Downstream Segment Occupies 75% of the Oil and Gas Instrumentation Market Share, Reports Technavio
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.
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Technavio has published a new report on the global oil and gas instrumentation market from 2017-2021. (Graphic: Business Wire)
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.
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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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Downstream
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Midstream
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Upstream
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Downstream
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.
Midstream
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.
Upstream
“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:
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ABB
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AMETEK
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Emerson
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Fluid Components
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Siemens
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