SCADA Oil & Gas Market Insights
The global SCADA Oil & Gas market is projected to grow at a CAGR of more than 5 % over the forecast period. This growth is attributed to expansion in offshore and shale-related exploration activities coupled with the demand for SCADA in the oil and gas industry.
Factors such as Increased investments in pipeline networks along with increasing demand for remote management of oil & gas pipelines, and accelerated thrust on process optimization through automation and digitalization is likely to drive the global SCADA oil & gas market over the forecast period.
The rising demand for real-time information is the key driver for the growth of this market. Exploration and production are essential activities of the oil and gas industry that demand continuous maintenance to ensure the safety of employees, oil and gas equipment, and the natural environment.
SCADA systems provide access to real-time sharing of information. Employees can view, visualize, and analyze oilfield operations from remote areas. Low operational costs of SCADA systems coupled with the better quality of drilling are anticipated to boost the market growth.
Declining and uncertain oil & gas prices are likely to restrain the demand for SCADA oil & gas market over the forecast period. However, the development in R&D in the wireless sensor network along with increased use of big data analytics are anticipated to bode well for the market growth.
SCADA Oil & Gas Market: Type Insights
Based on the type, SCADA oil & gas market is segmented into solutions and services. SCADA solutions segment is projected to register more than 55 % of the total market share by 2025. SCADA solutions comprise of RTUs, controllers, communications systems, and HMI systems. Factors such as the accessibility of high-speed communication slots and high-powered CPUs are expected to stimulate the adoption of SCADA automation solutions by oil and gas companies over the forecast period.
SCADA Oil & Gas Market: Architecture Insights
The SCADA oil & gas market is classified into hardware components, software Solutions, and services, on the basis of architecture. The hardware application segment accounted for the largest share of the total project spending of global SCADA oil & gas market in 2016. The Hardware segment is further likely to dominate over the forecast period followed by the software and services segments in terms of market share. Increasing investments in automated devices in the oil & gas industry are projected to boost the hardware segment.
SCADA Oil & Gas Market: Stream Insights
The SCADA oil & gas market is segmented into upstream, midstream, and downstream, based on the stream. Midstream segment registered the largest share in the market for SCADA oil & gas. Accelerated spending in pipeline infrastructure from countries, such as, the US, Canada, Russia, China, and India, is anticipated to foster the market over the coming years.
SCADA Oil & Gas Market: Regional Insights
The market in Middle East & Africa is anticipated to grow at a CAGR of around 4% over the forecast period due to the increased consumption of domestic oil consumption in these regions.
North America is likely to dominate the market over the forecast period followed by Europe. This growth is attributed to growing investments in the pipeline infrastructure coupled with the increased adoption of cloud services in the region. Increased spending in refineries and exploration of new oil & gas fields in the US and Canada is further projected to aid the demand for SCADA in the oil & gas industry in North America.
SCADA Oil & Gas Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from SCADA oil & gas market. The major consumers of the product are Foxconn Technology Group, Symantec, and Hewlett-Packard.
SCADA Oil & Gas Market: Competitive Scenario
The players in SCADA oil & gas market are increasing their presence by acquiring local and regional players. The market participants are increasingly collaborating with diverse business operations to build up their product & service portfolios.
Some of the key players in this market include Yokogawa Electric Corporation (Japan), General Electric Company (US), Honeywell International Inc. (US), Rockwell Automation, Inc. (the U.S.), PSI AG (Germany), Mitsubishi Electric Corporation (Japan), CygNet Software, Inc. (the U.S.), Siemens AG (Germany), Schneider Electric SE (France), Orbcomm Inc. (US), Iconics, Inc. (the U.S.), International Business Machines Corporation (US), TechnipFMC plc (UK), and Emerson Electric Co. (US).
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