The Middle East and Africa held the largest share of the overall industrial automation market for oil & gas.
Northrook, IL -- (SBWIRE) -- 03/25/2020 -- According to the new market research report "Industrial Automation Market for Oil & Gas by Solution (Distributed Control System, Programable Logic Controller, SCADA), Instruments (Field Instruments, Control Valve, Leakage Detection System, Flow Computer), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the industrial automation market for oil & gas is expected to reach USD 15.52 Billion by 2023, growing at a CAGR of 3.2% between 2017 and 2023.
Factors that are driving the growth of the market include value addition to the industrial automation for oil & gas by the Internet of Things, and optimum and effective exploration of aging reservoirs.
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"The industrial automation market for oil & gas for manufacturing execution system expected to grow at the highest rate between 2017 and 2023"
The manufacturing execution system (MES) in industrial automation is a core solution for gathering real-time data, analyzing the data, and storing them for current and future decision-making process. MES helps maintain the updated data pertaining to product life cycle, product quality, order execution and dispatch, resource scheduling, downtime management for overall equipment effectiveness (OEE), and production analysis. These factors are expected to continue to gain a large share in the industrial automation market for oil & gas.
"Market for leakage detection system is expected to grow at the highest rate during the forecast period"
The industrial automation market for oil & gas for leakage detection system is expected to grow at the highest rate during the forecast period. As pipelines transport a huge amount of oil and condensate over long distances, they require the most accurate technique for leakage monitoring and detection. E-RTTM is one of the widely used technologies incorporated in the modern leak detection systems, which have applications in the oil and natural gas industry. Therefore, the market for this technology is expected to grow at the highest rate during the forecast period.
"The Middle East and Africa expected to hold the largest share of the industrial automation market for oil & gas during the forecast period"
The growing competition in the global market is forcing companies in the process industries in the Middle Eastern countries to adopt innovative cost reduction techniques and solutions along with increasing productivity. This is expected to boost the demand for industrial automation market for oil & gas in the Middle East and Africa. The various exhibitions held in this region further boost the market. For example, in 2015, from January to April, ISA Saudi Arabia planned to deliver a total of 11 educational and networking sessions in the field of automation to promote the field of automation and train professionals, solving their technical problems and enhancing leadership skills.
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The major players involved in the industrial automation market for oil & gas are ABB (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Rockwell Automation Inc. (US) Schneider Electric SE (France), Endress+Hauser AG (Switzerland), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).
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