North America Oil And Gas Process Automation And Instrumentation Market Forecast 2017-2024
KEY FINDINGS The North America oil & gas process automation and instrumentation market is anticipated to grow at a CAGR of 6.10%. The market worth is estimated to increase from $2.75 billion in 2016 and reach $4.45 billion by 2024.
MARKET INSIGHTS The North America oil & gas process automation and instrumentation market is segmented on the basis of instruments, solutions, and technology. The instruments can be further classified as communication instruments, field instruments, control valves, etc. The solution segment can be further classified into service solutions, hardware and software solutions. The technology segment consists of DCS (Distributed Control System), PLC (Programmable Logic Controller), SCADA (Supervisory Control And Data Acquisition), ACS (Automation And Control System), MES (Manufacturing Execution System), and SIS (Safety Instrumented Systems). The high cost of capital required for the installation of process automation systems coupled with the need for specialized personnel to install as well as operate is the major restraint for the market.
COMPETITIVE INSIGHTS Some of the major players in the market include Eaton Corporation Plc, Royal Dutch Shell Plc, Sigit Automation Inc, Tyco International Plc, Bp Plc, Baker Hughes Incorporated, Yokogawa Electric Corporation, Weatherford International Ltd., General Electric Corporation (Ge), Mitsubishi Electric Corporation, Rockwell Automation Inc., Schneider Electric Se, ABB Ltd , and Siemens Ag,.