Process Automation & Instrumentation Market in Oil & Gas Industry: Analysis & Forecast (2013 - 2020)
By Process Automation (SCADA, DCS, PLC & MES), Instrumentation, Analyzers, Flow Computers, Leakage Detection, Operation & Geography
[UKPRwire, Wed Dec 18 2013] Process automation and instrumentation in the oil and gas industry is employed to automate the simple, as well as, some of the most complicated processes involved in the extraction, transmission, and refining of oil and gas. Automating the systems offers several advantages which includes reduction of cost, increased productivity, and enhanced safety and security. Automation has become an important installation, as most of the new oil and gas wells are located in deep sea or at a location, which, in a majority of the cases, is considered as a harsh environment condition for the humans. Implementation of automation in the oil and gas industry also helps in controlling and maintaining the geographically scattered oil and gas wells.
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The growth of the process automation and instrumentation market in the oil and gas industry in the coming years is expected to be significant, with the revenue growth estimated to reach $31.24 billion by 2020, at an estimated CAGR of 8.23% from 2013 to 2020. The major players in the process automation and instrumentation market in the oil and gas industry include ABB (Switzerland), Emerson Process Management (U.S.), Siemens (Germany), Honeywell (U.S.), Rockwell Automation (U.S.), and Yokogawa (Japan).
The main drivers for the process automation and instrumentation market in the oil and gas industry include exploration and extraction of 'shale' gas, rising demand of oil and gas, upgradation of old oil and gas platform, exploration and extraction from aging oil and gas wells, and the increasing emphasis on safety and security. Development of oil and gas in emerging economies is a major growth opportunity for the process automation and instrumentation market in the oil and gas industry. Moreover, major restraints for the market include matured and saturated developed economies, and issues pertaining to the integration of data generated by installed automation products.
The report covers the market by technology, operation, and geography- of the process automation and instrumentation market in the oil and gas industry; it provides a detailed analysis of the current market scenario and its estimation till the year 2020. The process automation accounts for a major share of the global process automation and instrumentation market in the oil and gas industry. The market is expected to grow well in the developing regions, which is mainly attributed to the fact that there is rise in demand of oil and gas due to rise in the population in these regions.
This report describes the value chain for process automation and instrumentation market in the oil and gas industry by considering all the major stakeholders in the market and their role in the analysis. The report also provides a detailed scrutiny of the Porter's five force analysis of the market. All the five major factors in these markets have been quantified using the internal key parameters governing each of them.
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