According to a recent analysis by Frost & Sullivan, the total oil and gas automation market is expected to reach $24.63 billion by 2025, up from $17.17 billion in 2020. Digital transformation is occurring on a massive scale due to the need for increased efficiency, safety, and sustainability. 

Artificial intelligence (AI) and the Internet of Things (IoT) are driving digital trends across the industry, and they’re expected to play a bigger role as the industry recovers from COVID-19.

“Industry 4.0 has been transforming the oil and gas value chain by enhancing connectivity, simplifying operation maintenance, and prioritizing safety. The digitalization of drilling processes in the upstream sector is a high-growth area and can significantly boost production,” said Agustina DeSarriera, Research Analyst, Energy & Environment at Frost & Sullivan.

DeSarriera continued, “Environmental regulations and agreements are compelling the industry to become more sustainable, and participants are recognizing that one of the easiest ways to achieve higher process efficiencies is automation.”

The report identifies areas of growth—from the pressure to become more sustainable and less labor-intensive—in key technologies:

• Artificial intelligence (AI)

• Robots and drones

• Internet of things (IoT)

You can download a preview of the full report here. 

We’re happy to see the industry so “energized.”