SCADA Oil & Gas Market Report Overview
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The global SCADA oil & gas market size is expected to be worth USD 4091.2 million in 2021 and is projected to touch USD 6006.06 million by 2031, at a CAGR of 3.9% during the forecast period.
In order to improve operating efficiency, industries use supervisory control and data acquisition systems (SCADA). SCADA systems are traditionally installed in plant control rooms or field offices. Managing oilfield equipment remotely and overseeing critical processes are key features of SCADA systems that help the oil and gas industry improve operations. New oilfields require complex processes that can be handled by SCADA systems. Oil and gas companies rely on these control systems to provide stable and cost-effective solutions. A key benefit of SCADA is that it improves the efficiency of the process necessary for gas and oil production. A close eye must be kept on this process in order to ensure its success. Optimization of the supply chain minimizes inefficiencies, reduces waste, and ensures proper equipment maintenance. SCADA software monitors pipelines and gas well production for oil and gas operators. Any issues are automatically notified and alerted. As a result of improvements in performance, the gas and oil industries are able to maximize their resources and processes in order to remain competitive.
In order to expand and improve their operations, companies developed SCADA systems. Initially, people, which proved challenging, controlled huge equipment. When equipment was run over long distances, it was even more difficult. It was a time-consuming and costly process in and of itself. In order to resolve these issues, control engineering recommends oil and gas companies invest in monitoring systems. Oil and gas production would expand faster if IT-based automation was used more extensively. The safety assurance of SCADA system is a major driving factor of the SCADA oil & gas market. The increase in E&P activities in SCADA oil & gas industries also leads to market growth.
COVID-19 Impact
"Halt on Services to Hamper Market "
The global COVID-19 pandemic has been unprecedented and staggering, with the SCADA oil & gas market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
As a result of COVID-19, the SCADA oil & gas market growth has also been drastically affected. SCADA has been impacted greatly by the COVID-19 pandemic. In order to adapt to these new realities, companies in every sector, including oil & gas, will need to adopt new technologies and ways of working. The industrial sector has had a significant decline in demand for various input products as a result of very few industrial operations allowed.
Wide ranges of prominent players across industries have been affected by this pandemic. SCADA market growth may be affected by a decline in end-user applications in the near future. During the ongoing crisis, these industries are expected to deploy very few new SCADA systems, as a result of the aforementioned factors.
Latest Trends
"Increase in the Adoption of SCADA Software Solutions to Drive Market Growth"
Trending and diagnostic information is provided by the software architecture of this system. Additionally, programs can help manage logistical information, maintenance schedules, detailed schematics of particular machines and sensors, and troubleshooting guides. Since real-time data can be viewed in the control room, the software-based solution reduces the need for frequent plant visits.
SCADA Oil & Gas Market Segmentation
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- By Type
The market is classified into hardware components, software solutions, and services based on type. The hardware components segment will lead the SCADA oil & gas market share throughout the forecast period.
- By Application
The market is classified into Oil & Gas, and others on the basis of application. The Oil&Gas segment will lead the SCADA oil & gas market share throughout the forecast period.
Driving Factors
"SCADA Systems Safety to Drive the Market"
Environmental liability and safety hazards can be associated with the oil and gas industry. Spills and leaks damage ecosystems severely. Both distribution and production must adhere to environmental standards. Monitoring systems with SCADA provide speed, sophistication, and alarm notifications.
"Increasing E&P Activities to Drive the Market"
Increasing exploration and production (E&P) activities, both in offshore and onshore oilfields, is one of the key factors driving the growth of the global SCADA oil & gas market system. Thus, ensuring safety in the industry, which thereby drives the market, the growth.
Restraining Factors
"Concerns Regarding SCADA Systems Cyber Security to Restrain the Market"
Industries that use SCADA technology are not new to security concerns, but the issue requires careful attention. With the increase in cyberattacks and infiltrations by terrorists and emerging superpowers, companies have become increasingly concerned about SCADA system vulnerabilities. Security complexity is only increased by linking SCADA and other operations systems to IT and enterprise-level systems. Many SCADA system end users lack the internal resources required to detect, assess, and remedy security problems, but they should at least develop a security policy. Earlier this year, a major US pipeline company was attacked by ransomware.
SCADA Oil & Gas Market Regional Insights
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"North America to Dominate the Market Owing to the Rise in Demand of SCADA Systems"
Globally, North America dominates the SCADA oil & gas market. A surge in demand for SCADA systems is expected in North America due to the adoption of software and hardware-based solutions for gathering real-time data, better control, and increased production. Oil and gas exploration investments are anticipating the growth of the SCADA oil & gas market as shale gas production has grown in recent years.
After North America, Asia Pacific is expected to hold the second largest market share. SCADA oil and gas market growth is largely attributed to China and India investing heavily in refining projects, i.e., midstream. The growth of SCADA oil & gas industries in these regions also accounts to the market growth in the Asia Pacific. In order to cut production costs, MEA, the world's largest oil producer, invests heavily in technological upgrades. The SCADA oil and gas market is expected to grow in the future, resulting in this investment in technological upgradation.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- ABB Ltd. (Switzerland)
- Schneider Electric (France)
- Rockwell Automation (U.S.)
- Mitsubishi Electric Corporation (U.S.)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- Yokogawa Electric Corporation (Japan)
- PSI AG (Germany)
- Larsen & Toubro Limited (India)
- Emerson Electric Co. (Germany)
- International Business Machines Corporation (IBM)
- Honeywell International Inc. (U.S.)
- Technipfmc, PLC (U.K.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 4091.2 Million in 2021 |
Market Size Value By |
US$ 6006.06 Million by 2031 |
Growth Rate |
CAGR of 3.9% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the SCADA Oil & Gas Market expected to touch by 2031?
The SCADA Oil & Gas Market is expected to reach a value of USD 6006.06 million by 2031.
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What CAGR is the SCADA Oil & Gas Market expected to exhibit by 2031?
The SCADA Oil & Gas Market is expected to exhibit a CAGR of 3.9% by 2031.
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Which are the driving factors of the SCADA Oil & Gas Market?
Scada systems safety, and increasing E&P activities are some of the major driving factors of the SCADA Oil & Gas Market.
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Which are the top companies in the SCADA Oil & Gas Market?
The top companies in the SCADA Oil & Gas market include ABB Ltd., Schneider Electric, Rockwell Automation, Mitsubishi Electric Corporation, and Siemens AG, etc.