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.
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
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.
Oil & Gas Automation Market: Key Players
Key players operating in the global Oil & Gas Automation market include ENI, Rockwell Automation, Siemens AG, and GE.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.