NEW YORK, Nov. 29, 2023 /PRNewswire/ — The oil and gas pipeline and transportation automation market is expected to grow by USD 1.46 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 3.16% during the forecast period. The market is segmented by application (pipeline, LNG, and terminal), solution (SCADA, DCS, and PLC), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
The growing expansion of oil terminals is a key factor driving market growth. Terminals storing oil and petroleum products are an important part of the Oil and Gas supply chain. Moreover, they’re the centers of oil and gas transport. The increasing energy demand is also leading to greater construction of new oil terminals and pipelines in APAC and Africa, where there has been a pressing need for new petroleum infrastructure due to ongoing energy needs.
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Key Highlights:
- The report recognizes the following as some of the key players in the oil and gas pipeline and transportation automation market: ABB Ltd., Andritz AG, Azbil Corp., Beckhoff Automation GmbH and Co. KG, Eaton Corp. Plc, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Furukawa Electric Co. Ltd., Honeywell International Inc., INTECH Process Automation Inc., Mitsubishi Electric Corp., OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Toshiba Corp., Valmet Corp., and Yokogawa Electric Corp.
- Oil and Gas Pipeline and Transportation Automation Market is fragmented in nature.
- Market to observe 2.5% YOY growth in 2024.
Market Dynamics:
Major Trend
- The value chain integration by automation solution providers is a major trend in the market.
- Competition has become more intense between established market players due to the increasing demand for automation solutions.
- Consequently, the automation market players are increasingly focusing on aftersales services and software solutions to differentiate themselves and increase their market presence.
Significant Challenge
- The high cost associated with the maintenance of pipeline and transportation infrastructure is a significant challenge restricting market growth.
- The automation of certain processes and the development of automated technology require significant time which results in a temporary cessation of operation, thereby making it difficult for end consumers to make an informed decision.
- Moreover, the lack of skills necessary to deal with new and upgraded technologies also hinders market growth.
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Keg Segments:
- The pipeline segment is estimated to witness significant growth during the forecast period. Pipelines are an integral part of the midstream oil and gas sector and are highly preferred for oil and gas transport. Increased regulatory scrutiny in the oil and gas sector, together with the construction of new pipelines, is leading to increased demand for pipeline automation.
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Related Reports:
The oil and gas upstream equipment market size is estimated to grow at a CAGR of 3.26% between 2024 and 2028. The market size is forecast to increase by USD 11,226.76 million.
The industrial wireless automation market size is estimated to grow at a CAGR of 7.59% between 2023 and 2028. The market size is forecast to increase by USD 2,479.12 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Solution
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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