Oil & Gas Automation & Instrumentation Market is in great demand mainly due to increasing demand of oil and gas and decreasing oil and gas reserves. Balancing this conflict requires additional investment so as to increase efficient extraction of oil and gas. Disparity in supply and demand also requires the implementation of process automation and instrumentation in storage and transportation of oil and gas. The importance of process automation and instrumentation has become significant while extracting oil and gas from already decommissioned oil and gas fields, underutilized oil and gas fields and from deep water drilling. Various regulations on the environment are also acting as an important factor to increase in the demand of process automation and instrumentation in oil and gas.
Major growth opportunity for the Oil & Gas Automation & Instrumentation industry lies with emerging economies where there is a huge development and opportunity in oil and gas. Exploration and extraction of 'shale' gas, the 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 are the main drivers for the process automation and instrumentation market in oil and gas industry. Restraints includes: matured and saturated developed economies, and issues pertaining to the integration of data generated by installing automation products.
The process automation accounts for a major share of the global Oil & Gas Automation & Instrumentation Market. 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 market is expected to grow well in the developing regions, which is mainly attributed to the fact that there is a rise in demand of oil and gas due to rise in the population and standards of living in these regions.
