Oil & Gas Automation & Instrumentation Market Size, Share, Competitive Landscape and Trend Analysis Report, by Solution, by Instrument and, by Process : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact Analysis

• The COVID-19 pandemic impacted the oil & gas automation & instrumentation market and caused a decline in the growth.
• COVID-19 harmed globalization and integrated economies in majority of countries. Companies encountered serious cash flow challenges as a result of the imposition of lockdowns in various nations. Reduced demand for oil & gas automation & instrumentation has come from halting or delaying of manufacturing of industrial automation oil & gas, as well as global supply chain logistics problems caused by the outbreak of COVID-19. 
• The energy demand from industries and the commercial sector declined due to the shutdown, which caused a huge loss for oil & gas industries. This had a direct negative impact on the oil & gas automation & instrumentation market.
• No new exploration activity in the oil & gas sector were done due to the decline in the economy. This affected the oil & gas automation & instrumentation market.
• Industries were shut down to prevent the gathering of people and no production operations were carried out in the pandemic. Even after the reopening of industries the plants could not run at optimum capacity due to shortage of labour and raw material.
• The lockdown restriction has been completely uplifted and the production and exploration are carried out at full capacity. This boosts the market growth for oil & gas automation & instrumentation. 

Top Impacting Factors

The expansion of the oil & gas automation & instrumentation market is predicted to be fueled by the global demand for petroleum products, as well as the development of sophisticated work flow requirements in oil & gas companies. The global sector is projected to benefit from the growing relevance of functional time reduction through automation and instrumentation. Automation and instrumentation increase the efficiency and safety of processes. It also makes it easier to keep track of the entire procedure. These positive aspects are expected to fuel the global oil & gas automation & instrumentation market demand. The global industry demand is projected to be driven by the ease of implementation in manufacturing and oil & gas refining operations. Automation and instrumentation technologies enable businesses to establish safe manufacturing methods. The oil & gas automation & instrumentation business are predicted to be driven by the complexities of shale gas exploration, as well as the need for improved machines. However, data integration problems caused by automation and instrumentation, on the other hand, are projected to hamper the industry expansion. Initially installed systems in established economies such as the U.S., Canada, and the European Union have limited the region's potential for further expansion.

Reduced oil and gas prices have an impact on infrastructure investments, and the growing move toward renewable energy sources is a major limitation on the expansion of the oil & gas automation & instrumentation market. Growth of the conventional energy business is predicted to generate chances for market players due to increase in energy demand in Asia-Pacific and Latin America's expanding economies. Demand for petroleum products is expected to rise, putting pressure on oil and gas businesses to expand production. This opens up new opportunities for global market players. Furthermore, the rise in investments in emerging countries' oil and gas markets, as well as the surge in necessity of reducing functional time through automation and instrumentation, is expected to provide a number of potential growth prospects for the oil & gas automation & instrumentation market.

Market Trends

• ABB introduced a new range of color-coded sensors in March 2020, making it simple to select and manage the best pH measuring solution. The sensors make it easier to determine the pH level of water. 
• Emerson announced two new Rosemount 628 Universal Gas Sensors in July 2019 that can measure carbon monoxide and oxygen depletion in addition to monitoring hydrogen sulphide. The Rosemount 928 wireless gas monitor platform can now monitor a wider spectrum of hazardous circumstances, due to these new additions to the series.
• Sensia, a startup based in the U.S, provides intelligent automation solutions for oil and gas organizations to reduce contact time between detection, diagnosis, and resolution. The startup's connected technology platform promotes digitization and automation in the oil & gas industry. Sensia's oil and gas production, transportation, storage, and processing solutions also improve operational efficiency, asset productivity, and safety. Petro-technical experts and process engineers use solutions to design optimal production schedules and prevent equipment downtime. 
• Cognate-Gnosis, an Australian firm, provides MES solutions for any industrial activity, including oil and gas, mining, and utilities. The startup's MES consulting service helps oil and gas equipment makers use real-time production data to improve operations, increase efficiencies, minimize waste, and improve overall equipment efficiency (OEE). 
• Because of the emphasis on safety, SCADA, which is integrated with ERP, is gaining popularity in the oil and gas industry. Such integration allows downstream organizations to appropriately map business processes, risk considerations, and control mechanisms, resulting in more efficient resource use and maintenance capabilities.