Frost & Sullivan: Rising Energy Lifting Costs and the Decline in 'Easy Oil' Production Drives Adoption of Automation Technologies

Frost & Sullivan: Rising Energy LiftingFrost & Sullivan: Rising Energy Lifting Costs and the Decline in 'Easy Oil' Production Drives Adoption of Automation Technologies PR Newswire MOUNTAIN VIEW, California, March 27, 2014 -- Totally Integrated Digital Oilfield (TIDO) is the holy grail of oil and gas exploration and production markets In the next two decades, it is expected that over half of the global energy demand is expected to be met from oil and gas supply. As end users continue to invest in oil and gas exploration and production, there is a pressing need for automation providers to evolve their solution offering to target key market challenges such as rapid deletion rates, increase in distributed assets, safety mandates, mobility, reliability, integrity and aging workforces. Recent research from Frost & Sullivan, Analysis of Global Automation and Control Systems (ACS) Market in the Upstream Oil and Gas (O&G) Industry, finds that the market earned revenues of $5.88 billion in 2013 and estimates this to reach $10.45 billion in 2020. Apart from traditional control and safety systems, market growth for ACS is fueled by the demand for integrated packaged solutions in large greenfield projects and advanced software tools and services in brownfield projects. The influx of wireless systems (Wi-Fi, Wi-MAX, 2G, 3G, 4G, Satellite) is further expected to drive growth in the communication systems segment as end users look to maximize productivity of their assets in the field.