Steady Growth for Oil & Gas Automation by 2026
Published on : Monday 06-09-2021
The global market for Oil and Gas Automation estimated at US dollar 15.8 bn in the year 2020, is projected to reach a revised size of US dollar 21.5 bn by 2026.
San Francisco, September 3, 2021 – A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Oil & Gas Automation – Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post Covid-19 marketplace.
Amid the Covid-19 crisis, the global market for Oil and Gas Automation estimated at US$15.8 bn in the year 2020, is projected to reach a revised size of US$21.5 bn by 2026, growing at a CAGR of 5.1% over the analysis period. Upstream, one of the segments analysed in the report, is projected to record a 5.4% CAGR and reach US$16.3 bn by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Midstream segment is readjusted to a revised 4.2% CAGR for the next 7-year period.
The Oil and Gas Automation market in the US is estimated at US$5 bn in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.8 bn by the year 2026 trailing a CAGR of 4.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
In the global Downstream segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 bn in the year 2020 will reach a projected size of US$1.7 bn by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
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