Global Oil and Gas Instrumentation Market 2017-2021
About Oil and Gas Instrumentation
Oil and gas instrumentation includes various measurement devices employed at different stages of petroleum value chain, i.e., upstream, midstream, and downstream. The different types of instrumentation equipment used in the oil and gas industry are flow measurement, pressure measurement, level measurement, temperature measurement, and analysis instruments.
Technavio’s analysts forecast the global oil and gas instrumentation market to grow at a CAGR of 8.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global oil and gas instrumentation market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oil and Gas Instrumentation Market 2017-2021
Technavio recognizes the following companies as the key players in the global oil and gas instrumentation market: ABB, AMETEK, Emerson, Fluid Components, and Siemens.
Other Prominent Vendors in the market are: Aclara Technologies, Badger Meter, Branom Instrument, Diehl Metering, Endress+Hauser Management, Fujikin, General Electric, HollySys Automation Technologies, Honeywell, Itron, KROHNE, Landis+Gyr, Mitsubishi Electric, National Instruments, Pepperl+Fuchs, Ramboll, Schneider Electric, WIKA Instrument, and Yokogawa Electric.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising wireless field instruments. Wireless communication to field instruments in process plants may transform the working of an industry. Although wireless technology has been widely used in process plants for a long time, the use of wireless communication to field instruments has not found much penetration.”
According to the report, one driver in the market is increasing safety in oil and gas storage and transportation. According to the IEA, the global liquid fuel consumption grew to 11.93% from 2007 to 2016, whereas the global natural gas consumption grew to 16.27% from 2007 to 2014. The rapidly increasing demand for oil and gas globally has pushed the expansion of storage capacities. Similarly, the global oil and gas trade has also seen a steep rise. The storage and logistics of oil and gas are challenging. Hence, safe handling and operations are of vital importance.
Further, the report states that one challenge in the market is decline in upstream activities. Crude oil price has seen a drastic fall since July 2014. This has heavily impacted the upstream segment of the oil and gas industry. Drilling activities have reduced, which is evident from the fall in rig count worldwide. As a result, the upstream oil and gas industry witnessed a 25% decline in investments in 2015 when compared with that in 2014. Oil and gas instruments are widely used in operations of the industry.
ABB, AMETEK, Emerson, Fluid Components, Siemens, Aclara Technologies, Badger Meter, Branom Instrument, Diehl Metering, Endress+Hauser Management, Fujikin, General Electric, HollySys Automation Technologies, Honeywell, Itron, KROHNE, Landis+Gyr, Mitsubishi Electric, National Instruments, Pepperl+Fuchs, Ramboll, Schneider Electric, WIKA Instrument, and Yokogawa Electric.
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