Frost & Sullivan: Spiralling Energy Needs to Spur Uptake of Automation and Control Solutions in Oil and Gas Industries

Frost & Sullivan: Spiralling Energy Needs to Spur Uptake of Automation and Control Solutions in Oil and Gas Industries PR Newswire LONDON, Nov. 22, 2012 - Heightened oil and gas infrastructure investments and stricter process safety regulations to boost market prospects LONDON, Nov. 22, 2012 /PRNewswire/ -- The automation and control solutions (ACS) market in the European oil and gas industries is expected to witness moderate growth over the next 3-4 years. The demand for oil and gas is expected to boost investments in upstream and mid-stream oil and gas segments which, in turn, will result in greater demand for ACS. New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Automation and Control Solutions Market in the European Oil & Gas Industries, finds that the market earned revenues of $1,556.6 million in 2011 and is estimated to reach $1,904.1 million in 2016. "With an extremely volatile geopolitical landscape in the Middle East and North Africa, the European oil and gas industry is expected to witness greater investments in greenfield projects over the forecast period," noted Frost & Sullivan Senior Research Analyst Karthik Sundaram. "Although European oil and gas reserves are restricted to the North Sea basin, new upstream exploration and investments in on-shore fields are expected to meet growing energy needs. Such trends will offer significant growth potential for ACS.