Oil & Gas SCADA Market worth USD 6.42 billion by 2027, registering a CAGR of 5.95% – Report by Market Research Future (MRFR)
New York, July 28, 2021 (GLOBE NEWSWIRE) — Oil & Gas SCADA Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Oil & Gas SCADA Market Research Report, Architecture, Sector and Region – Forecast till 2027” the 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 Becomes Norm in O&G Pipelines World
Supervisory control & data acquisition (SCADA) system has become a norm in pipeline management. SCADA, complemented by control room management’s (CRM), enhances day-to-day administrative functions, coordinating operations with precision and transitioning strings, horns, and percussions.
The market growth attributes to the rising pressure for improved real-time data processing, reliability of the system, and asset optimization while reducing the overall integration costs. Constant technological upgrades in automation & control capabilities foster the market demand. Moreover, the growing automation and advancements, and developments in IoT technology foster market growth.
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Competitive Analysis
List of the leading companies profiled in the Oil & Gas SCADA Market Research Report are –
- General Electric (US)
- ABB (Switzerland)
- Schneider Electric SE (France)
- Rockwell Automation Inc. (US)
- Siemens (Germany)
- Mitsubishi Electric Corporation (Japan)
- Larsen & Toubro Limited (India)
- Yokogawa Electric Corporation (Japan)
- Emerson Electric Co. (US)
- Honeywell International Inc. (US)
- PSI AG (Germany)
- Technipfmc Plc (UK)
- IBM Corporation (US)
The oil & gas SCADA market is estimated to witness several strategic partnerships, alongside other strategic initiatives such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Major players make significant investments to drive research and development activities and expansion plans.
For instance, on Jun 12, 2021, Pluspetrol, a leading global private, independent O&G supplier, announced replacing its aging SCADA systems to track multiple geographically dispersed sites in the Ecuadorian jungle. The company thinks it was the best way to solve a long-standing problem associated with modern automation technology.
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The new SCADA system gives Pluspetrol greater insight into its remote operations. With a web-based control and monitoring platform featuring tools for building HMI, SCADA, and the Industrial Internet of Things (IIoT) systems, Pluspetrol was able to make a 20-year jump into the future in just days.
Increasing Expenditures on Pipeline Networks Upgrades Drive the Market
In addition to increasing expenditures on upgrades of pipeline networks and aging reservoirs, augmenting demand for remote management of oil & gas pipelines, growing pipeline networks, and rising usage of cloud computing services are major trends. Also, the adoption of IoT technology increases the SCADA application in the oil & gas industry.
Some of the other factors that drive the O&G SCADA market include automation and digitalization and rising inclination towards process optimization. Furthermore, the market is driven by the increase in the deployment of PAM solutions to record complete data of different types of equipments installed in the plants to improve their uptime performance and life cycle cost assessment.
Compatibility Issues and High Installation Costs are Major Headwinds
SCADA systems are very expensive, and oil & gas prices are fluctuating and declining, which may slow down the market growth. Also, the availability of different interoperability of multiple system components is a major challenge affecting the market growth. Changing technology landscape poses challenges to the growth of the oil & gas SCADA industry. Moreover, concerns related to data security may also hamper the growth of the market.
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COVID 19 Impacts on the market
The COVID 19 disruptions positively impacted the oil & gas SCADA industry, accelerating digitization and automation in O&G industries worldwide. The global energy demand remained high throughout the year 2020, though there was a huge slum in the fuel demand. Therefore, new automation & control technologies offering higher gains and increased efficiency became inevitable. Industry players started to increase their automation investments. All these factors cumulatively kept the market floating amid COVID 19 crises.
Segmentation
The market is segmented into architecture, sector, and region. The architecture segment is sub-segmented into hardware, software, and services. Of these, the hardware segment holds the largest market share, witnessing rising investments in incorporating automated devices and their easy installation within the existing infrastructure.
The sector segment is sub-segmented into upstream, downstream, and midstream. Of these, the midstream segment holds the largest market share. The region segment is sub-segmented into Asia-Pacific, North & South America, Europe, Middle East & Africa, and rest-of-the-world.
Regional Analysis
North America dominates the global oil & gas SCADA market. Factors such as the vast technological advances, high market penetration of automation, and the early adoption of advanced technologies influence the oil & gas SCADA market growth. Besides, high investments in the pipeline infrastructure and increased adoption of cloud services boost the oil & gas SCADA market size.
Moreover, the high adoption of automation & control systems and the growing power generation industries in the region fuel market growth. Also, investments in the oil & gas industry drive the growth of the market. The US and Canada hold the largest oil & gas SCADA market share with rising investments in refineries and new oil & gas field exploration.
Additionally, the high adoption of SCADA systems in the O&G and power industry and significant financial & technological investments for reliable and improvised power management systems are major O&G SCADA market trends. Furthermore, the strong presence of notable players and futuristic infrastructures, facilitating the development and early adoption of advanced technologies, positively impact the oil & gas SCADA market value.
Segmentation of Market covered in the research:
Information by Architecture (Hardware, Software and Services), by Sector (Upstream, Midstream and Downstream) and by Region (Asia-Pacific, North America, Europe and the Middle East & Africa)
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