Oil & gas automation & instrumentation market is expected to drive on account of increased crude production rate owing to automation & instrumentation employment in exploration process. Over the recent past, implementation of automation & instrumentation in oil & gas industry has established as an important step by industry participants for quick operations and improved performance.
Further, global growth is expected to be driven by continuously increasing global petroleum products demand coupled with developing sophisticated work flow requirement in oil & gas organizations. Increasing importance for functional time reduction through automation and instrumentation is expected to have a positive impact on the global industry.
MARKET SCOPE
The "Global Oil and Gas Instrumentation Market Analysis to 2028" is a specialized and in-depth study of the Oil & gas instrumentation market with a special focus on the global market trend analysis. The report aims to provide an overview of Oil & gas instrumentation market with detailed market segmentation by technology, operation, and geography. The global Oil & gas instrumentation market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Oil & gas instrumentation market players and offers key trends and opportunities in the Oil & gas instrumentation market.
MARKET SEGMENTATION
- The global oil & gas instrumentation market is segmented on the basis of technology, and operation.
- On the basis of technology, the market is divided into automation, process instrumentation, process analyzer, flow computers, leakage detection systems.
- On the basis of application the market is segmented into upstream, midstream, and downstream.
MARKET DYNAMICS
Drivers:
- Continuously increasing global petroleum products demand coupled with developing sophisticated work flow requirement in oil & gas organizations. Increasing importance for functional time reduction through automation and instrumentation is expected to have a positive impact on the global industry..
- Complexity issues.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The oil & gas instrumentation market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the oil & gas instrumentation market in these regions.
IMPACT OF COVID-19 ON OIL & GAS INSTRUMENTATION MARKET
Due to the COVID-19 pandemic, a temporary ban on import and export, as well as manufacturing and processing activities across multiple industries, was enforced, reducing demand for oil and instrumentation from these users. As a result, market growth in the second, third, and fourth quarters of 2020 has slowed. The oil & gas instrumentation industry, on the other hand, is predicted to recover by the second quarter of 2021, since COVID-19 immunization has begun in a number of economies throughout the world, which is expected to boost the global economy.
MARKET PLAYERS
The report covers key developments in the oil & gas instrumentation market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from oil & gas instrumentationmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for oil & gas instrumentation market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Oil & gas instrumentation market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ABB Ltd.,
- Yokogawa Electric Co,
- Alstom,
- Weatherford International Ltd,
- Baker Hughes Inc.,
- Tyco International Ltd,
- BP Plc,
- Sigit Inc.,
- Eaton Corp PLC,
- Siemens Ag.