The global oil & gas automation market will reach a value of $8.63 billion in 2013, with safety and optimization of oil and gas processes driving expenditure in the market, according to new analysis by London-based research firm Visiongain.
Visiongain forecasts the market to record moderate and continuous growth over the next decade, as oil, gas and power companies try to increase productivity, reduce costs and improve their safety standards.
Automation and control systems are used throughout the industry from oil & gas field operations, to production and processing plants, and distribution and retailing of petroleum products. Integrated monitoring and control systems raise efficiency, speed and performance of companies' operations.
“Oil & gas industry leaders are investing in automation & control systems to ensure that their facilities are running at maximum efficiency and at the highest safety standards,” said the lead analyst of the report, titled “The Oil & Gas Automation & Control Systems Market 2013-2023.” “Such a move is becoming evermore critical with narrowing margins in the downstream industry driving operational improvements, while increasingly challenging environments in the upstream oil and gas industry demand the highest safety and monitoring standards.”