ID: MRFR/E&P/6453-HCR | February 2021 | Region: Global | 111 Pages
Table of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope of the Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List of Assumptions
3.6 Limitations of the Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Value Chain/Supply Chain Analysis
5.6 Porterβs Five Forces Analysis
5.6.1 Threat of New Entrants
5.6.2 Bargaining Power of Buyers
5.6.3 Bargaining Power of Suppliers
5.6.4 Threat of Substitutes
5.6.5 Competitive Rivalry
6 Global Oil & Gas SCADA Market, by Architecture
6.1 Introduction
6.2 Hardware
6.2.1 Market Estimates & Forecast, 2020β2027
6.2.2 Market Estimates & Forecast, by Region/Country, 2020β2027
6.3 Software
6.3.1 Market Estimates & Forecast, 2020β2027
6.3.2 Market Estimates & Forecast, by Region/Country, 2020β2027
6.3.3 Cloud-Based Solutions
6.3.3.1 Market Estimates & Forecast, 2020β2027
6.3.3.2 Market Estimates & Forecast, by Region/Country, 2020β2027
6.3.4 Other Software Solutions
6.3.4.1 Market Estimates & Forecast, 2020β2027
6.3.4.2 Market Estimates & Forecast, by Region/Country, 2020β2027
6.4 Services
6.4.1 Market Estimates & Forecast, 2020β2027
6.4.2 Market Estimates & Forecast, by Region/Country, 2020β2027
7 Global Oil & Gas SCADA Market, by Sector
7.1 Introduction
7.2 Upstream
7.2.1 Market Estimates & Forecast, 2020β2027
7.2.2 Market Estimates & Forecast, by Region/Country, 2020β2027
7.3 Midstream
7.3.1 Market Estimates & Forecast, 2020β2027
7.3.2 Market Estimates & Forecast, by Region/Country, 2020β2027
7.4 Downstream
7.4.1 Market Estimates & Forecast, 2020β2027
7.4.2 Market Estimates & Forecast, by Region/Country, 2020β2027
8 Global Oil & Gas SCADA Market, by Region
8.1 Introduction
8.2 North America
8.2.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.2.2 Market Estimates & Forecast, by Sector, 2020β2027
8.2.3 Market Estimates & Forecast, by Country, 2020β2027
8.2.4 US
8.2.4.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.2.4.2 Market Estimates & Forecast, by Sector, 2020β2027
8.2.5 Canada
8.2.5.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.2.5.2 Market Estimates & Forecast, by Sector, 2020β2027
8.2.6 Mexico
8.2.6.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.2.6.2 Market Estimates & Forecast, by Sector, 2020β2027
8.3 Europe
8.3.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.3.2 Market Estimates & Forecast, by Sector, 2020β2027
8.3.3 Market Estimates & Forecast, by Country, 2020β2027
8.3.4 Russia
8.3.4.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.3.4.2 Market Estimates & Forecast, by Sector, 2020β2027
8.3.5 Germany
8.3.5.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.3.5.2 Market Estimates & Forecast, by Sector, 2020β2027
8.3.6 UK
8.3.6.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.3.6.2 Market Estimates & Forecast, by Sector, 2020β2027
8.3.7 Italy
8.3.7.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.3.7.2 Market Estimates & Forecast, by Sector, 2020β2027
8.3.8 Rest of Europe
8.3.8.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.3.8.2 Market Estimates & Forecast, by Sector, 2020β2027
8.4 Asia-Pacific
8.4.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.4.2 Market Estimates & Forecast, by Sector, 2020β2027
8.4.3 Market Estimates & Forecast, by Country, 2020β2027
8.4.4 China
8.4.4.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.4.4.2 Market Estimates & Forecast, by Sector, 2020β2027
8.4.5 India
8.4.5.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.4.5.2 Market Estimates & Forecast, by Sector, 2020β2027
8.4.6 Australia
8.4.6.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.4.6.2 Market Estimates & Forecast, by Sector, 2020β2027
8.4.7 Japan
8.4.7.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.4.7.2 Market Estimates & Forecast, by Sector, 2020β2027
8.4.8 Rest of Asia-Pacific
8.4.8.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.4.8.2 Market Estimates & Forecast, by Sector, 2020β2027
8.5 Middle East & Africa
8.5.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.5.2 Market Estimates & Forecast, by Sector, 2020β2027
8.5.3 Market Estimates & Forecast, by Country, 2020β2027
8.5.4 Saudi Arabia
8.5.4.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.5.4.2 Market Estimates & Forecast, by Sector, 2020β2027
8.5.5 UAE
8.5.5.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.5.5.2 Market Estimates & Forecast, by Sector, 2020β2027
8.5.6 South Africa
8.5.6.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.5.6.2 Market Estimates & Forecast, by Sector, 2020β2027
8.5.7 Rest of the Middle East & Africa
8.5.7.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.5.7.2 Market Estimates & Forecast, by Sector, 2020β2027
8.6 South America
