Contract Furniture and Furnishing Market was valued at US$ 4.09 Bn. in 2023 the total revenue is expected to grow at 4.34% (CAGR) through 2024 to 2030, reaching US$ 5.50 Bn.
Contract Furniture and Furnishing Market Overview:
The industrial automation market in the oil and gas industry is undergoing a monumental shift, with increasing investments, strategic mergers, and groundbreaking technological advancements shaping its future. As we move into 2024, the market continues to expand due to a convergence of automation technology, the need for safety and efficiency, and the global demand for energy. This press release takes an in-depth look at the latest trends, mergers and acquisitions (M&A), key developments, and leading players in the market, with a regional focus on Vietnam, Thailand, Singapore, Japan, South Korea, European countries, and the US.
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Mergers and Acquisitions in the Contract Furniture and Furnishing Market:
Several notable mergers and acquisitions have occurred recently, as key industry players aim to consolidate resources, expand their portfolios, and enhance their technological capabilities. Companies in the industrial automation space are increasingly focusing on AI, robotics, predictive maintenance, and real-time monitoring systems to serve the oil and gas sector more efficiently.
Key Mergers and Acquisitions:
In the United States: Major acquisitions by US-based companies like Honeywell International, Rockwell Automation, and Emerson Electric are reshaping the market. Honeywell’s acquisition of Intelligrated in late 2023 is expected to bolster its automation solutions in the oil and gas sector, particularly in logistics and operational management.
In Europe: Siemens AG and ABB Group have both recently signed high-profile agreements. Siemens has entered into a joint venture with Petrofac to accelerate automation in offshore oil and gas operations. Meanwhile, ABB has strengthened its position through the acquisition of Berthold Technologies, a global leader in measurement and control technologies.
In South Korea: Samsung Engineering, in partnership with Hyundai Engineering, is expanding its industrial automation capabilities through a strategic acquisition of Daewoo International’s automation systems division to enhance efficiency in oil refinery operations.
In Japan: Mitsubishi Electric has acquired Yokogawa Electric Corporation’s automation division, focusing on enhancing digitalization across upstream and downstream oil and gas operations.
In Southeast Asia (Vietnam, Thailand, Singapore): Singapore-based Keppel Offshore & Marine is expanding its automation portfolio through the acquisition of Vallourec’s automation solutions, strengthening its foothold in the Southeast Asian market.
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Contract Furniture and Furnishing Market Segmentation:
by Product
Desks Table
Chair and stools
Storage Cabinets
Sofas
Cafeteria Table & Chairs
Other (stands, lighting etc)
The setting chairs and stools category experienced the greatest revenue growth in 2023. Employees spend more than 8 to 10 hours at work each day, thus office chairs must be created using scientific principles, since the best posture while working has a significant impact on health. In the United States, there is an increasing need for ergonomic seats, which help to improve employee productivity, efficiency, and workplace aesthetics.
by End User
Corporate Office
Hospitals
Institutions
Other (Schools, Airports etc)
The healthcare and commercial applications category had the largest market share in 2023.Contract furnishings are mostly used in healthcare and commercial applications, such as wallcoverings, furniture, acoustic solutions, seating, and panels. Architectural walls, seating, medical recliners, medical gliders, chairs, stools, lounge seating, and lobby benches all require a range of contract furnishings.
by Distribution Channels
Online
E-commerce Website
Company-Owned Website
Office
Specialty Stores
Furniture marts
Other Retail based
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Contract Furniture and Furnishing Market Key Players:
1. Forest Contract
2. Haworth Inc.
3. Herman Miller, Inc.
4. Humanscale International Holdings Ltd.
5. Kinnarps AB
6. Knoll Inc.
7. Pioneer Contract Furniture Ltd.
8. Sitraben Contract Furniture Ltd.
9. Steelcase Inc.
10. Ahrend
11.Cefla
12.Fourfront Group
13.Franke Water Systems
14.HMY
15.Input Interior
16.ISG
17.Isku Group
18.Itab Shop Concept
19.Kinnarps
20.Lifestyle Design
21.Marine Interiors
22.Modus Workspace
23.Nobia Group
24.Overbury
25.Stamhuis Groep
26.Steelcase
27.Umdasch Shop Fitting Group
28.Vitra
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Key Developments by Region:
Vietnam & Thailand: Both Vietnam and Thailand have been rapidly expanding their oil and gas sectors with a focus on improving efficiency and safety. Industrial automation is seen as a key enabler for reducing costs and increasing operational reliability. In Vietnam, PV Power is incorporating more advanced automation systems to improve plant performance, with Schneider Electric leading the way in automation solutions for refineries and petrochemical plants. Thailand’s PTT Exploration and Production has partnered with Siemens to integrate more advanced data analytics tools into their operations, improving asset management in offshore facilities.
Singapore: Singapore continues to lead in the digitalization of oil and gas operations. ExxonMobil’s Singapore refinery is undergoing a major overhaul to implement industrial automation systems for predictive maintenance and improved energy efficiency, in collaboration with Rockwell Automation. Additionally, the Singaporean government is actively promoting the adoption of AI and IoT to improve operational efficiency in oil and gas.
Japan & South Korea: Japan remains a leader in oil and gas automation technologies. Japan Oil, Gas and Metals National Corporation (JOGMEC) has partnered with Mitsubishi Heavy Industries to develop advanced AI-based systems for oil extraction. Similarly, in South Korea, SK Innovation has invested in advanced automation tools through a joint venture with ABB Group to boost the efficiency of its refinery operations.
European Union: The EU is focused on reducing its carbon footprint, with industrial automation playing a key role in achieving sustainability goals. Germany’s BASF is working with Honeywell to enhance automation in its chemical plants, contributing to more efficient energy usage and reduced emissions.
United States: In the US, industrial automation has been embraced at scale, particularly in offshore drilling and refining operations. Chevron has partnered with Emerson Electric to implement real-time monitoring systems across its offshore platforms, improving safety and reducing environmental risks. Additionally, ExxonMobil is utilizing Rockwell Automation’s control systems to boost efficiency in refining processes.
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Future Trends & Key Market Drivers:
As industrial automation continues to evolve in the oil and gas sector, the future is focused on digital transformation, AI integration, IoT-enabled smart operations, and predictive maintenance. The market is expected to grow at a CAGR of 6% from 2024 to 2030, driven by the increasing demand for safer, more efficient operations, as well as a push toward sustainability and reduced emissions in oil and gas operations.
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Industrial Automation Oil & Gas Market: Growth Outlook from 2024 to 2030
