Europe Oil And Gas Process Automation And Instrumentation Market Forecast 2017-2024
KEY FINDINGS The Europe oil & gas process automation and instrumentation market is anticipated to grow at a CAGR of 4.67% during the forecast period of 2017-2024. The market worth is estimated to increase from $2.45 billion in 2016 and reach $3.56 billion by 2024. The improved efficiency and safety offered by these systems is an important driver for this market.
MARKET INSIGHTS The market is segmented on the basis of instrument type, technology and by solutions. The instrument segment is further sub-divided into field instruments, control valves, and communication instruments. By technology, the market can be further classified into ACS (automation and control system), MES (manufacturing execution system), SIS (safety instrumented systems), SCADA (supervisory control and data acquisition), PLC (programmable logic controller), and DCS (distributed control system). The solutions segment is further categorized into software solutions, hardware solutions, and others.Thus, although the prospects look strong for the market, emerging challenges such as lower oil & gas resources and the need to minimize operating costs are hindering the market growth.
COMPETITIVE INSIGHTS Some of the major players in the market are Royal Dutch Shell Plc, Siemens Ag, ABB Ltd, Schneider Electric Se, , Eaton Corporation Plc, Sigit Automation Inc, Bp Plc, Mitsubishi Electric Corporation,Rockwell Automation Inc, General Electric Corporation (Ge), Tyco International Plc, Baker Hughes Incorporated, Weatherford International Ltd, and Yokogawa Electric Corporation.