8.6.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.6.2 Market Estimates & Forecast, by Sector, 2020β2027
8.6.3 Market Estimates & Forecast, by Country, 2020β2027
8.6.4 Brazil
8.6.4.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.6.4.2 Market Estimates & Forecast, by Sector, 2020β2027
8.6.5 Argentina
8.6.5.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.6.5.2 Market Estimates & Forecast, by Sector, 2020β2027
8.6.6 Rest of South America
8.6.6.1 Market Estimates & Forecast, by Architecture, 2020β2027
8.6.6.2 Market Estimates & Forecast, by Sector, 2020β2027
9 Competitive Landscape
9.1 Competitive Scenario
9.2 Competitive Benchmarking of the Global Oil & Gas SCADA Market
9.3 Major Growth Key Strategies in the Global Oil & Gas SCADA Market
9.4 Market Share Analysis: Global Oil & Gas SCADA Market
9.5 ABB: The Leading Player in Terms of Number of Developments in the Global Oil & Gas SCADA Market
9.6 Product Development
9.7 Mergers & Acquisitions
9.8 Contracts & Agreements
9.9 Expansions & Investments
10 Company Profile
10.1 ABB (Switzerland)
10.1.1 Company Overview
10.1.2 Product/Services Offered
10.1.3 Financial Overview
10.1.4 Key Developments
10.1.5 Key Strategies
10.1.6 SWOT Analysis
10.2 General Electric (US)
10.2.1 Company Overview
10.2.2 Product/Services Offered
10.2.3 Financial Overview
10.2.4 Key Developments
10.2.5 Key Strategies
10.2.6 SWOT Analysis
10.3 Schneider Electric SE (France)
10.3.1 Company Overview
10.3.2 Product/Services Offered
10.3.3 Financial Overview
10.3.4 Key Developments
10.3.5 Key Strategies
10.3.6 SWOT Analysis
10.4 Siemens (Germany)
10.4.1 Company Overview
10.4.2 Product/Services Offered
10.4.3 Financial Overview
10.4.4 Key Developments
10.4.5 Key Strategies
10.4.6 SWOT Analysis
10.5 Rockwell Automation, Inc. (US)
10.5.1 Company Overview
10.5.2 Product/Services Offered
10.5.3 Financial Overview
10.5.4 Key Developments
10.5.5 Key Strategies
10.5.6 SWOT Analysis
10.6 Larsen & Toubro Limited (India)
10.6.1 Company Overview
10.6.2 Product/Services Offered
10.6.3 Financial Overview
10.6.4 Key Developments
10.6.5 Key Strategies
10.6.6 SWOT Analysis
10.7 Mitsubishi Electric Corporation (Japan)
10.7.1 Company Overview
10.7.2 Product/Services Offered
10.7.3 Financial Overview
10.7.4 Key Developments
10.7.5 Key Strategies
10.7.6 SWOT Analysis
10.8 Yokogawa Electric Corporation (Japan)
10.8.1 Company Overview
10.8.2 Product/Services Offered
10.8.3 Financial Overview
10.8.4 Key Developments
10.8.5 Key Strategies
10.8.6 SWOT Analysis
10.9 Emerson Electric Co. (US)
10.9.1 Company Overview
10.9.2 Product/Services Offered
10.9.3 Financial Overview
10.9.4 Key Developments
10.9.5 Key Strategies
10.9.6 SWOT Analysis
10.10 Honeywell International Inc. (US)
10.10.1 Company Overview
10.10.2 Product/Services Offered
10.10.3 Financial Overview
10.10.4 Key Developments
10.10.5 Key Strategies
10.10.6 SWOT Analysis
10.11 PSI AG (Germany)
10.11.1 Company Overview
10.11.2 Product/Services Offered
10.11.3 Financial Overview
10.11.4 Key Developments
10.11.5 Key Strategies
10.11.6 SWOT Analysis
10.12 Technipfmc, Plc (UK)
10.12.1 Company Overview
10.12.2 Product/Services Offered
10.12.3 Financial Overview
10.12.4 Key Developments
10.12.5 Key Strategies
10.12.6 SWOT Analysis
10.13 International Business Machines Corporation (IBM) (US)
10.13.1 Company Overview
10.13.2 Product/Services Offered
10.13.3 Financial Overview
10.13.4 Key Developments
10.13.5 Key Strategies
10.13.6 SWOT Analysis
11 Appendix
11.1 References
11.2 Related Reports
11.3 List of Abbreviations
β
List of Tables
Table 1 Global Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 2 Global Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 3 Global Oil & Gas SCADA Market, by Region, 2020β2027 (USD Million)
Table 4 North America: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Table 5 North America: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 6 North America: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 7 US: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 8 Mexico: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 9 Mexico: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 10 Europe: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Table 11 Europe: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 12 Europe: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 13 Russia: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 14 Russia: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 15 Germany: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 16 Germany: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 17 UK: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 18 UK: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 19 Italy: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 