Oil & Gas Automation Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Oil & Gas Automation Market Analysis:

1. The Oil & Gas automation market is projected to grow at a CAGR of 5.9% during the forecast period. Despite the fluctuating oil prices, the Oil & Gas industry has maintained a steady demand. However, the global energy consumption is gradually increasing, which is expected to further drive the market expansion.

2. The Oil & Gas industry has been embracing digitalization and automation to improve efficiency and reduce costs. With the help of digital technologies, engineering teams can work more efficiently with Oil & Gas companies to manage data and project requirements. Machine monitoring has become proactive, and businesses are investing in digital platforms to make data-driven decisions and create a cutting-edge virtual workspace for their employees.

3. The increasing global demand for Oil & Gas is expected to drive the demand for automation in the market. According to the International Energy Agency, the world’s demand for oil is expected to increase by 21% by 2040, making it the source of 35% of all energy, while the demand for natural gas is expected to increase by 31%, making it the source of 17% of all energy. To stay competitive in the market, Oil & Gas companies are investing in advanced analytics services, such as the strategic partnership deal between Baker Hughes and AQI, to meet the growing demand for automation in the industry.

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