Global oil and gas process automation market forecast to increase at 8.23% CAGR during 2013-20

News   •   Dec 03, 2013 13:20 GMT

The global process automation market within the oil and gas sector has been driven by the necessity for refineries and oil and gas production companies to ultimately improve profit margins in a sector which has reported fluctuating prices at the retail and wholesale level as demand and supply change rapidly. In addition, the construction and integration of larger complexes is placing greater emphasis on the more centralised automated control of processes from an operational, production and also safety and security aspect.

The global process automation market for the oil and gas industry is forecast to total US$31.24 billion by the end of 2020, reporting annual growth of 8.23% CAGR during the period 2013 to 2020. The leading players in this market are ABB (Switzerland), Emerson Process Management (U.S.), Siemens (Germany), Honeywell (U.S.), Rockwell Automation (U.S.), and Yokogawa (Japan).

ABB, for instance, is implementing ever more complex process automation systems in the Middle East as refineries become increasingly large and complex. ABB is seeing a move by the oil and gas companies across the value chain to also improve their safety and security systems.

The Middle East region represents the largest region in terms of process automation and instrumentation expenditure although the largest growth rate is forecast to be sourced within the Asia Pacific region totalling 9.91% CAGR during the period 2013 to 2020.

For more information on the oil and gas automation process market, see the latest research: Oil and Gas Automation Process Market.

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