Safety and optimization will drive the global oil and gas automation and control systems market reaching a value of $8.18 billion in 2013, a new report said.
This market should record moderate and continuous growth over the next decade, as oil, gas and power companies try to increase productivity, reduce costs and improve their safety standards, said industry research firm London-based Visiongain in its Oil & Gas Automation & Control Systems Market 2013-2023 report.
Oil and gas companies are relying more heavily on automation and control technologies to increase productivity, reduce costs and improve their safety standards. By employing and properly using remote monitoring and control technologies, companies are able to prevent hazardous situations and improve their health and safety standards.
Automation and control systems see use throughout the industry from oil and gas field operations, to production and processing plants, and distribution and retailing of petroleum products. Integrated monitoring and control systems raise efficiency, speed and performance of companies’ operations.
“Oil & gas industry leaders are investing in automation and control systems to ensure that their facilities are running at maximum efficiency and at the highest safety standards,” according to the report.
“Such a move is becoming evermore critical with narrowing margins in the downstream industry driving operational improvements, while increasingly challenging environments in the upstream oil and gas industry demand the highest safety and monitoring standards.”