Asia-pacific Oil And Gas Process Automation And Instrumentation Market Forecast 2017-2024
KEY FINDINGS The Asia-Pacific oil and gas process automation and instrumentation market is expected to increase at a CAGR of 7.74% over the forecast period of 2017-2024. The revenue generated by the market is also expected to rise from $1.99 billion in 2016 to $3.48 billion by 2024. Growing demand for oil and gas from the Asian region and heavy investments in R&D are the major drivers for the growth of this market.
MARKET INSIGHTS The Asia-Pacific oil and gas process automation and instrumentation market is segmented by solutions, technologies, and instruments. On the basis of solutions, the market is further sub-divided into hardware and software solutions and services. The technology segment can be further divided into DCS, PLC, SIS, SCADA, ACS, MES and other technologies. Manufacturing Execution Systems (MES) are expected to be the fastest growing technology segment in the market over the forecast period. On the basis of instruments, the market is further categorized as field instruments, communication devices, control valves and other instruments. Process automation system services segment is currently the dominating market due to its growing adoption.
COMPETITIVE INSIGHTS Mergers and acquisitions are the strategies used by prominent companies like ABB Ltd, Rockwell Automation, and Yokogawa Electric Corporation to have an edge over other competing companies in the market which includes Schneider Electric SE, Mitsubishi Electric Corp., General Electric Corp, Tyco International Plc, Sigit Automation Inc, Royal Dutch Shell Plc and Eaton Corporation Plc.