The industry of oil and gas is growing across the globe year on year during the last decade owing to the significant increase in the demand for oil especially from the underdeveloped region which majorly includes India and China. Whereas, in the recent trend, with the significant advancement in the technology led to interconnected enterprises, which support the oil and gas market to shift closer to the operational excellence and effectively facing the challenges related to the cost management and several others. The automation solutions sanction oil and gas enterprises to optimize and streamline business operations by allowing a seamless flow of data from the enterprise assets to operations, trading systems and maintenance. Furthermore, the government is also presenting the favorable policies and strategies which further increase the demand for oil and gas and lead the market growth more positively across the globe during the forecasted period.
According to the report analysis, ‘Automation Solutions in Oil & Gas Industry: Global Market by System Type, Operation Stage and Geography 2014-2023’ states that there are several key players which are presently functioning in this sector more energetically for leading the highest market growth and dominating the handsome value of market share across the globe during the forecasted period more positively while effectively studying the policies of government, analyzing the changing behavior of the consumer for offering better services and advancing the technologies with more applications and benefits includes ABB Ltd., Emerson Electric Co., Endress+Hauser AG, Fanuc Corp., General Electric Co., Hitachi, Ltd., Honeywell International Inc., Mitsubishi Electric Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation and several others. Moreover, the players of respective region conducted various studies to prove that the experts of industry are satisfied with the current state of affairs of the oil and gas industry and anticipate this to market to rise in the coming years.
Additionally, it is anticipated the cost of oil and gas in Russia is very stable which is anticipated to demonstrate the stability in the coming years with less unpredictable moves. This shall assistance the market in growth in the near future as the recent levels of manufacture can rise more significantly and conveniently. Not only have this, many regions for leading the fastest market growth around the globe are investing the large amount in the research and development sector to enhance the quality of their outcome.
Although, the significant rise in the daily drilling operations, increase in the diagnostics and inspections, high occurrence of natural calamities and several others are the major growth drivers for the automation solutions in the oil and gas industry. Whereas, in the above mentioned factors the daily drilling operations is one of the largest expenses for the oil and gas companies. Not only expensive, it is also extremely technical and includes considerable precaution for the worker. The automation manual portions of that process such as pressure drilling and pipe handling, can effectively decrease the safety risks, and speed up the overall drilling procedure. Therefore, in the coming years, it is anticipated that the market of automation solutions in oil and gas industry will increase around the globe more positively over the recent few years.
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Ankur Gupta, Head Marketing & Communications