Increasing energy demands drive ACS in oil and gas
Increasing oil and gas infrastructure investments and more stringent process safety regulations are expected to drive the European oil and gas industry's automation and control solutions (ACS) market over the next four years, according to Frost and Sullivan research.
"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," said Frost & Sullivan senior research analyst Karthik Sundaram in a statement. "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."
Major accidents in oil and gas installations like the Deepwater horizon spill and the Gulf of Mexico incident have highlighted the need for process safety in major oil and gas installations. Such accidents will encourage end-user investments in ACS, especially safety systems.
The European Commission is keenly focused on enforcing regulatory initiatives such as safety standards and regulations governing all segments of the oil and gas industry. Sundaram projects that this emphasis on the highest levels of process safety will guide end-users to adopt and implement high-end safety systems and safety programmable logic controllers in their oil and gas installations.
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