DUBLIN--(BUSINESS WIRE)--The "Main Automation Contractor (MAC) Market in the Oil & Gas Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Main Automation Contractor (MAC) Market in the Oil & Gas Industry is expected to register a CAGR of 6.2% during the forecast period 2021 - 2026
The significant need to increase productivity, improve energy efficiency, ensure seamless operator interfaces, manage alarm overload, and automate the consolidation of operational data for business decisions
In the current competitive and continuously changing technology and business environment, constant complex demands are being placed on the automation systems. The clients today are seeking an optimum solution that allows them to manage their global operations in real-time while decreasing their capital and lifecycle costs.
In the oil and gas industry's processes, there is always a high demand for safety and reliability. The supply chain of the industry has created a significant demand for automation, industry expertise, and an extensive partner network. The complete automation solutions primarily help the oil and gas producers to integrate information, and also control and provide safety solutions, in order to respond to the dynamic global demand.
For instance, in Nov 2019, Honeywell announced that the Kuwait Integrated Petroleum Industries Company selected the Honeywell Process Solutions (HPS) to be the main automation contractor for their new Petrochemicals and Refinery Integration Al Zour Project (PRIZe). Honeywell will provide the KIPIC with front-end engineering design and advanced process control technology, which will help the KIPIC in expediting production start-up while assisting with reaching production targets faster and more efficiently.
Furthermore, the recent outbreak of coronavirus has enabled automation to play a vital role across the production. Amid situation where industries are operating with limited workforce owing to layoffs, and job losses, the deployment of automation is enabling businesses to sustain their production levels with minimum risk and exposure of workers to COVID-19 pandemic.
Key Market Trends
Upstream Segment to Witness Significant Growth
- The upstream sector of the oil and gas industry involves several drilling activities that need to meet stringent government regulations, and require intense planning, in order to cut down operational costs. Often, the industry deals with huge sets of spatial data, to make several decisions. In order to harness the complete power of spatial data, several process automation tools and analytical engines are employed in the sector.
- Moreover, there has been a considerable exploration activity in the United Kingdom that has led towards the crucial discoveries such as Glendronach, which is estimated to be the fifth-largest conventional natural gas reserve discovery on the UK Continental Shelf in the millennium.
- Following the Glendronach's success, companies such as Total are planning for further exploration activities in the vicinity that are expected to be a significant source of demand for the automation solutions form the upstream oil and gas sector.
- Furthermore, with the US Department of the Interior planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the sector is expected to open up new opportunities to the market.
The Main Automation Contractor (MAC) Market in the Oil & Gas Industry is highly competitive owing to the presence of multiple large players ion the market providing their solutions in domestic and international markets. The market appears to be moderately concentrated with major players adopting major strategies such as product innovation, mergers, acquisitions, and partnerships in order to enhance their solution functionality and expand their geographic reach. Some of the major players in the market are Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International Inc., among others.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Preference of Oil & Gas Companies Towards MAC Approach to Avoid Project Management and Integration Complexities
4.3 Market Challenges
4.3.1 Impact of COVID-19 on the Market and Planned Spending Cuts from Major Oil & Gas Companies
4.4 Porters 5 Force Analysis
4.5 Traditional Approach Vs. MAC Approach (Cost Savings Approach)
4.6 MAC Best Practices
4.7 Key Use Cases
5 MARKET SEGMENTATION
5.1 By Sector
5.1.1 Upstream (Offshore and Onshore)
5.2 By Project Size
5.2.1 Small & Medium (USD 5 million to USD 30 million)
5.2.2 Large (USD 31 million and Above)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rockwell Automation Inc.
6.1.2 Schneider Electric SE
6.1.3 Yokogawa Electric Corporation
6.1.4 Honeywell International Inc.
6.1.5 Emerson Electric Co.
6.1.6 Siemens AG
6.1.7 ABB Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/58jeu8