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Applications in the Refining Segment, Including Monitoring of Air/Water Quality and Measuring Gas Emissions, to Present Increased Growth Opportunities
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Environmental mandates on achieving a low carbon footprint are driving the analytical instrumentation market in the oil & gas industry. Applications in the refining segment, including monitoring of air/water quality and measuring greenhouse gas (GHG) emissions, to present increased growth opportunities. The market for analytical instrumentation in the oil & gas industry crashed due to the Coronavirus 2019 (COVID-19) induced slowdown that caused a decline in oil prices due to oversupply and less demand. The global demand for gas is expected to peak in 2026 and surpass that for oil, making it the world's primary energy source. This will result in a high demand for analytical instrumentation in upstream and midstream activities.
Analytical instrumentation in the oil & gas industry consists of 3 main operational components – upstream, midstream, and downstream sectors.
The upstream sector involves the exploration for and extraction of petroleum crude oil and natural gas. It includes the searching for potential underground or underwater oil and gas fields, drilling of exploratory wells, and subsequently operating the wells that recover and bring the petroleum crude oil and/or raw natural gas to the surface.
The midstream involves storing, marketing and transporting petroleum crude oil, natural gas, and natural gas liquids (mainly ethane, propane and butane).
The downstream sector involves the refining of petroleum crude oil and the processing of raw natural gas. It includes the selling and distribution of processed natural gas.
Gas analyzers, liquid analyzers, infrared and UV-Vis spectrometer, gas chromatographs, and mass spectrometers are the main analytical technological segments included in this research.
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