The global instrumentation services market is expected to register USD 11,647 million, growing at CAGR 7.94% till 2027. One of the drivers that are expected to boost the market demand is the requirement of automation in the oil and gas industry.
Presently, the oil & gas sector is witnessing volatility in the prices. After the discovery of shale gas and the subsequent development that followed, market players have started investing assiduously in new technologies to exploit the shale gas potential. The oil & gas sector deploys process instrumentation to monitor emission levels and flammable gases in the manufacturing areas. Furthermore, several instrumentations are used to measure the flow levels in the delivery systems. Gas analytics equipment, pressure instrumentations, and pressure instruments are some of the principal tools used in the sector to perform different processes. Wherein process instrumentations play a vital role in the efficient functioning and safety of the plants. Therefore, the demand for instrumentation services such as calibrations, testing, maintenance, and technical support is on the rise.
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Oil & Gas Industry to Incorporate Automation Services to Maximize Profit
The Oil & gas industry has always been a late bloomer in terms of the adoption of automation. Automation in the oil and gas industry has become a critical factor in improving efficiency and reducing carbon emission. Also, several market players are after automation to maximize profit as oil price volatility is at its peak. In line with this, oil and gas companies are using data analytics and IoT to monitor data gathered using field instruments. These instruments are utilized in an array of conditions, which further drives the demand for instrumentation services.
Nowadays, companies are using remote assistance and technical support for configuration and maintenance, where various advanced technologies such as 3D modeling and augmented reality are used. In October 2019, Rockwell Automation and Schlumberger announced the closing of their joint venture of Sensia, the first digitally-enabled integrated automation provider in the oil and gas industry. This is expected to generate a revenue of USD 1,674.4 by 2027 at a CAGR of 8.71%.
Agilent Technologies, Charnwood Instrumentation Services Ltd, TRESCAL, ABB Group, KROHNE, Utilities Instrumentation Service, Inc., Schneider Electric, Siemens AG, Honeywell International Inc, Miraj Instrumentation Services (I) Pvt. Ltd, Endress+Hauser Group Services AG, Emerson Electric Co, Rockwell Automation, Inc, and Rockwell Automation, Inc, among others.
Instrumentation Services Market Segmentation
Central, South America, and the Caribbean
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