May 27, 2020 (Market Insight Reports) --
Oil And Gas Automation Market – Growth, Trends, and Forecast (2020 – 2025) , This report presents a profound evaluation of basic elements of the Oil And Gas Automation industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews a thorough analysis of vital segments and regional markets.
The Oil and Gas Automation Market was valued at USD 12.73 billion in 2019 and is expected to reach USD 18.54 billion by 2025, at a CAGR of 6.47% over the forecast period 2020 – 2025.
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Top leading Manufacturers Profiled in Camper Trailers Market Report are Mitsubishi Electric Corporation, Schneider Electric SE, Emerson Electric Co., Eaton Corporation, Dassault Systemes, Honeywell International Inc., ABB Ltd, Rockwell Automation Inc., Yokogawa Electric Corporation, Siemens Corporation, Robert Bosch GmbH, Texas Instruments Inc., Johnson Controls Inc.
In the oil and gas industry processes, there is always a high demand for safety and reliability. The supply chain of this industry creates a great need for automation, industry expertise, and an extensive partner network. Process automation helps oil and gas producers to integrate information, as well as control, power, and provide safety solutions, in order to respond to the dynamic global demand.
From the past, it is observed that even though the oil prices are fluctuating, the demand for oil and gas remained stable. The price of oil per barrel has gone to a peak level of more than USD 140, and also, a trough low to USD 20, but the average energy consumption is steadily increasing, globally. As of 2017, it was estimated that the world consumed over 98 million barrels of oil every day, indicating a growth of almost 2% when compared to 2016. Such a rate of consumption was primarily spiked by the reduced crude oil prices and increasing demand from automobiles.
In addition to that, since the low prices of crude hit the market in early 2014, the major consumption groups in the Asian and European countries have predominantly benefited from these changes. In fact, according to the British Petroleums estimates, the regions witnessed a towering increase in the refinery capacities and throughputs. The refining capacity and throughput of the Asia-Pacific region spiked by 1.3% and 8.6%, respectively, between 2013 and 2016. It is estimated that the region was able to refine over 27,000 million barrels of oil every day, in 2016, owing to cheaper crude oil.
The low crude oil price situation occurred toward the end of 2014, due to the oversupply situation of crude oil, globally. The new-found shale resources in North America and high production in the Middle East forced down the prices in the global market.
Scope of the Report
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.
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Enterprise Resource and Planning (ERP) is Expected to Register a Significant Growth
ERP systems offer an integrated real-time view of core operations, such as product planning, development, manufacturing, sales, and marketing. At workstations, these ERP systems enable the scheduling and management of the workflow, while implementing a well-organized product cycle, which is done by monitoring the progress of various processes, as well as providing analytical data that aids decision-making. The features reduce excessive inventory costs. Oil and gas industries are among the early adopters for the ERP system, as the operations are highly dependent upon workflow management and market analysis. ERP providers are designing solutions specific to the upstream, midstream, and downstream activities.
As SCADA systems are capable of integration with ERP solutions, real-time asset performance can be monitored and their maintenance schedules can be automated, thereby, avoiding sudden/unplanned downtime. The need for reducing the machine downtime expenses across the upstream and downstream companies supports the growth of the ERP segment in the market studied. SCADA, integrated with ERP, is becoming popular in the oil and gas industry, owing to the focus on safety. In the downstream companies, such integration is allowing companies to correctly map business processes, risk factors, and control mechanisms, thus, streamlining the resource utilization and maintenance capabilities.
Furthermore, this study will help to solve the following issues:
– Cyclical dynamics: Report foresees the dynamics of industries by using core analytical and unconventional market research approaches.
– Identifying key cannibalizes: Strong substitute for a product or service is the most prominent threat. The report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
– Spotting emerging trends: Report helps to identify upcoming hot market trends. The report also tracks possible impact and disruptions which a market would witness by a specific emerging trend.
– Interrelated opportunities: This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.
Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
Irfan Tamboli (Head of Sales) – Market Insights Reports
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