Global Industrial Automation Oil And Gas Market Projected to Surpass $26.18 Billion by 2029 with 8% Annual Growth

What combination of drivers is leading to accelerated growth in the industrial automation oil and gas market?
The anticipated rise in the application of the Internet of Things (IoT) is projected to drive the expansion of the industrial automation oil and gas market. IoT, a system of interlinked computing apparatus, mechanical and electronic machines equipped with unique identifiers (UIDs), has the capability of transferring data without requiring human or computer interaction. By incorporating IoT devices and sensors into its various elements and procedures, the oil and gas sector can accomplish real-time surveillance and data gathering. This augments effective monitoring of apparatus performance, environmental conditions, and safety metrics, resulting in improved predictive maintenance and decreased downtime. For example, a report released in March 2023 by the Global Mobile Supplier Association (GSA), a non-profit industry organization from the UK representing suppliers in the mobile communication industry, stated that global IoT connections reached 13.2 billion in 2022. This figure is anticipated to surge by 18% to 34.7 billion by 2028. Hence, the growing application of IoT bolsters the industrial automation oil and gas market.

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What is the projected compound annual growth rate (CAGR) of the industrial automation oil and gas market from 2025 to 2034, and what factors influence it?
Recently, there has been a robust expansion in the industrial automation oil and gas market size. The market which estimated to be worth $17.74 billion in 2024 is expected to hike to $18.91 billion in the subsequent year with a compound annual growth rate (CAGR) of 6.6%. Factors such as the digital transformation of the oil and gas industry, an emphasis on streamlining operations, a surge in exploration and production ventures, the necessity for safety and regulatory adherence, and the proliferation of offshore drilling are credited for the growth witnessed in the historic period.

The market size of oil and gas industrial automation is predicted to experience robust growth in the coming years, reaching $26.18 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. This anticipated expansion in the forecast period is linked with the increasing need for remote monitoring and control, the growing adoption of SCADA (Supervisory Control and Data Acquisition) systems, and the expansion of unconventional oil and gas resources. The integration of advanced process control (APC), the spread of the industrial internet of things (IIOT), the focus on cybersecurity in industrial automation, the uptake of cloud-based automation solutions, and the rise in wireless sensor network usage are also playing significant role. Notable developments expected within the forecast period include advancements in control systems and sensors, the incorporation of artificial intelligence into automation, the emergence of robotics and independent systems, a greater emphasis on sustainable energy efficiency, the partnership between automation suppliers and oil corporations, the creation of digital twins for asset management, and the introduction of augmented reality for training and maintenance purposes.

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How are the latest trends influencing the growth of the industrial automation oil and gas market?
Innovation in products is a crucial trend to gain prominence in the industrial automation oil and gas market. The predominant companies within the industrial automation oil and gas market are leveraging superior software tools specifically intended for the oil and gas sector to maintain their market dominance. To illustrate, GE Digital LLC, an American company specialising in data analysis and software development services, rolled out the Accelerator tools in June 2022. These tools encompass top-tier software designed to support companies within resource-intensive energy sectors in expediting their asset performance management (APM) configurations along with other services. The objective is to enhance speed to value, expand APM across a broader range of assets and aid companies to reap financial benefits at their facilities and across the business. The tools can be applied across the entire energy value chain, from oil and gas to power assets, encompassing renewable energy, conventional gas power and nuclear power production facilities. These advanced, pre-built product configurations allow companies to swiftly establish enterprise-wide asset reliability and performance programs and incorporate prioritized actionable data into routine operations.

What are the major segments of the industrial automation oil and gas market and their role in driving growth?
The industrial automation oil and gas market covered in this report is segmented -

1) By Component: Industrial Robots, Control Valves, Field Instruments, Human Machine Interference (HMI), Industrial PC, Process Analyzer, Intelligent Pigging, Vibration Monitoring
2) By Stream: Upstream, Midstream, Downstream
3) By Solutions: Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control Systems (DCS), Manufacturing Execution System (MES), Functional Safety, Plant Asset Management (PAM)

Subsegments:
1) By Industrial Robots: Articulated Robots, SCARA Robots, Collaborative Robots (Cobots)
2) By Control Valves: Ball Valves, Gate Valves, Globe Valves, Butterfly Valves
3) By Field Instruments: Pressure Transmitters, Flow Meters, Temperature Sensors
4) By Human Machine Interface (HMI): Software HMI, Hardware HMI
5) By Industrial PC: Panel PCs, Rack-Mount PCs
6) By Process Analyzer: Gas Analyzers, Liquid Analyzers
7) By Intelligent Pigging: Magnetic Flux Leakage (MFL) Pigs, Ultrasonic Pigs
8) By Vibration Monitoring: Portable Vibration Analyzers, Online Vibration Monitoring Systems

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Which regions are key players in the growth of the industrial automation oil and gas market?
Asia-Pacific was the largest region in the industrial automation oil and gas market in 2024. The regions covered in the industrial automation oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the industrial automation oil and gas market?
Major companies operating in the industrial automation oil and gas market include Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corp., Emerson Electric Co., Rockwell Automation Inc., FANUC CORPORATION, Fuji Electric Co. Ltd., Omron Corporation, AMETEK Inc., Phoenix Contact, Festo Group, Endress+Hauser Group, Yokogawa Electric Corporation, AZBIL North Americas Inc., KUKA AG, WAGO Corp., Krohne Group, Pepperl+Fuchs SE, Beckhoff Automation LLC, Yokohama Industries Americas, Hitachi Industrial Equipment Systems Co. Ltd., VEGA Grieshaber KG

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What Is Covered In The Industrial Automation Oil And Gas Global Market Report?

• Market Size Forecast: Examine the industrial automation oil and gas market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the industrial automation oil and gas market for a structured understanding.
• Key Players Overview: Analyze major players in the industrial automation oil and gas market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial automation oil and gas market.
• Segment Contributions: Evaluate how different segments drive overall growth in the industrial automation oil and gas market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial automation oil and gas market.
• Industry Challenges: Identify potential risks and obstacles affecting the industrial automation oil and gas market.
• Competitive Landscape: Review strategic developments in the industrial automation oil and gas market, including expansions, agreements, and new product launches.

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