International Energy Agency’s (IEA) recent annual world energy investment report shows that the global energy investment continues to decline for the second year in a row in 2016, due to the continued drop in upstream oil and gas spending
The Abu Dhabi National Oil Company (ADNOC) has announced the expansion of its partnership model to span the Group’s entire value chain as well as the more active management of its portfolio of assets
Actemium has been awarded an Engineering Procurement and Construction (EPC) contract by Abu Dhabi Gas Industries Limited (GASCO) for the upgrade of the control systems at the company’s Asab-1 plant
Baker Hughes (BHGE), part of the multinational conglomerate General Electric (GE) company, announced that it has completed the transaction with GEs oil and gas business, and will bring together industry-leading equipment, services and digital solutions across oil and gas development
The industrial automation market for oil and gas is expected to grow at a CAGR of 3.2 per cent between 2017 and 2023, according to a recent report from MarketsandMarkets
The industrial automation market for oil and gas is expected to reach US$15.52bn by 2023, according to the report, entitled Industrial Automation Market for Oil & Gas - Global Forecast to 2023.
Key driving factors are the need for optimum and effective exploration of ageing reservoirs, and the Internet of Things adding value to the industrial automation for the oil and gas industry. However, the instability of the oil and gas market in Middle Eastern countries, the increasing shift toward the adoption of renewable energy sources, and declining and fluctuating oil and gas prices are considered to be major restraints.
Distributed control system (DCS) is expected to hold a major share of the market by 2023. The distributed control system controls various components that are distributed in the overall system of industrial automation for oil and gas, enabling the maintenance of digital communication between various components such as distributed controllers, workstations, and other computing elements. The DCS controls processes such as oil and gas refineries, pipeline transport, and extraction.
The field instruments market is expected to hold the largest size of the industrial automation market for oil and gas in 2017. Field instruments comprise three types of transmitters - pressure, temperature, and flow, which are used for various processes involved in instrumentation. Pressure transmitters are extensively used in the oil and gas sector for the measurement of flow, level, pressure, density, and viscosity, among which flow measurement is the most common application area.