20 Italy: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 21 Rest of Europe: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 22 Rest of Europe: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 23 Asia-Pacific: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Table 24 Asia-Pacific: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 25 Asia-Pacific: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 26 China: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 27 China: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 28 India: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 29 India: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 30 JAPAN: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 31 JAPAN: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 32 Australia: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 33 Australia: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 34 Rest of Asia-Pacific: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 35 Rest of Asia-Pacific: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 36 Middle East & Africa: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Table 37 Middle East & Africa: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 38 Middle East & Africa: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 39 Saudi Arabia: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 40 Saudi Arabia: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 41 UAE: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 42 UAE: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 43 South Africa: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 44 South Africa: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 45 Rest of the Middle East & Africa: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 46 Rest of the Middle East & Africa: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 47 South America: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Table 48 South America: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 49 South America: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 50 Brazil: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 51 Brazil: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 52 Argentina: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 53 Argentina: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 54 Venezuela: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 55 Venezuela: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Table 56 Rest of South America: Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Table 57 Rest of South America: Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
β
List of Figures
Figure 1 Research Process of MRFR
Figure 2 Top-Down and Bottom-Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porterβs Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Oil & Gas SCADA Market Share, by Sector, 2020 (%)
Figure 9 Global Oil & Gas SCADA Market, by Sector, 2020β2027 (USD Million)
Figure 10 Global Oil & Gas SCADA Market Share, by Architecture, 2020 (%)
Figure 11 Global Oil & Gas SCADA Market, by Architecture, 2020β2027 (USD Million)
Figure 12 Global Oil & Gas SCADA Market Share (%), by Region, 2020
Figure 13 Global Oil & Gas SCADA Market, by Region, 2020β2027 (USD Million)
Figure 14 North America: Oil & Gas SCADA Market Share (%), 2020
Figure 15 North America: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Figure 16 Europe: Oil & Gas SCADA Market Share (%), 2020
Figure 17 Europe: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Figure 18 Asia-Pacific: Oil & Gas SCADA Market Share (%), 2020
Figure 19 Asia-Pacific: Oil & Gas SCADA Market, by Country, 2020β2027 (USD Million)
Figure 20 Middle East & Africa: Oil & Gas SCADA Market Share (%), 2020
Figure 21 Middle East & Africa: Oil & Gas SCADA Market, by Region, 2020β2027 (USD Million)
Figure 22 South America: Oil & Gas SCADA Market Share (%), 2020
Figure 23 South America: Oil & Gas SCADA Market, by Region, 2020β2027 (USD Million)
$6.42 Billion
5.95%
North America
2021 - 2027
Oil & Gas SCADA Market is projected to be worth USD 6.42 billion by 2027, registering a CAGR of 5.95% during the forecast period (2021 - 2027), The market was valued at USD 3.67 billion in 2020.
SCADA (Supervisory control and data acquisition) is an essential set of industrial software applications which are used to manage all form of the process production. This SCADA is used in upstream, downstream, and midstream of oil and gas sectors for error reduction, automation, crucial decision making, long-distance supervision, and crisis response. It can control the high-level critical operations in the oil & gas industries, manufacturing, and transportation industries.
