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Oil & Gas Instrumentation Market Worth $31.24 Billion by 2020

According to a new market research report of "Process Automation & Instrumentation Market In Oil & Gas Industry by Process Automation (SCADA, DCS, PLC & MES), Instrumentation, Analyzers, Flow Computers, Leakage Detection, Operation & Geography - Analysis & Forecast (2013 - 2020)", the market is expected to grow at a CAGR of 8.23% from 2013 to 2020, and reach $31.24 billion in 2020.

Browse more than 123 market data tables with 98 figures spread through 393 pages and in-depth TOC on "Process Automation & Instrumentation Market in Oil & Gas Industry - Analysis & Forecast (2013 - 2020)".

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Global process automation and instrumentation has recently seen a major growth in the oil and gas industry. It is mainly attributed to the fact that, the rapid industrialization coupled with growing population, has led to the increase in the demand of oil and gas; which has further been encouraging the companies to increase the production. Development and implementation of process automation and instrumentation technology is expected to help the oil and gas companies to stream line their production processes in the coming days

Global process automation and instrumentation has recently seen a major growth in the oil and gas industry. It is mainly attributed to the fact that, the rapid industrialization coupled with growing population, has led to the increase in the demand of oil and gas; which has further been encouraging the companies to increase the production. Development and implementation of process automation and instrumentation technology is expected to help the oil and gas companies to stream line their production processes in the coming days. Process automation technology, which includes SCADA, DCS, PLC, and MES— has helped the oil and gas companies to increase the efficiency, reduce down time, and increase the productivity. Yokogawa introduced its initial CENTUM series Distributed Control Systems (DCS) in 1975, thus, becoming the pioneer in its development.

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Yokogawa has been constantly investing and upgrading towards development of its Distributed Control Systems (DCS), along with other automation and instrumentation systems for the oil and gas industry, which includes Supervisory Control and Data acquisition (SCADA), Programmable Logic Controller (PLC), and other advanced software solutions. Recently, it released the enhanced version of the CENTUM VP R5.03, also called as ‘DCS’, which includes a wide area communication router for acquiring control through the public communication network. Yokogawa’s DCS system is configured to support more than just traditional DCS by providing large capacity field control stations with high reliability.

Yokogawa has been supporting all the upstream, midstream, and downstream operations for the implementation of the automation and control services. Natural gas is generally stored underground in Europe as well as in North America, and with the surge in shale gas most of the storage system is still at the implementation stage. To grab this opportunity, Yokogawa has stared focusing more on the development of technologies and services for natural gas and its storages. Recently, its United Kingdom subsidiary, Yokogawa United Kingdom Ltd., bagged a contract by SSE Hornsea Ltd, to upgrade one of the UK largest onshore underground gas storage facilities, located at Atwick, East Yorkshire. The order includes the implementation of CENTUM VP to control the gas compressor; along with the ProSafe RS integrated safety instrumented system, which will help to safeguard the process at the storage facility. It has also planned to increase its presence in the upstream activities with regards to the oil and gas field development and production by 2015.

Process automation & instrumentation market in the oil & gas industry are segmented into five technologies; namely process automation, process instrumentation, process analyzer, flow computer, and leakage detection system. The other segmentation is done on the basis of the operational activities, namely the upstream operation, midstream operation, and downstream operation.

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Process automation & instrumentation market in the oil & gas industry is expected to reach $31.24 billion by 2020, at an estimated CAGR of 8.23% from 2013 to 2020.

The overall process automation & instrumentation market in the oil & gas industry is segmented into three major segments, namely technology, operation, and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately described in the report. Geography-wise segmentation is also done for the oil & gas automation & instrumentation market. The market by geography is segmented on the basis of the six major regions, namely the Americas, the Middle East, Europe, APAC, Africa, and Rest of the World (ROW).

The main drivers for the process automation and instrumentation market in oil and gas industry  include:- exploration and extraction of shale gas, rising demand of oil and gas, upgrading old oil and gas platform, exploration and extraction from aging oil and gas wells, and the increasing emphasis on safety and security. Development of oil and gas in the emerging economies is expected to be a major growth opportunity with regards to the process automation and instrumentation market in the oil and gas industry. Moreover, major restraints for the market include matured and saturated developed economies, and issues of integration of the data generated by installed automation products.

Some of the major companies dominating the process automation & instrumentation market in the oil & gas industry are ABB (Switzerland), Emerson Process Management (U.S.), Siemens (Germany), Honeywell (U.S.), Rockwell Automation (U.S.), and Yokogawa (Japan).

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