LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global supervisory control and data acquisition (SCADA) market in the oil and gas industry is expected to reach close to USD 5 billion in revenue by 2020.
This research report titled ‘Global SCADA Market in the Oil and Gas Industry’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends.
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“Application of big data technologies are no longer confined to the IT industry and are used in the oil and gas, chemicals and petrochemicals, and power sector to analyze various processes. The integration of SCADA and big data analytics is a growing trend that facilitates prompt decision-making, reduces errors, and identifies the cause of a problem,” said Bharath Kanniappan, one of Technavio’s lead analysts for automation research.
“Prior to big data analytics, SCADA was merely used to supervise and collect data exploration and production sites in the oil and gas industry. However, modern SCADA systems are integrated with data sources to analyze data across equipment and operations within and outside the plant,” added Bharath.
Some of the other driving forces behind the growth of the global SCADA market in the oil and gas industry are as follows:
- Demand for real-time information
- Growth in global pipeline transportation
- Sustainability of environmental and safety regulations
Demand for real-time information
Exploration and production are key activities of the oil and gas industry that demand continuous maintenance and well integrity to ensure safety of employees, oil and gas equipment, and the natural environment. SCADA systems enable the oil and gas industry to share real-time information on well site conditions with decision maker situated at remote locations. The data collected from RTU or PLC by SCADA enables companies to simultaneously monitor, visualize, and analyze oilfield operations. This will significantly help oil and gas companies reduce costs and enhance the quality of drilling, sampling, logging, cementing, interventions, fracturing, completions, production, and field development planning. Therefore, oil and gas companies are able to take better decisions during well construction, implementation, integration, development, drilling, and production.
Growth in global pipeline transportation
Availability of oil and gas sources worldwide is not uniform and requires transportation from oil and gas rich countries, such as the UAE, the US, Russia, Iran, Algeria, Ecuador, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and Venezuela, to India, China, Canada, Germany, and Brazil among others. Pipeline transportation of crude oil and gas requires automation solutions such as SCADA to control, monitor, and manage pipeline operation. SCADA enables remote monitoring and controlling of transportation and distribution and alarms in case of pipeline leakages or any disruption in the pipeline distribution that expands to more than 400-1,000 miles across countries and passes through hostile areas.
Advances in offshore technologies have reduced unit costs and made deep-water projects more cost effective in the global scenario. Installation of offshore pipelines in these projects will fuel the pipeline industry market worldwide, and it is expected to have a positive influence on the SCADA system in the oil and gas industry during the forecast period. Growing advances in pipeline-laying technologies will drive the installation of offshore pipelines at water depths of more than 9,840 ft creating further opportunities for SCADA systems.
Sustainability of environmental and safety regulations
Governments worldwide have laid out stringent regulations following the BP Macondo Well disaster in the Gulf of Mexico in 2010, which took the lives of 11 workers. It is considered the world's largest oil spills that brought massive marine habitat destruction along with the loss of over 4 million barrels of oil.
In addition, fines and penalties levied are huge if oil and gas producers are found not adhering to norms, with penalties of approximately USD 8,000 per barrel in the US. Such fines can hamper their cash reserve, project budget, and public image. SCADA helps in the centralized monitoring of all processes, thereby improving the precise control of various activities and continuous round the clock monitoring of facilities.
Browse related reports:
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