By rising the adoption of cloud-based services and robust investments in the pipeline infrastructure across North America increases the growth of the market during the forecast period. This oil & gas SCADA system includes various sub-segments and components like programmable logic controllers (PLCs), industrial PCs, servers, supervisory systems, telemeters, and RTUs.
COVID-19 Analysis:
The COVID-19 pandemic shows its negative impact across various countries nearly 200 and above and changes everything globally, mainly in business sectors like automobiles, food & beverages, electronic industries, chemical industries, and so on. In the same way, the market growth also falls for some days and due to the lockdowns across different countries, various companies face severe issues like slow down or halt of manufacturing of industrial automation oil & gas and disruptions in the supply chain.
The outbreak reduces the demand for the Oil & Gas SCADA Market. Remote management, cloud computing services, and growing pipeline networks may increase the demand for market value.
Competitive Landscape
The prominent key players in the Oil & Gas SCADA Market includes:
Honeywell International Inc. and Emerson Electric Co. (US) are the top companies among others for the industrial automation oil & gas. They implement various types of organic growth strategies, product developments, new product launches to strengthen the product demand in the market.
Market Dynamics:
Drivers:
The increasing expenditure on pipeline networks and aging reservoirs may be expected to drive the growth of the market. Demand for remote management of oil & gas pipelines, growing pipeline networks, and rising usage of cloud computing services in SCADA are the factors that drive the market growth. By the adoption of IoT technology in the SCADA, increases the global GDP to USD 816 Billion approximately and hence increases the SCADA application in the oil & gas industry.
Some of the other factors that drive the Oil & Gas SCADA Market growth are the cost of integration, processing of real-time data, reliability of the system, and asset optimization. Apart, through automation and digitalization, a rising inclination towards process optimization is expected to the fuel growth of the market outlook.
Plant asset management is expected to grow in the forecast period 2020 to 2027. This growth is possible by the increase in the deployment of PAM solutions to record complete data regarding the different types of equipment installed in the plants like its uptime performance to their life cycle cost assessment.
Restraint:
Different solution providers provide the interoperability of multiple system components may hamper the growth of the Oil & Gas SCADA Market. And the SCADA system was very expensive which reduces the growth of the market. Apart, concerns related to data security may also hamper the growth of the market trends. Oil & gas prices are fluctuating and declining which may slow down the market.
Opportunities:
Emerging big data analytics is one of the opportunities for the growth of the market. Growth in the R&D in the wireless sensor network may increase the demand for the market. Control valves are expected to grow the demand for the market. These are directed by PLC that manages the flow passage of fluids and also controls pressure, temperature, and liquid levels. Remote monitoring and regulating the flow of process are done by the control valves and hence increases the growth of the automation oil & gas market value.
Challenges:
In the oil & gas plant automation system, many hazardous switches, sensors, and other components are more and the data are collected through the components. If it is not structured properly, a huge data becomes confused. Highly advanced systems are necessary for data transferring and collaborating. It requires skilled operators and expensive systems. The connected components are harsh and may lead to breakage of components and if not tracked properly, it may collect wrong data.
Study Objectives -
Segment Overview:
The global Oil & Gas SCADA Market research has been segmented based on the architecture, sector, and region.
Based on Architecture
The market is segmented based on architecture as hardware, software, and services. The hardware segment is expected to dominate the market in the forecast period for its rising investments for incorporating automated devices and its easy installation within the existing infrastructure.
Based on Region
The market is classified into Asia-Pacific, North and South America, Europe, and the Middle East & Africa. During the forecast period, North America is expected to hold the largest market share for its rising investments in pipeline infrastructure and adoption of cloud services.
Based on Sector
Based on the sector, the market is segmented into upstream, downstream, and midstream. Among them, midstream holds the largest market share. During the forecast period, various countries like the US, Canada, Russia, India, and China are expected to drive the market trends for their rising investments in pipeline infrastructure.
Regional Analysis -
The global Oil & Gas SCADA Market is segmented into four main regions like North and South America, South-East Asia, the Middle East & Africa. Out of these, North America holds the largest market share for its high investments in the pipeline infrastructure, increased adoption of cloud services. The US and Canada are expected to drive the demand for the oil & gas industry for their rising investments in refineries and exploration of new oil & gas fields.
Recent Developments
Report Overview:
Segmentation Table
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 5.95% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Architecture and Sector |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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) |
Key Market Opportunities | New product launches and R&D Amongst major key Players |
Key Market Drivers |
|
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 5.95% 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.