Dynamic Companies Driving Innovation in Artificial Intelligence, Machine Learning, Analytics, Internet of Things, and Digitalization
This study, the 22nd issue of the Oil & Gas Start-up Tracker, looks specifically at 5 dynamic firms that are making a significant impact on the innovation agenda for digitalization and automation in the oil and gas industry.
The market outlook for the forecast period is encouraging. The oil and gas automation market will register a CAGR of 7.47% between 2020 and 2025 and reach $24.63 billion by 2025.
Technological and digital trends are transforming the oil and gas industry. Main players commonly choose operational technologies (OTs) to carry out the automation of their oil and gas processes; however, newer technologies, such as AI, IoT, and robotics are starting to gain more relevance in the industry.
Oil and gas companies adopted automation technologies for their upstream activities, especially for offshore sites. The most common technologies include sensors, transmitters, and controllers, with SCADA systems, PLCs, and DCSs being the most common automation applications.
Several digitalization trends influenced the oil and gas automation market during the past few years. However, pressing concerns emerged in the oil and gas industry, such as its need to increase safety in the workplace and boost efficiency to recover from the pandemic’s consequences.
Digital technologies offer a solution to these problems in the form of automation technologies. The market is undergoing a digital transformation, and the industry’s activities will evolve to become more autonomous.
Globally, the oil and gas industry’s digital transformation is noticeable. However, some regions are embracing these technological changes faster than others because of their preparedness and technological capabilities. Europe and APAC have prepared the most to face the industry’s transformation.
Table of Contents
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 8™
- The Impact of the Top 3 Strategic Imperatives on Digitalization, the Internet of Things (IoT), and the Artificial Intelligence (AI) in Oil & Gas
- Growth Opportunities Fuel the Growth Pipeline Engine™
- Growth Environment for Oil and Gas Automation
- Innovation Target
- 3YOURMIND - Company Profile
- 3YOURMIND - Analyst Viewpoint
- mIQrotech - Company Profile
- mIQrotech - Analyst Viewpoint
- Urbint - Company Profile
- Urbint - Analyst Viewpoint
- Emitwise - Company Profile
- Emitwise - Analyst Viewpoint
- Aoms - Company Profile
- Aoms - Analyst Viewpoint
- The Last Word
- Scoring Methodology
- Growth Opportunity 1: AI as a Tool to Achieve Sustainability
- Growth Opportunity 2: Robotics for the Upstream Sector
- Growth Opportunity 3: IoT for Boosting Efficiency
A selection of companies mentioned in this report includes: