Main Automation Contractor (MAC) Market in the Oil & Gas Industry – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Main Automation Contractor (MAC) Market in the Oil & Gas Industry Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
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
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Key Players of Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market are: Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Honeywell International Inc.,
– Sep 2019 – Siemens announced that it is planning to acquire the Process Systems Enterprise (PSE), which is a global technology supplier of software and services for advanced process modeling. The advanced models are used within the digital R&D, design, and operations in the process industries in order to help them make fast, safe, and more efficient decisions through a rapid and effective exploration of the decision space.
– Feb 2020 – Yokogawa opened its technology collaboration center in order to support the disruptive innovation in process automation. The opening of the center follows the announcement in July 2019 of the company’s selection as the ExxonMobils OPA Test Bed system integrator.
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 Glendronachs 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.
North America is Expected to Witness Significant Growth
– The countries in the region such as the United States where oil production is an area of interest, owing to the decline in oil prices. The shale boom was considered as one of the essential energy developments during the past decade. According to EIA, the United States oil production is expected to increase Y-o-Y, owing to the growing production efficiencies and growing resource base. The US crude oil output is expected to increase to 20% by 2030, despite the lower oil prices.
– Moreover, companies in the sector are set to increase their oil production. For instance, ExxonMobil, which is one of the prominent oil producers in the country, announced its plans to increase its production activity in the Permian Basin of West Texas by producing more than 1 million barrels per day of oil-equivalent by as early as the year 2024, which is equivalent to an increase of nearly 80% as compared to the present production capacity.
– Similarly, Chevron is expected to increase its net oil-equivalent production to reach 600,000 BPD by 2020 and 900,000 BPD by 2023. Such increasing oilfield activity is expected to drive the demand for complete automation solutions thereby driving the market positively during the forecast period.
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Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Main Automation Contractor (MAC) Market in the Oil & Gas Industry market share, latest trends, key players, and their projections for the future. Also, Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Main Automation Contractor (MAC) Market in the Oil & Gas Industry market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Main Automation Contractor (MAC) Market in the Oil & Gas Industry industries have also been greatly affected. With the slowdown in world economic growth, the Main Automation Contractor (MAC) Market in the Oil & Gas Industry industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Main Automation Contractor (MAC) Market in the Oil & Gas Industry market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Main Automation Contractor (MAC) Market in the Oil & Gas Industry market size will be further expanded, we expect that by 2027.
The Study Objectives of Main Automation Contractor (MAC) Market in the Oil & Gas Industry Market Report Are:
- Focuses on the key Main Automation Contractor (MAC) Market in the Oil & Gas Industry manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
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The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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