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Kenneth Research, in its repository of market research reports, has recently added a report on SCADA Oil & gas Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The SCADA Oil & Gas Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for SCADA Oil & Gas Market products.
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The Global SCADA Oil & Gas Market was valued at USD 3.34 billion in 2016 and is projected to reach USD 5.55 billion by 2025, growing at a CAGR of 5.81% from 2017 to 2025.
SCADA is a highly configurable set of industrial software applications that can be used to support management of any form of process production. SCADA is widely applied in the upstream, midstream, and downstream oil and gas sectors. Benefits of SCADA oil & gas system includes – better control and coordination, enhance safety, asset optimization, increase in the reliability, reductions in the time, effort and cost of integration, gather and process real-time data.
Market Dynamics:
1. Market Drivers
1.1 Rising adoption of big data analytics and cloud computing services
1.2 Increased R&D in the wireless sensor networks in SCADA systems
1.3 Rising demand for remote management of oil & gas pipelines
1.4 Growing pipeline networks
1.5 Optimum and effective exploration of ageing reservoirs
1.6 Growing focus on process optimization through automation and digitalization
2. Market Restraints
2.1 Increasing cyber security threats
2.2 Issues with the interoperability of multiple system components from different solutions providers
2.3 Changing oil & gas prices
2.4 High investment cost
Market Segmentation:
The Global SCADA Oil & Gas Market is segmented on the stream, component, and region.
1. Stream:
1.1 Upstream
1.2 Midstream
1.3 Downstream
2. By Component:
2.1 Software
2.2 Hardware
2.3 Services
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Schneider Electric Se
2. Mitsubishi Electric Corporation
3. General Electric Company
4. PSI AG
5. Emerson Electric Co.
6. Honeywell International Inc.
7. Technipfmc, PLC
8. ABB Ltd.
9. Rockwell Automation, Inc.
10. Siemens AG
11. Yokogawa Electric Corporation
12. Larsen & Toubro Limited
13. IBM Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global SCADA Oil & Gas Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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