September 3, 2018 - 3:24 PM EDT
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European Automation & Control Solutions Market in the Oil & Gas Industry - Forecast to 2022 - ResearchAndMarkets.com

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The "European Automation and Control Solutions Market in Oil and Gas Industry, Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.

The dependence of the oil and gas (O&G) industry on automation has increased in the last decade, and this is expected to double by 2020. As a result of project cancellation followed by the fall in crude oil prices from 2014-2016, multiple rounds of industry layoffs were announced that left O&G companies with a reduced number of skilled workers. This increased the dependence of Oil companies on automation in order to complete the processes without any delay.

Initiatives to digitize oil fields are being implemented, and this had led to investing in instrumentation in order to increase productivity and complete projects within defined budgets and timelines. These initiatives have been found to be extremely beneficial, especially in offshore rigs, to gathering production data in a timely manner.

The automation sector has evolved from supplying hardware equipment with aftermarket services to becoming more service-based, offering software tools that can translate huge volumes of data into meaningful, intelligent information that can be leveraged to make important business decisions.

The trend of selling individual control systems-such as distributed control system (DCS), Supervisory control and data acquisition (SCADA), safety instrumented system (SIS), manufacturing execution system (MES), and industrial asset management (IAM)-has changed as demand for an integrated system with multiple functionalities has found to increase.

Although the 'digital oilfield' technology has significant growth opportunities within the O&G industry, its full-scale adoption is being limited by the numerous challenges. Some of those are lack of sufficient cyber security, lack of standardization across platforms and conservative mindset of the top management of the end user companies.

However, with more investments in IoT platforms that offers advanced cyber security and protocol compatibility, it is predicted that these challenges will be soon addressed in addition to plant connectivity.

Market Drivers and Challenges

  • Intensity of Drivers and Challengers Over Short, Medium, and Long Terms
  • ACS Market in O&G Industry-Enablers
  • Digitalization
  • Increase in Government Regulations to Enhance Safety and Security
  • Plant Optimization and Improve Process Efficiency
  • Upgrade/Retrofit Existing Automation Systems
  • ACS Market in O&G Industry-Challenges
  • Fall in Crude Oil Prices
  • Conservative Nature of O&G Industry
  • More Investments in Alternative Energy Sources
  • Political Turmoil

Key Topics Covered

1. European Automation and Control Solutions Market in Oil and Gas Industry, Forecast to 2022

2. Executive Summary

3. Market Overview - Abbreviations, Scope, and Definitions

4. Market Drivers and Challenges

5. O&G Rig Activities in Europe (2013-2017)

6. IIoT Technology in European O&G Vertical

7. Automation and Control Solutions

8. Growth Opportunities and Companies to Action

9. The Last Word

For more information about this report, visit https://www.researchandmarkets.com/research/f53lq6/european?w=4.

ResearchAndMarkets.com
Laura Wood, Senior Manager
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Related Topics: Gas, Oil, Industrial Automation


Source: Business Wire (September 3, 2018 - 3:24 PM EDT)

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