Market Overview

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.

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