Industrial Automation Market is expected to reach USD 15.52 billion by 2023 – PR Newswire (press release)

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.

Key driving factors for the growth of the industrial automation market for oil & gas are the need for optimum and effective exploration of aging reservoirs and the Internet of Things adding value to the industrial automation for the oil & gas industry.

DCS is expected to hold a major share of the industrial automation market for oil & gas during the forecast period.

Distributed control system (DCS) is expected to hold a major share of the market by 2023.

The distributed control system controls various components that are distributed in the overall system of industrial automation for oil & gas, enabling the maintenance of digital communication between various components such as distributed controllers, workstations, and other computing elements.

The DCS controls processes such as oil & gas refineries, pipeline transport, and extraction in the oil & gas industry.

Field instruments market expected to hold the largest size of the industrial automation market for oil & gas

The field instruments market is expected to hold the largest size of the industrial automation market for oil & gas in 2017.

Field instruments comprise three types of transmitterspressure, temperature, and flow, which are used for various processes involved in instrumentation.

Pressure transmitters are extensively used in the oil and gas sector for the measurement of flow, level, pressure, density, and viscosity, among which flow measurement is the most common application area.

"The industrial automation market for oil & gas is expected to exhibit significant growth potential between 2017 and 2023" 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. Key driving factors for the growth of the industrial automation market for oil & gas are the need for optimum and effective exploration of aging reservoirs and the Internet of Things adding value to the industrial automation for the oil & gas industry. However, the instability of the oil & gas market in Middle Eastern countries, increasing shift toward the adoption of renewable energy sources, and declining and fluctuating oil and gas prices are considered to be major restraints for the industrial automation market for oil & gas.

"DCS is expected to hold a major share of the industrial automation market for oil & gas during the forecast period." Distributed control system (DCS) is expected to hold a major share of the market by 2023. The distributed control system controls various components that are distributed in the overall system of industrial automation for oil & gas, enabling the maintenance of digital communication between various components such as distributed controllers, workstations, and other computing elements. The DCS controls processes such as oil & gas refineries, pipeline transport, and extraction in the oil & gas industry.

"Field instruments market expected to hold the largest size of the industrial automation market for oil & gas" The field instruments market is expected to hold the largest size of the industrial automation market for oil & gas in 2017. Field instruments comprise three types of transmitterspressure, temperature, and flow, which are used for various processes involved in instrumentation. Pressure transmitters are extensively used in the oil and gas sector for the measurement of flow, level, pressure, density, and viscosity, among which flow measurement is the most common application area.

"The industrial automation market for oil & gas in APAC expected to grow at the highest rate during the forecast period" The industrial automation market for oil & gas in APAC is expected to grow at the highest rate between 2017 and 2023. The demand for industrial automation for oil & gas is very high in APAC owing to the increase in the number of refinery plants and other related plants in the oil & gas industry. The implementation of automation is increasing in APAC because of the rising demand for high-quality products along with increased production rates. It also helps reduce labor costs and human interference.

Breakdown of the profiles of primary participants for the report has been given below:

By Company Type: Tier 1 = 49%, Tier 2 = 30%, and Tier 3 = 21% By Designation: C-Level Executives = 58%, Directors = 28%, and Others = 14% By Region: The Americas = 35%, Europe = 19%, APAC = 30%, and the Middle East and Africa = 16%

The key players in the industrial automation market for oil & gas include ABB (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Endress+Hauser AG (Switzerland), General Electric Co. (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation Inc. (US), and Yokogawa Electric Corporation (Japan).

Research Coverage The research report analyzes the industrial automation market for oil & gas based on solution, instrument, and geography. The market has been segmented on the basis of solution into supervisory control and data acquisition (SCADA), programmable logic controller (PLC), humanmachine interface (HMI), distributed control systems (DCS), safety automation, advanced process control (APC), and manufacturing execution system (MES). On the basis of instruments, the industrial automation market for oil & gas has been classified into field instruments, control valves, leakage detection system, and flow computer. The report covers the market segmented on the basis of 4 major regions: the Americas, Europe, APAC, and the Middle East and Africa.

Key Benefits of Buying the Report: Illustrative segmentation, analysis, and forecast for the market based on solution, instrument, and geography have been conducted to give an overall view of the industrial automation market for oil & gas. The value chain analysis has been utilized to provide an in-depth insight into the industrial automation market for oil & gas. Major drivers, restraints, opportunities, and challenges for the industrial automation market for oil & gas have been detailed in this report. The report includes a detailed competitive landscape along with key players and their revenue. Read the full report: http://www.reportlinker.com/p04960853/Industrial-Automation-Market-for-Oil-Gas-by-Solution-Instruments-and-Geography-Global-Forecast-to.html

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Industrial Automation Market is expected to reach USD 15.52 billion by 2023 - PR Newswire (press release)