Industrial Automation Market to Reach $15.5 Billion by 2023 - Propelled by IoT & Need for Optimum and Effective Exploration of Aging Reservoirs - Research and Markets
The industrial automation market for oil & gas is expected to reach
USD 15.52 Billion by 2023, at a CAGR of 3.2% between 2017 and 2023. The growth of this market is propelled by the Internet of Things, adding value to the industrial automation for oil & gas and the need for optimum and effective exploration of aging reservoirs.
Distributed control systems (DCSs) are expected to hold the largest share of the overall industrial automation market for oil & gas in 2017. DCS is connected to sensors, actuators, controllers, and control valves to control set point and complete the processing at oil & gas plants efficiently. The set point helps control the flow of material through the plant. Deep sea exploration and extraction along with shale gas further drive the demand for the implementation of DCS. The market for manufacturing execution systems (MESs) is expected to grow at the highest rate between 2017 and 2023. MES is an online tool used for prioritizing and scheduling the processes of manufacturing according to the requirements. It prioritizes and manages the processes in oil & gas plants to carry out the process in an optimum manner.
Field instruments held the largest share of the industrial automation market for oil & gas. The industrial automation is carried out with the help of field instruments for measuring, transmitting, and controlling the processes. The instruments can be controlled and automated from a control room, making them a vital part of the industrial automation. The market for leakage detection system is expected to grow at the highest rate during the forecast period. The industrial automation system is applied across various processes in the oil & gas industry, which include a huge number of pipelines and transportation of oil & gas over long distances. The leakage detection system helps the operator to detect, analyze, and take the correct steps of action required to curb the leakage of these precious and hazardous petroleum liquids and gases.
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Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Market, By Process
8 Market, By Solution
9 Market, By Instruments
10 Market, By Geography
11 Competitive Landscape
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