The Future of Oil & Gas SCADA What to Expect in the Next 5-10...

The Future of Oil & Gas SCADA What to Expect in the Next 5-10 Years

Posted 2023-10-03 07:22:00

The global Oil & Gas SCADA market is expected to grow from USD 3.67 billion in 2020 to USD 6.42 billion by 2030, at a CAGR of 5.95% during the forecast period. The growth of the market is attributed to the increasing demand for oil and gas, the need for improved efficiency and safety in the oil and gas industry, and the growing adoption of digital technologies in the oil and gas industry.

SCADA is a set of applications which are used to support the management of process productions. It is extensively used in oil and gas processes like downstream, midstream, and upstream sectors.

Various factors are fuelling the global oil and gas SCADA market share. As per the recent MRFR market estimates, such factors include the demand for remote management of oil and gas pipelines, increasing pipeline networks, increased use of cloud computing services in SCADA, policies being developed by the government to encourage the usage of IoT technology to improve operating cost, downtime, and efficiency, the adoption of IoT in the oil and gas industry, increased need for remote management of oil and gas pipelines, rising thrust on process optimization through digitalization and automation, rising penetration of cloud computing services in the SCADA system, and rise in pipeline networks.

Besides, the different benefits of SCADA applications are also adding market growth such as the improvement in the coordination and control of the various systems, the reliability of the system, the processing of real-time data, and the cost of integration.

On the contrary, the impact of the COVID-19 pandemic and the fluctuating & declining oil and gas prices may limit the global oil and gas SCADA market growth over the forecast period.

Market Segmentation

The MRFR report throws light on an inclusive segmental analysis of the global oil and gas SCADA market based on sector and architecture.

By architecture, the global oil and gas SCADA market is segmented into services, software, and hardware. Of these, the hardware segment will lead the market over the forecast period for the growing investments to incorporate automated devices in the oil and gas industry and its easy installation within existing infrastructure.

By sector, the global oil and gas SCADA market is segmented into midstream, downstream, and upstream. Of these, the midstream segment will dominate the market over the forecast period.

Regional Analysis

By region, the global oil and gas SCADA market covers the recent trends and growth opportunity across North America, South America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA).Of these, North America will steer the market over the forecast period.

Increasing investments in pipeline infrastructure, rising adoption of cloud services, growing investments in refineries, exploration of new oil and gas fields in Canada and the US, demand for a reliable system for capturing the real-time data, rising investments in the oil and gas infrastructure, and increasing focus toward digitalization and automation are adding to the global oil and gas SCADA market growth in the region. The US and Canada hold the utmost share.

In Europe, the global oil and gas SCADA market is predicted to have healthy growth over the forecast period. Increasing investments in smart grid projects and development of the manufacturing industry are adding to the global oil and gas SCADA market growth in the region.

In the APAC region, the global oil and gas SCADA market is predicted to have favorable growth over the forecast period and at a high CAGR.

In South America and the MEA, the global oil and gas SCADA market are predicted to have sound growth over the forecast period.

Key Players

· 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)

· International Business Machines (US)

The SCADA oil and gas market Size is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.

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