Between 2017 and 2023 the industrial automation market for oil & gas is expected to grow at a CAGR of 3,2%, reaching USD 15.52 billion. Key driving factors for the growth are: the need for optimum and effective exploration of aging reservoirs and the Internet of Things adding value to the industrial automation for the oil & gas industry. The major restraints for the growth of this market are: the instability of the oil & gas market in Middle Eastern countries, the increasing shift toward the adoption of renewable energy sources, and the declining and fluctuating oil and gas prices. DCS (Distributed control systems)is expected to hold a major share of the industrial automation market for oil & gas during the forecast period.
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