SCADA Oil and Gas Market Outlook
According to the report by Expert Market Research (EMR), the global SCADA oil and gas market is projected to grow at a CAGR of 5.20% between 2023 and 2028. Aided by the rising oil and gas exploration activities and growing reliance on IT-based automation in different types of streams, the market is expected to grow significantly by 2028.
SCADA systems are essential tools in the oil and gas industry. They provide the means to monitor, process, and analyse real-time data, ensuring seamless operation, safety, and efficiency. These systems are commonly used in various applications, including pipeline monitoring, drilling operations, refining processes, and distribution systems. SCADA systems offer benefits such as reduced operational costs, efficient resource management, and enhanced system performance, making them an invaluable asset in the oil and gas industry.
The escalating requirement for remote management and real-time monitoring in the oil and gas industry is driving the global SCADA oil and gas market size. With the growing awareness of the operational benefits linked with SCADA systems, there has been a significant shift towards incorporating SCADA solutions in oil and gas processes. Additionally, the increasing trend of digital transformation in the energy sector has further contributed to the popularity of SCADA, as it is a key component in industrial automation and control systems.
The expanding applications of SCADA in various industries also play a vital role in propelling the SCADA oil and gas market demand. In the oil and gas industry, SCADA is used for process automation, monitoring and control in offshore drilling operations, and onshore oil and gas well operations. These systems are also deployed in gas pipelines for leak detection and in refineries for control and safety. Moreover, SCADA’s ability to integrate with other systems makes it an essential component in creating interconnected and smart energy infrastructure, thus accelerating the SCADA oil and gas market development.
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Further, the growing demand for data-driven decision-making in the oil and gas industry has led to an increased focus on SCADA as a strategic tool. With the rise of Industry 4.0 and the increasing popularity of the Industrial Internet of Things (IIoT), SCADA has emerged as a critical element in the digital transformation of the oil and gas sector, thereby enhancing the SCADA oil and gas market expansion.
SCADA Oil and Gas Market Segmentation
The market can be divided based on system, stream, and region.
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Market Breakup by System
- Hardware
- Software
- Services
Market Breakup by Stream
- Upstream
- Midstream
- Downstream
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global SCADA oil and gas companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Schneider Electric
- Mitsubishi Electric Corporation
- Bentek Systems
- ICONICS, Inc.
- Yokogawa India Ltd.
- Weatherford
- Avanceon Ltd
- Others
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