Global Oil & Gas Process Automation & Instrumentation Market Forecast 2017-2024
LONDON, July 20, 2017 /PRNewswire/ -- KEY FINDINGS
The global oil and gas process automation and instrumentation market is anticipated to grow at a CAGR of 4.13% during the forecast period of 2017 - 2024. The Middle East and Africa region held the highest revenue share for the year 2016.
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Some of the factors responsible for propelling the market growth are the improved production efficiency and plant safety, huge investments in R & D, increased crude production rate due to automation & instrumentation, rising demand for oil & gas globally and the need for software to detect and reduce failures.
MARKET INSIGHTS
The global oil and gas process automation market can be divided on the basis of solutions, technologies, and instruments.
The solutions are segmented into
-- Hardware solutions
-- Software solutions
-- Services
Technologies are segmented into:
-- DCS (Distributed Control System)
-- PLC (Programmable Logic Controller)
-- SCADA (Supervisory Control and Data Acquisition)
-- ACS (Automation and Control System)
-- MES (Manufacturing Execution System)
-- SIS (Safety Instrumented Systems)
-- Others
Instruments are segmented into:
-- Field instruments
-- Communication devices
-- Control valves
-- Other instruments
Manufacturing Execution Systems that keeps track of all manufacturing information in real time, receiving up-to-the-minute data from robots, machine monitors, and employees, is anticipated to grow at a CAGR of 6.83% during the forecast period.
REGIONAL INSIGHTS
The global oil and gas process automation is divided into following regions:
-- North America - U.S. & Canada
-- Asia-Pacific - China, India, Indonesia, Malaysia, and RoAPAC
-- Europe - Russia, Germany, France, UK, Italy, and RoE
-- The Middle East and Africa - Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Iran, and RoME&A
-- Latin America - Venezuela, Brazil, Mexico, Argentina, and RoLA
On account of its huge oil and gas resources and the rapid technological advancements, the Middle East and Africa region held the largest market share in the oil and gas process automation market in 2016 and is expected to continue its dominance throughout the forecast period. On the other hand, the Asia-Pacific is predicted to be the fastest-growing region in the global market in the coming years due to a surge in the growth of the oil and gas industry in this region.
The oil and gas industry is rapidly growing in countries like India, Malaysia, Indonesia and China. These regions are proving to be a very lucrative investment and expansion opportunity for many international oil and gas companies.
COMPETITIVE INSIGHTS
The major players in the global oil and gas process automation market include:
-- ABB Ltd.
-- Schneider Electric SE
-- Rockwell Automation
-- Mitsubishi Electric Corp.
-- General Electric Corp.
-- Others.
All these companies are using different strategies to capture the growth potential in the market. For example, Yokogawa Electric Corporation announced the acquisition of Industrial Evolution, Inc. to strengthen its provision of advanced solutions for the process industries, the Rockwell Automation introduced the Allen-Bradley Stratix 5950 security appliance to help protect plant-floor systems, etc.
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