Oil and Gas Instruments Market Opportunity

Oil & natural gas are the world's primary fuel sources and play an influential role in the global economy. As a whole, the oil & gas industry remains the largest single source of energy in terms of global consumption. Fossil fuels, including coal, make up more than 80% of the world's energy supply. These non-renewable fuels provide electricity, heat, transportation and also feed into processes that make products from steel to plastics. Despite efforts to decarbonize and expanding research into alternative fuel sources, even the most optimistic scenarios for reducing global dependence on fossil fuels show oil and gas dominating the energy landscape for many decades.

During the pandemic, oil and gas demand, along with prices, tumbled as countries imposed strict lockdowns to contain the spread of COVID-19. With a successful vaccination rollout, lockdowns were lifted, and demand surged. However, that surge was quickly disrupted by the invasion of Ukraine by Russia resulting in sky rocketing prices. Furthermore, inflation, geopolitical issues and the threat of an impending recession cast much uncertainty over the oil & gas industry. Amidst the gloomy overcast, the outlook for natural gas is positive even with a tightening market and increasing prices, with the more carbon friendly form of fossil fuel expected to aid in the global effort to reduce greenhouse emissions. In addition, gas accounted for nearly half of the world's growth in energy demand, with most of the increased consumption coming from China and the United States.

Instrumentation is critical to the exploration, development, production, processing, and delivery of oil & gas products, and it also has crucial roles to play in plant and worker safety, as well as the monitoring and testing of fuels. Beyond the realm of energy, oil is also important as an industrial lubricant, and there is significant testing in this aspect of the oil & gas industry as well. As the leading provider of market research on analytical instrumentation, SDi has crafted this report to evaluate and explain what is currently driving growth for instrumentation demand in this important end-market.

SDi's “Oil & Gas Market Analysis and Perspective ” report evaluates the global analytical instrument market in the oil & gas and other closely related industries, such as environmental testing for refinery waste and utilities/power generation. In this report, the oil & gas industry is categorized into upstream, midstream, downstream, in which different testing applications are observed. The analytical instrument market in this report includes laboratory benchtop, portable, and process instruments utilized in oil & gas applications. These instruments are categorized into nine different technology groups that contribute to the overall market.

Report Overview:

Market demand segmented by technique, region, and function, along with yearly market forecasts through 2026. The market estimates have been newly updated with 2021 as the base year and estimates are provided for the following techniques employed by the oil & gas industry:

Market opportunities and threats for the oil & gas industry and regional trends for the United States & Canada, Europe, China, Japan, India & Other Asia-Pacific, Latin America & the Rest of the World.

Vendor share of participating suppliers in each technology category employed by the oil & gas industry. Some of the top vendors in the overall market are presented below, in alphabetical order.