Oil & Gas sector of the process automation market to reach global CAGR of 8.2% between 2013-20
Process Automation & Instrumentation Market in Oil & Gas Industry: Analysis & Forecast 2013-2020 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-17 14:40:01
The growth of the process automation and instrumentation market in the oil and gas industry in the coming years is expected to be significant, with the revenue growth estimated to reach $31.24 billion by 2020, at an estimated CAGR of 8.23% from 2013 to 2020.Middle East, currently, leads the market share for global process automation and instrumentation market in the oil and gas industry, as this region accounts for the maximum production of oil and gas. APAC is the emerging market for process automation and instrumentation and has the highest growth rate amongst all the geographic regions. It is estimated that the APAC market will grow at the rate of 9.91% from 2013 to 2020.Process automation and instrumentation in the oil and gas industry is employed to automate the simple, as well as, some of the most complicated processes involved in the extraction, transmission, and refining of oil and gas. Automating the systems offers several advantages which includes reduction of cost, increased productivity, and enhanced safety and security.
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