ID: MRFR/E&P/6453-HCR | February 2021 | Region: Global | 111 pages
SCADA is one of the most significant tools for monitoring equipment and processing data in real-time. It is a control system that facilitates a high-level of supervision of critical operations in industries such as oil & gas, manufacturing, and transportation. In the oil & gas industry, accurate real-time data is required by the engineers in order to calibrate the equipment, schedule maintenance activities, and coordinating with third-party logistics to ensure the smooth operation of the equipment. The oil and gas SCADA systems comprise various subsegments and components that are essential for its functioning. These components include programmable logic controllers (PLCs), industrial PCs, RTUs, servers, telemetry systems, and a supervisory system. There are various advantages of implementing SCADA within all levels of the production processes in the oil & gas industry, including upstream, midstream, and downstream processes. These advantages include error reduction, automation, long-distance supervision, crucial decision-making, and crisis response.
The oil & gas SCADA market size is expected to be valued at USD 3.50 Billion by 2024 and is expected to grow at a 5.90% CAGR from 2019 to 2024. The key drivers of the global oil & gas SCADA market are the demand for remote management of oil & gas pipelines, growing pipeline networks, and increased use of cloud computing services in SCADA. Additionally, the governments of various countries around the globe are developing policies to encourage the use of IoT technology to improve efficiency, downtime, and operating cost. According to Oxford Economics, the adoption of IoT in the oil & gas industry could increase the global GDP by approximately USD 816 billion from 2018 to 2028. This is increasing the application of SCADA in the oil & gas industry.
The global oil & gas SCADA market has been segmented based on architecture and sector. On the basis of architecture, the global market is segmented as- hardware, software, and services. Among these, the hardware subsegment is expected to dominate the market owing to rising investments for incorporating automated devices in the oil & gas industry. Additionally, the hardware components are easy to install within existing infrastructure also leads to higher share of hardware subsegment during the forecast period.
On the basis of region, the global oil & gas SCADA market is segmented into- Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to hold the largest share during the forecast period due to increasing investments in pipeline infrastructure and rising adoption of cloud services in the region. Additionally, the growing investments in refineries and exploration of new oil & gas fields in the US and Canada is also expected to boost the demand for a reliable system to capture the real-time data, leading to the increased installation of SCADA systems in the oil & gas industry.
The key players operating in the global oil & gas SCADA market are ABB (Switzerland), General Electric (US), Schneider Electric SE (France), Siemens (Germany), Rockwell Automation, Inc. (US), Larsen & Toubro Limited (India), Mitsubishi Electric Corporation (Japan), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), Honeywell International Inc. (US), PSI AG (Germany), Technipfmc, Plc (UK), and International Business Machines Corporation (IBM) (US)
The intended audience for the report on the global oil & gas SCADA market are technology providers, associations, government & research organizations, oil & gas operators, national & local government organizations, and institutional investors.
Frequently Asked Questions (FAQ) :
Larsen & Toubro Limited (India), Yokogawa Electric Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Rockwell Automation, Inc. (US) are the contenders in the market.
The principal regional market in the APAC is estimated to power the growth of the market.
A 6% CAGR is predicted to unlock favorable opportunities in the market.
The demand for error reduction and automation are estimated to release the development of the market.
The instability in the global market is estimated to boost the market progress in the upcoming period.