As continuous technological advancements are evoking over past few years, oil and gas industry is projected as fastest growing process application market. The companies in oil and gas automation sector are focused on developing programs for increased productivity, improved safety standards for the labor force, reduce costs among the others. Automation in oil and gas industry have key applications such as retailing and distribution of petroleum products, processing and production of plants, start-up and commissioning, among the others.
The oil and gas automation market can be categorized on the basis of segments such as process analyzer, process instrumentation, process automation, leakage detection system, and flow computation. Further the categorization on the basis of mode of operation, the classification can be done as upstream, downstream, midstream, and power control system which plays a crucial role in oil and gas industry. Further the oil and gas automation market can also be analyzed on the basis of technologysuch as motor control centers, PACs, energy management solutions, PLCs, HMI, SCADA, ESD (Emergency shutdown), maintenance and support services.
Considering the driving factors such as rising concern for security and safety, up gradations in existing oil and gas platforms, globally a strong impact on the market can be observed in the coming time. In particular, the growth of the market is supported by innovations in automation hardware and software. Integration of data generated by automated products would restrain the growth of the oil and gas industry market. The oil and gas automation market could face challenges related to system upgrades, as consistency and configuration are key concerns to be focused while using advanced automation systems in the market.
The oil and gas automation market is projected to be concentrated in South East Asia because of the availability of coal and oils reserves. The oil and gas companies are primarily focusing on automation systems for better transparency which would lead to profits in lieu with the stringent regulations for carbon emissions, globally.
ABB, Mitsubishi Electric, Siemens, Emersion are among the prominent key players with their respective technological advancements helping them to have a strong uphold on the market. Companies like Honeywell, Rockwell Automation among the other potential players are equally contributing for automation system advancements to the market worldwide.
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