In a recent published report, Global Refining Industry Automation and Software Market report for till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mention 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) average 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 Global Refining Industry Automation and Software Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Automation is extremely versatile, making it an ideal aid to daily operations. In the refining industry, automation has made an immediate and lasting difference. Daily drilling operations, maintaining the pressure and flow, diagnostics and inspection of drones and unmanned submersibles, etc. are tasks that are highly complex and risky. They require advanced technology and are a major risk to worker’s lives and safety. Automation comes to rescue and simplifies many of these tasks. From controllers and networking systems to analytics and instrumentation, automation has penetrated a number of operations in the oil and gas industry. It is expected that there will be more automated equipment at all stages of the oil and gas value chain in the future.
The target customers for the refining industry automation and software industry are: oil & gas refinery companies, industrial automation solution companies, sensors and meter manufacturing companies, automation solution developers, automation instrument distributors and developers, automation consultants, research organizations and consulting companies, technology investors, technology standard organizations, forums, alliances, and associations.
Market Dynamics and Opportunities
The global market for refining industry automation and software was approximately valued at USD 13 billion in 2017 and is estimated to grow at a promising CAGR of about 3.2%. Increasing industrial automation can be attributed to the exclusive features that IoT provides to this industry, such as information accuracy, workers’ safety, effectiveness, productivity and efficiency, economic feasibility, ease in communication, exploration of ageing reservoirs, weather monitoring and forecasting, etc. These features and the benefits that they give are the major growth drivers for this market.
The market is segmented in terms of the type of product and the type of refinery. Based on product, the global automobile refining industry automation and software market is broadly categorized into control valves, low power AC drives, high power AC drives, radar level devices and many others. Further on the basis of type of refinery, the refining industry automation and software market is classified as petroleum oil refinery, natural gas processing plants, metal refinery, salt refinery, etc. It paves the way to safe, reliable and affordable crude energy.
The global refining industry automation and software market is dominated by North America, which captures nearly 35% of the total regional market share of this industry. Europe stands at number two with about 30% market share, followed by APAC, which has about 19% market share. Middle East and Africa contribute 16% of the total regional market share.
Some of the major players operating in the global refining industry automation and software market include: Honeywell Process Solutions, Yokogawa, ABB, Siemens, Emerson process Management, Aspen Technology, Invensys Operations Management, and Schneider.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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