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Market research analysts at Technavio predict that the global oil and gas instrumentation market will grow steadily at a CAGR of around 9% by 2021. The introduction of stringent government regulations on gas detection is identified as one of the primary growth factors for this market. The high occurrence of large-scale leak accidents in the oil and gas industry in the recent years has increased the environmental concerns and led to the rise of stringent government regulations on gas emission levels. For instance, the leak was discovered in California in 2015 at the Aliso Canyon Underground Storage Facility released 5.4 billion cubic feet of methane into the atmosphere. It was a 112-day leak with the loss amounting to about USD 717 million. To mitigate these issues, Pipeline and Hazardous Materials Safety Administration (PHMSA) mandated nationwide federal regulations to address the major safety issues related to downhole facilities. Moreover, the mandatory implementation of gathering lines must be adhered that will consider aging gas distribution pipelines and new methane emissions. The implementation of these regulations will improve the employment of the current technology and will fund the research and development for leak detection systems. This will in turn drive the growth of the oil and gas instrumentation market in the coming years.
The rising adoption of wireless field instruments is one of the latest trends that will contribute to the growth of this market during the forecast period. The incorporation of wireless technology at the design stage helps in network communication and process control through field instruments. Wireless communication will greatly reduce the use of cables and the associated costs. The decreased costs, reliability, lower power consumption due to less resistance, and easy maintenance are some of the additional benefits of wireless communication.
The oil and gas instrumentation market consists of numerous manufacturers including global and regional players. The oil and gas instrumentation market is highly competitive and is projected to witness several M&As by companies to significantly raise their market share and enhance their product offerings. With the global oil and gas operations reaching more challenging landscapes of high pressure, increased temperatures, deepwater, ultra-deepwater, and arctic conditions, the leading vendors are heavily investing in improved technologies and product innovations.
The leading vendors in the market are -
The 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.
During 2016, the downstream segment accounted for the major shares of the oil and gas instrumentation market. Factors such as the increased investments and high refinery margins will contribute to the growth of this industry segment in the coming years. Moreover, increased investments in greenfield and brownfield refinery expansion, fueled by the growing global liquid and gas fuel consumption will also propel the segment's growth in this global market.
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the oil and gas instrumentation market throughout the forecast period. The development of pipelines during the shale gas and shale oil boom in the US has led to the strong growth of the oil and gas instrumentation market in the Americas. Also, the availability of a wide pipeline distribution network in the US and new exploration activities will also boost the growth of the market for oil and gas instrumentation in this region.
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Instrumentation in oil and gas industries basically consists of level sensors, flow meters, temperature sensors, and analysis instruments. This upcoming market research report on the oil and gas instrumentation market is an integral part of Technavio's energy industry and offers insights into niche segments like the oil and gas sector.
According to our market research analysts, with the greater diversification and expansion of upstream and downstream operations, this sector is anticipated to witness impressive growth in the near future. In the upstream segment, exploration of unconventional sources, such as shale gas, tight gas, and heavy oil, is the upcoming area of focus for oil and gas research experts. Our industry and competitive analysis help clients understand the impact of the blowout preventer market on the oil and gas industry.
To correctly estimate the growth of the oil and gas instrumentation market, the market research analysts at Technavio follow a scrupulous approach to qualitative and quantitative research and analyze the data collected from various sources including industry experts, research journals, and manufacturers. Additionally, to offer clients insights into the competitive landscape, this market report on the oil and gas instrumentation market also covers vendors like ABB, AMETEK, Emerson Process Management, Fluid Components International, and Siemens. Our market research analysts believe that increasing oil demand coupled with the declining production from aging oil fields is expected to impact the global oil and gas instrumentation market significantly.
This upcoming market research report on the oil and gas instrumentation market also identifies the key influencers, the emerging trends, and the pain points faced by the vendors in the oil and gas sector. Furthermore, to give a complete picture of the industry's growth prospects, the report also provides detailed insights on the changing competitive landscape and the strategies followed by the major players to establish their presence in the global market.
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