The global market for Oil and Gas Automation is estimated to grow from USD 10.29 billion in 2016 to USD 15.94 billion by 2022 , at a CAGR of 7.57 % during the forecast period 2017-2022 . The need for enhanced safety and security standards in oil and gas fields are the major factors driving the market growth . Accidents can be avoided by the use of automated products that can control and monitor the safety of rigs , plants and operators . Different products like distributed control systems , programmable logic controllers , human machine interface , supervisory control and data acquisition can all be used to ensure adequate safety . Currently , North America is the largest regional market , while the USA also takes a major share of the global production in this region . Additionally , the market in Asia-Pacific is also estimated to witness a tremendous growth in demand over the coming years .
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Drivers : 1 . Optimizing production 2 . Enhancing safety and security 3 . Effective and easy maintenance 4 . Exploration from aging reservoirs 5 . Restraints 6 . Initial investment is high 7 . Political instability
In the last decade , production of oil and gas has shown a steady growth with a CAGR of 1.1 % and 2.5 % respectively . This will help the automation products to capture more market share in this sector . New oil and gas wells are being discovered continuously and old , underutilized ones are being renovated with the help of automation and control . However , these automation products are expensive and require high capital expenditure . The manufacturers in these segments are doing a lot of research and development so as to reduce the cost , in order to , reach out to a wider range of consumers . Major players in this market are ABB Ltd , Honeywell , General Electric International Inc ., Rockwell Automation and Schneider Electric .
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