DUBLIN--(BUSINESS WIRE)--The "Refining Industry Automation and Software Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The refining industry automation and software market is expected to register a CAGR of over 3% during the forecast period 2019-2024.
With the advent of IoT, ML, AI, the refining industry is using these software and recent technologies to overcome the challenges that were faced earlier such as higher labor cost, higher energy consumption and providing precise and accurate solution.
- Refining industry automation means providing automatic control for operations of various types of machines in various chemical engineering units which convert raw materials into valued products. Automation has provided huge benefits to the companies in terms of saving labor costs, and providing accurate and highly precise solutions.
- Growth in manufacturing and energy market is also fuelling global refining industry automation and software market. Many oil companies are investing heavily in this market. Demands for refined petroleum products are increasing steadily which is also a major driving factor in the growth of this market.
- However, high Investment cost and set up cost is hindering the growth of the refining industry automation and software market.
Key Market Trends
Increase in Drilling Activity is Driving the Market
- Drilling activity has been most affected by the downturn in the upstream oil & gas industry. Automatic control of pipe handling and managed pressure drilling have reduced the risk significantly and speeded up the drilling process. It also reduces operational downtime.
- Offshore oil & gas industry uses dynamic positioning rig for station keeping of floaters and drillships, drones for inspection of the platform, monitoring of gas emission, and others. The offshore drilling activity is to increased activity in the Golden Triangle - Gulf of Mexico, Brazil, and West Africa, along with the discovery of Egypt's mammoth offshore natural gas field Zohr.
- In the case of onshore the United States is expected to lead the market regarding drilling activity. As a result, the demand from drilling activities and refineries are expected to drive the refining industry automation and software market.
Growing Refinery Sector in Asia-Pacific is Supporting the Market Growth
- The development of digital technologies, automation, and software systems has improved efficiency and better monitoring in the oil & gas refining sector. The refining industry uses a Distributed Control System (DCS) to reduce the chances of downtime, potentially dangerous and damaging conditions, as DCS includes operational redundancy.
- The demand for refined fuels in Asia-Pacific is expected to outperform other regions in absolute volume terms, expanding by 17.2% between 2017 and 2026 (average annual growth rate of 1.8%).
- Several refinery projects are lined up in China and other countries in the region. As a result, the demand for automation in Asia-Pacific's refinery is expected to support the market in the forecast period.
The refining industry automation and software market is consolidated due to the majority of the market share are owned by top players in the industry. Some of the key players include Honeywell Process Solutions, ABB Limited, Siemens AG, Emerson Process Management, Aspen Technology, Schneider Electric, among others.
- May 2019 - Siemens entered the Permian gas processing market with innovative electric-drive centrifugal compression solution. The project marked Delaware Basin gas plant customer's first order with Siemens. Fully integrated electric-drive centrifugal compression configuration will significantly reduce footprint, capital, and operating costs.
- April 2019 - Honeywell, the global technology leader, launched its new Honeywell Masdar Innovation Center in Abu Dhabi. The Center, located in Masdar City, will be home to the latest automation solutions from across the globe and the region, including those assembled in the UAE. It includes cutting-edge solutions for smart buildings and cities as well as technology for fire, security, personal safety, and intelligent wearables. Innovative digital solutions for oil and gas processing plants providing enhanced safety, reliability and competency within a cyber-secure environment will also be on display. The solutions showcased at the innovation center focus on making these industries smarter, safer, more efficient, productive and sustainable.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Oil & Energy Sectors is Driving the Market
4.3 Market Restraints
4.3.1 High Initial Investment
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Petroleum Oil Refinery
5.1.2 Natural Gas Processing Plant
5.1.3 Metal Refinery
5.1.4 Salt Refinery
5.1.5 Sugar Refinery
5.1.6 Other Types
5.2 By Product
5.2.1 Flow meters
5.2.2 Low Power AC Drives
5.2.3 Process Engineering Tools
5.2.4 Control Valves
5.2.5 Radar Level Devices
5.2.6 Other Products
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Honeywell Process Solutions
6.1.2 ABB Limited
6.1.3 Siemens AG
6.1.4 Emerson Process Management
6.1.5 Aspen Technology
6.1.6 Schneider Electric
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/5riewg