The global oil and gas process automation and instrumentation market is anticipated to grow at a CAGR of 4.18% during the forecast period of 2018 – 2026. The Middle East and Africa region held the highest revenue share for the year 2017. 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.
The market for global oil & gas process automation and instrumentation is segmented on the basis of instruments, solutions and technology. The instrument segment in includes control valves, field instruments, communication and others. The solution segment of the market includes services, hardwares, and softwares. The technology segment of the market includes PLC (Programmable Logic Controller), DCS (Distributed Control System), SCADA (Supervisory Control and Data Acquisition), MES (Manufacturing Execution System), ACS (Automation and Control System), SIS (Safety Instrumented Systems) and others.
The global oil and gas process automation and instrumentation market is divided into Asia-Pacific, North America, Europe, Middle East and Africa and Latin America. 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 2017 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 for 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.
Some of the eminent market companies include Siemens Ag, Abb Ltd, Schneider Electric Se, Rockwell Automation Inc, Mitsubishi Electric Corporation, General Electric Corporation (Ge), Weatherford International Ltd, Yokogawa Electric Corporation, Baker Hughes Incorporated, BP Plc, Tyco International Plc, Eaton Corporation Plc, Sigit Automation Inc, Royal Dutch Shell Plc (Shell).