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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