DUBLIN--(BUSINESS WIRE)--The "Digital Transformation Market in The Oil and Gas Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

Digital Transformation Market in The Oil and Gas Industry is expected to register CAGR of 10% during 2021 - 2026.

Companies Mentioned

• Schneider Electric SE
• Rockwell Automation Inc.
• Honeywell International Inc.
• ABB Ltd.
• Mitsubishi Electric Corporation
• Siemens AG
• Omron Corporation
• Yokogawa Electric Corporation
• Fanuc Corporation
• WFS Technologies Ltd
• Magseis Fairfield ASA
• Rohrback Cosasco Systems, Inc
• IBM Corporation

Key Market Trends

Downstream Sector is Expected to Witness Major Market Share

• Digital Transformation is considered as one the core innovations being used in leading the downstream operations of the oil & gas industry, the companies are focusing to increase the asset utilization by enhancing the manufacturing efficiency of the plants
• The downstream operations of the oil and gas companies, including both petrochemicals and refining, have always adopted technology to improve its operations. These companies have developed and adopted innovative approaches that manage complex processes and interpret data to improve performance. The ongoing shift to becoming digital is expected to present even greater potential, given the strategic push by many companies to expand their downstream operations of the oil and gas value chain, especially petrochemicals
• The major area of concern for the vendors is how to predict and prevent, or reduce, maintenance costs. The automation solutions that are being used for maintenance and turnaround planning tools use application performance management and AI-based simulation and can be easily added to an existing operational system. Moreover, the upgradation of sensor systems, to enable better predictive and prescriptive maintenance, can lead to long-term operational efficiencies
• Multiple oil and gas companies are relying on technologies such as AI , IoT, Big Data, among others into their operations so as to improve their operations. For instance, Shell's downstream commercial business, that is responsible for the supply of oil and gas to the end consumer, is using AI technology to predict consumer demand for petroleum products, measure supply shortages, and recommend a mix of oil for a refining process.

Asia-Pacific to account for a significant share

• In recent times, with the low crude oil price situation, the refinery capacity in the region has witnessed a record growth between 2014 and 2019. According to a 2019 report published by BP Statistical Review of World Energy, the region has the largest oil refining capacity in the world, processing almost 34.75 million barrels per day (BPD) in 2018
• Given the long lead times and the massive capital outlay involved in the production of oil and gas, major players in the industry are looking to gain a competitive edge through transformational technology such as AI. For instance, Woodside, the largest Australian natural gas producer, deployed IBM Watson to run AI algorithms operations and search more than 25 million documents, retrieve content and benchmark against historical performance and suggest related information to anyone in the business.
• Countries like China, India, Japan, and South Korea have one of the most active oil and downstream gas sector in the region, which together is responsible for over 78% of the oil refining capacity, with significant refineries deeply integrated with petrochemical production units, in the Asia Pacific region.
• Also, countries such as Singapore are gaining over 10% refinery throughput in a year. This is providing the scope for expansion in current refineries, and possibly new projects are expected to drive the demand of digital transformation.
• Furthermore, PetroChina, Asia' leading announced that its Daqing oilfield which is aimed to achieve 50 million tons of stable production for 20 years will leverage digital transformation by enabling technologies such as cloud computing, big data, IoT among others.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increasing Need to Implement Disruptive Technologies to Optimize Operations & Increase Safety

4.2.2 Regulatory Requirements

4.3 Market Restraints

4.3.1 Volatile Oil Price Situation

4.3.2 Stagnant Industrial Growth in Developed Countries

4.4 Value Chain Analysis

4.5 Porters 5 Force Analysis

4.6 Assessment of Impact of Covid-19 on the Industry

5 MARKET SEGMENTATION

5.1 Enabling Technologies

5.2 Sensor

5.3 Geography

5.3.1 North America

5.3.1.1 US

5.3.1.2 Canada

5.3.2 Europe

5.3.2.1 Germany

5.3.2.2 UK

5.3.2.3 France

5.3.2.4 Rest of Europe

5.3.3 Asia Pacific

5.3.3.1 India

5.3.3.2 China

5.3.3.3 Japan

5.3.3.4 Rest of Asia Pacific

5.3.4 Latin America

5.3.4.1 Brazil

5.3.4.2 Argentina

5.3.5 Middle East and Africa

5.3.5.1 UAE

5.3.5.2 Saudi Arabia

5.3.5.3 Rest of Middle East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Investment Analysis

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/mwwlwd

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