Increasing demand of oil and gas coupled with decreasing oil and gas reserves are expected to boost demand for the global oil and gas measuring instrumentation market. Additional investment is required to achieve balance between above alternatives and further increase efficient extraction of the oil and gas. Instrumentation in the oil and gas industry introduces to the usage of control systems for accomplishment of various activities with minimal human interventions. Oil and gas supply and demand imbalance requires the implementation of oil and gas measuring instrumentation in the transportation and storage of oil and gas. Continuous technological advancements are observed in the oil and gas industry over the past few years and it has been estimated that instrumentation will be growing application sector. The market players in the oil and gas measuring instrumentations are continually focusing on developing programs that increases productivity, improves safety standards for the labor force, and reduce the application cost of measuring instrumentations.
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The oil and gas measuring instrumentation can be broadly classified into two categories: equipments and geography. The global oil and gas measuring instrumentation market can be segmented on the basis of equipment by identifying different measurement solutions offered in the market. On the basis of measuring instruments used, the global oil and gas measuring instrumentation market can be segmented as pressure management solutions, level measurement solutions, needle valve and manifold valve solutions, temperature measurement solutions, and force measurement solutions.
Market on the basis of above categories can be further sub-segmented to provide a detailed segmentation of the global oil and gas measuring instrumentation market. Several instruments used for pressure management solutions include pressure gauges, transmitters, and transducers. Level management solutions include low pressure gauges and submersible transducers. Various types of needle valve and manifold valve include needle valves, manifold valves, and block and bleed valves. Temperature measurement solutions include temperature transmitters and transducers, and vapor actuated thermometers. On the basis of force measurement solutions, the market can be segmented as instruments such as load cells and force sensors.
The market for oil and gas measuring instrumentation is anticipated to grow at moderate rates in the future. The following underlying factors are likely to support growth in the oil and gas measuring instrumentation market. The continuously increasing demand for oil and gas is likely to be one of the key drivers of growth in the market. Increasing demand for petroleum products along with increasing investment is also expected to propel demand for the oil and gas measuring instrumentation market. Various regulations on the environment are also anticipated to play a key role in growth of the oil and gas measuring instrumentation market. Exploration and extraction of shale gas and upgradation of aged oil platforms are expected to boost the use of the oil and gas measuring instruments. Ample opportunities of growth exist in the market owing to the rapid industrialization taking place in developing countries.
Regionally, market segmentation can be done by identifying the countries with greater prospects of growth in the future. It is expected that emerging countries will drive growth in the near future. Some of the key players in the oil and gas measuring instrumentation market include ABB; ABLE Instruments & Controls Ltd; AMETEK, Inc.; Fluid Components International LLC.; General Electric Company; Endress+Hauser Consult AG; NOSHOK, Inc.; SGS Canada, Inc.; Oxford Instruments.
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