(MENAFN- Khaleej Times) The Middle East's oil and gas automation and instrumentation market is set to witness significant growth over the next few years, according to industry experts gathering this week in Abu Dhabi for the ISA Automation Conference & Exhibition 2015.
According to a market research report by marketsandmarkets.com, the global process automation and instrumentation market in the oil and gas sector is expected to reach up to $31.24 billion by 2020, at an estimated compound annual growth rate of 8.23 per cent from 2013 to 2020.
With 810 billion barrels in proven reserves (50 per cent of global total) and 28 million barrels-per-day in production (30 per cent of global total), the Middle East is set to drive 50 per cent of this growth.
It is estimated that the region's oil and gas automation market is set to witness approximately four per cent growth annually.
Neil Enright, regional sales director for the Middle East at 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 optimise production processes and enhance business performance."
The outlook is positive as recent findings state that the ICT spending in the Middle East is also predicted to top $96 billion next year, making it one of the top three fastest-growing markets in the world.
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