The Middle East’s oil and gas automation and instrumentation market will grow 4% year on year as the region continues to invest in technology and modernise its equipment.
This is according to industry experts who gathered this week in Abu Dhabi for the ISA Automation Conference & Exhibition 2015.
The global process automation and instrumentation market in the oil & gas sector is expected to reach up to $31.24bn by 2020, at an estimated CAGR of 8.23% from 2013 to 2020, market research report by marketsandmarkets.com has found.
With 810bn barrels in proven reserves (50% of global total) and 28mn barrels-per-day in production (30% of global total), Middle East is set to drive 50% of this growth.
ICT spending in the Middle East is also predicted to top $96bn next year, making it one of the top three fastest-growing markets in the world.
Commenting Neil Enright, Regional Sales Director, Middle East, Rockwell Automation said: “Low oil prices are driving operational efficiency and productivity to the top of the agenda for the industry. While this could be a short term concern, the growing population, increase in industrialisation and consumerism have transformed the Gulf states and the region into key energy consumers.
“As the industry continues the search for new reserves, addresses capacity issues, and upgrades ageing plant and infrastructures, it is increasingly seeking to implement advanced control and automation solutions to optimize production processes and enhance business performance”
