LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global oil and gas instrumentation market is projected to grow at a CAGR of nearly 9% over the forecast period.
This research report titled ‘Global Oil and Gas Instrumentation Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Oil and gas instrumentation is widely used in the petroleum value chain for safe operations and monitoring of processes. The fall in the global crude oil prices has affected the upstream industry while benefitting the downstream industry. This has led to increased focus on refinery expansion, which is set to fuel the growth of the oil and gas instrumentation market during the forecast period.|
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Based on the end-users, the report categorizes the global oil and gas instrumentation market into the following segments:
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The downstream segment occupies a majority 75% of the global oil and gas instrumentation market in 2017 and is expected to grow faster than the other segments over the forecast period. The segment is driven by the crude oil price slump, which benefitted refinery operators by enabling them to maintain high refinery margins.
“The downstream segment has been the main attraction of investments due to low crude oil prices, leading to increased refinery margins. This has led the focus of refinery operators to have refinery capacity additions, which will significantly boost the oil and gas instrumentation market during the forecast period,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
The midstream segment of the oil and gas instrumentation market is expected to witness a swift growth during the forecast period, with rising demand for storage and transportation of crude oil, natural gas, and petroleum products. The major mode of land transport is via pipelines, whereas for global trade, sea tankers are much more economical.
The growth in liquid fuel and gaseous fuel consumption has increased the need for extensive logistics network and oil and gas storage capacity expansion. For instance, the global LNG trade more than doubled in volume during 2005-2015. Moreover, the shift in focus to natural gas as fuel for power generation, majorly in Europe, will lead to the expansions in the transportation network and storage capacity. These factors are expected to drive the global oil and gas instrumentation market in the midstream segment during the forecast period.
“The upstream segment of the oil and gas instrumentation market is expected to experience a moderate growth during the forecast period. Crude oil prices are now in a recovery phase, which will attract more investments in the upstream segment. This will give a push to the demand of oil and gas instrumentation in this segment,” says Thanikachalam.
The growth of the upstream segment can be attributed to the movement of oil and gas operations toward offshore deepwater and ultra-deepwater resources. Also, the stabilization of crude oil price along with the continued growth in liquid fuel and natural gas consumption will bring upstream activities back on track.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Fluid Components
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