The Asia-Pacific oil and gas process automation and instrumentation market is expected rise with the highest CAGR of 8.40% over the forecast period of 2018-2026. The revenue generated by the market is also expected to increase significantly during this period. Growing demand for oil and gas from the Asian region and heavy investments in R&D are the major drivers for the growth of this market.
The Asia-Pacific oil and gas process automation and instrumentation market is segmented by solutions, technologies, and instruments. By geography, the market is chiefly divided into India, China, Malaysia, Indonesia and rest of Asia-Pacific. Driven by the surge in the oil and gas industry in India, the process automation and instrumentation market is also gaining momentum in the country. Many international automation solutions companies have entered the Indian market to take advantage of this lucrative opportunity. In China, MES and ACS are the fastest growing technology segments, software and services are the fastest growing solutions and communication devices are the fastest growing instruments. The Indonesian market is witnessing an increase in the application of instrumentation and automation systems in the mid-stream and downstream sectors of the oil and gas industry while the Malaysian market is committed to the sustainable growth of the oil and gas sector in the country through policies that support over 3500 businesses in the sector.
Mergers and acquisitions are the strategies used by prominent companies like ABB Ltd, Rockwell Automation, and Yokogawa Electric Corporation to have an edge over other competing companies in the market which includes Schneider Electric SE, Mitsubishi Electric Corp., General Electric Corp, Tyco International Plc, Sigit Automation Inc, Royal Dutch Shell Plc and Eaton Corporation Plc to compete in this market.