrial Automation Oil & Gas Market With COVID-19 Impact, by Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions (SCADA, PLC, DCS, MES, PAM), Stream and Region - Global Forecast to 2025", 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 key factors fueling the growth of the market IIoT adding value in the industrial automation and optimum and effective exploration of aging reservoirs.
Browse 210 market data Tables and 47 Figures spread through 220 Pages and in-depth TOC on "Industrial Automation Oil & Gas Market With COVID-19 Impact, by Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions (SCADA, PLC, DCS, MES, PAM), Stream and Region - Global Forecast to 2025"
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The field instruments to hold the largest size of the components in industrial automation oil & gas market by 2025.
Field instruments market is expected to hold the largest share during the forecast period. Field instruments comprise four types of transmitters—pressure, temperature, level, and vibration level switch, which are used for various processes involved in instrumentation. Pressure transmitters are extensively used in the oil and gas sector for the measurement of flow, level, pressure, density, and viscosity, among which flow measurement is the most common application area. Field instruments’ ability to adapt to IoT and field parameter analysis propels the market in industrial automation for oil & gas market.
Industry 4.0 paving new opportunities for the industrial automation in oil & gas
Industry 4.0 is an integration of cyber-physical systems, IoT, and cloud computing. It consists of an industrial automation infrastructure and IoT, which enables operators to carry out processes at a refinery remotely, and the real-time information is collected intelligently to be used by the industry to operate on an optimum basis.
The integration of industrial automation in Industry 4.0helps predict the maintenance needs of machines and plan the production accordingly and avoid emergency events and failure in production of valuable end products. The system escalates any security-related issues or maintenance issues right on time to be addressed for an optimum running of the plant. It is fit for harsh environment of the processing plants, which are mostly located offshore. It allows the onshore as well as offshore oil & gas plants to be operated remotely, and the data collected during the operation can be used for making changes for optimum utilization of the resources. Thus, Industrial Revolution 4.0 is paving new opportunities for the industrial automation in oil & gas.
APAC projected to be the largest market for a industrial automation oil & gas from 2020 to 2025.
The growth of this market is driven by the flourishing manufacturing industry with continuously changing trends and ongoing advancements in automation technologies. Companies seek improved industrial automation oil & gas and solutions for predictive alerts, as well as for analyzing their systems to reduce overall operational and maintenance costs. In APAC, the deployment of industrial automation oil & gas components and solutions is expected to increase rapidly during the forecast period in China, India, and Malaysia.
The key players operating 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).
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