Albany, NY -- (SBWIRE) -- 01/16/2018 -- Oil & Gas Automation: Market Overview
Oil and gas, a dynamic global industry, often faces challenges in cost management, extraction of high value from current assets, and maximization of the up-time. Advancement in technology has led to a connected enterprise, which helps the oil and gas industry to move closer to operational excellence. Cloud, mobility, and analytics offer an actionable view into real-time production data. The corresponding response to issues can thus be made as soon as they arise, from anywhere in the world. Improvements in exploration and production can eventually boost efficiency and productivity. Automation is getting complex by the day. Initially, it was limited to just machine controls. Currently, and in the future, automation techniques are anticipated to control and manage assets. Automation helps achieve reduction in energy consumption and make optimum use of the generated data.
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Transition to 'renewables' is one of the major challenges in the oil and gas industry. Innovative automation technologies are thus required for regulation, generation, and storage of energy with high efficiency. Major companies operating in the global oil and gas market are modernizing internal processes with automation along with access to operations and maintenance information.
Oil & Gas Automation Market: Dynamics and Trends
Totally integrated automation systems (TIAS) offer a range of products for efficient automation of entire production workflow. TIAS also allows Interoperation, linking systems and equipment. This helps optimize production processes, increase marketing time, and reduce lifecycle costs. Avoidance of accidents and hazardous situations is one of the important motives of automation. Various solutions such as remote mounted transmitters, heavy duty dust tight enclosures, and non-contacting sensors help prevent major accidents and hazardous situations.
The future of the oil and gas industry beholds maximum utilization of automated equipment at all the stages of the oil and gas value chain. Highly diversified offshore and onshore assets can be monitored and managed along with distribution of field data (from well heads to the control room) at an enterprise level. Automation is estimated to assist in making better, faster, and smarter decisions in operations and management. The workforce in the oil and gas sector is constantly changing. Access to information can now easily be made on devices as small as tablets, smartphones, computers, and other mobile solutions. Operations can be managed on real time basis. This operational intelligence channelizes information passage and makes sure it reaches the right person at the right time. Thus, the time lapse in information passage is reduces significantly. Timely action can be taken. The oil and gas industry has moved toward digital field.
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Oil & Gas Automation Market Segmentation
In terms of automation type, the Oil & Gas Automation market can be segmented into asset optimization; cost reduction; Health, Safety and Environment (HSE); and skills gap. In terms of application, the Oil & Gas Automation market can be divided into gas processing, LNG, offshore assets, onshore assets, pipeline & transportation, and refining & petrochemical. In terms of region, the global Oil & Gas Automation market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.