Industrial automation can be defined as the use of control systems, such as computers or robots or software, and information technologies for handling different processes and machineries in an industry to replace a human being. Industrial automation for oil and gas is the use of various system solutions and equipment for automating various processes that are carried out in the oil & gas industry. It helps in increasing productivity, quality, and flexibility of a manufacturing process, by eliminating the element of human errors and limitations associated with manual process handling. The industrial automation for oil & gas market market is projected to grow from USD 14.9 billion in 2020 to USD 18.7 billion by 2025; to grow at CAGR of 4.7% during the forecast period.
ABB Ltd. (Switzerland), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (US), and Yokogawa Electric Corp. (Japan) are some of the few major players in the industrial automation for oil & gas market market.
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Emerson Electric Co. (US)
Emerson provides automation solutions and consulting services to oil & gas industry worldwide. The company offers industrial automation for oil & gass under its Automation Solutions segment; these include MLSS analyzers, carbon dioxide analyzers, density meters, oxygen analyzers, and turbidity analyzers, field instruments, other components and solutions. The company considers product launches a key strategy to stay relevant in the industrial automation for oil & gas market. It recently launched the Rosemount 628 gas sensors.
Yokogawa Electric Corp. (Japan)
Yokogawa offers a comprehensive product portfolio of process analyzers, field instruments, other components and solutionsss. The company provides various products for the industrial automation for oil & gas market under the analytical instruments segment. The company has ramped up its research and development expenditure in 2019 to 6.8% of the total revenue from 6.5% in 2018. Yokogawa has a strong global presence, with a focus on Asia. It needs to widen its focus to North America and Europe, which currently make a lower contribution to overall revenue.
Industrial Automation Oil & Gas Market With COVID-19 Impact, by Component (Control Valves, HMI, Process Analyzers, Intelligent Pigging, Vibration Monitoring), Solutions (SCADA, PLC, DCS, MES, PAM), Stream and Region - Global Forecast to 2025
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