Automation Solutions Market in the Oil and Gas Industry Demand 2020-2024Posted by sarahbennu on November 6th, 2019 The automation solutions market in the oil and gas industry since 2016 and the market is poised to grow by USD 1.49 billion during 2020-2024, progressing at a CAGR of over 3% during the forecast period.
The market is driven by the rise in the global demand for oil and gas. In addition, the increasing importance of big data analytics and IoT is anticipated to further boost the growth of the automation solutions market in the oil and gas industry. The rise in the global demand for oil and gas will be one of the major drivers in the global automation solutions market in the oil and gas industry. The need for crude oil is increasing in developing economies including India and China, which are the biggest consumers of fuel. This rising demand of oil and gas across the world has increased investments in upstream projects. Automation solutions such as SCADA and DCS are implemented to overcome common problems like unstable flow of fluids through pipelines and risers in the upstream segment. These automation solutions are also used for safety shutdown of key operations during process failure or maintenance activities. Thus, the rising demand for oil and gas globally will increase the number of upstream projects, which in turn, will provide high growth opportunities for automation solutions vendors in the oil and gas industry. Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free. View market snapshot before purchasing Major Five Automation Solutions Companies in the Oil and Gas Industry: ABB Ltd. ABB Ltd. owns and operates businesses under various segments such as Electrification Products, Robotics and Motion, and Industrial Automation. The company's automation solutions for the oil and gas industry include MicroSCADA Pro SYS600; distributed control system for oil, gas, and chemical industries; and AC500 PLC. Eaton Corp. Plc Eaton Corp. Plc operates its business under six segments, which include Electrical Products, Electrical Systems and Services, Hydraulics, Aerospace, Vehicle, and eMobility. The company offers programmable logic controllers such as Easy 500/700/800 Programmable Relays, easyE4 nano PLCs, Compact PLC XC-152, XC 300 Series Modular PLC, and XC 100/200 Series Modular PLCs for the oil and gas industry. Emerson Electric Co. Emerson Electric Co. has business operations under various segments, namely Automation Solutions, Climate Technologies, and Tools & Home Products. The company offers OpenEnterprise SCADA Systems and ControlWave Micro-Hybrid RTU/PLC for oil and gas applications. It also offers automation solutions for onshore activities, offshore activities, transportation and storage, gas processing and LNG, and oilfield services. Honeywell International Inc. Honeywell International Inc. operates business under four segments, which include Aerospace; Honeywell Building Technologies; Performance Materials and Technologies; and Safety and Productivity Solutions. The company offers Experion SCADA and MasterLogic PLC. The company also offers Experion Process Knowledge System, a SCADA system that drives vital information to the pipeline operations team while automating data logging and processing. Mitsubishi Electric Corp. Mitsubishi Electric Corp. business includes the following segments: Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices, Home Appliances, and Others. The company offers local automation stations for different process units that are widely used in SCADA systems of the oil and gas industry. The company's offerings include MELSEC iQ-R Series, MELSEC-Q Series, MELSEC-L Series, MELSEC iQ-F Series, MELSEC-F Series, and SCADA MC Works64. Automation Solutions Market in the Oil and Gas Industry Product Outlook (Revenue, USD Million, 2020 - 2024)
Automation Solutions Market in the Oil and Gas Industry Regional Outlook (Revenue, USD Million, 2020 - 2024)
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