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Oil & Gas Vertical in SCADA Market Is Anticipated to Grow At A High Rate Over 2017 – 2024

Author : Ronak Bora | Published Date : 2019-03-07 

The SCADA Market based on components can be segmented into Human Machine Interface (HMI), Programmable Logic Controller (PLC), Remote Terminal Unit (RTU), and communication systems. The RTU market is projected to hold a high revenue share in the overall SCADA market. The major share of RTU in the industry is credited to the components’ ability to allow efficient decision making for the operators. Deep sea exploration and extraction of shale gas in the oil & gas industry using several RTU systems are further driving the demand for the RTU device implementation.

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Moreover, the rise in mobile monitoring and big data analytics usage are anticipated to drive the SCADA market growth. Big data analytics and SCADA systems can be integrated for reducing errors and for decision making. Integration of analytics into SCADA using statistical analysis, forecasting, predictive modeling, and optimization could result in the identification of possible errors. Growing demand for data sharing and real-time data monitoring from remote locations is helping in improving the quality of work and is reducing operational costs, which is beneficial for the business thereby providing an impetus to the SCADA market growth.

Ongoing advancements in machine learning and hardware & software based systems are playing a vital role in the automatization of jobs, which is enabling intricate secondary logistics synthesis. Innovative efforts from several industry players have further improved the efficiency of the systems. Over the years, the SCADA market has developed to an extremely mature market owing to the availability of advanced SCADA products.

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On basis of the end-use industries, the SCADA market can be segmented into chemicals, electrical power grids, manufacturing, oil & gas, pharmaceuticals, telecommunication, transportation, and water & wastewater industries. The oil & gas vertical is anticipated to grow at a high rate over the forecast time span. SCADA solutions when implemented in this vertical help in automatizing the processes thereby aiding to easily explore and extract the oil & gas. The increasing deployment of SCADA systems to reduce losses and optimize the production is also aiding the growth of the SCADA market significantly.

Asia Pacific SCADA market is anticipated to offer high growth opportunities over the forecast time span owing to the rise in end-use applications such as manufacturing and telecommunication. In addition, the increase in the number of developing industries, the need for automated industries, and growing living standards in the region have led to an increase in the energy demand from power and oil & gas industry. These factors have led to an increased demand for automated solutions in the region thereby propelling the SCADA market growth.

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Key industry players operating in the SCADA market include ABB Ltd., Alstom, B-SCADA, Inc., Emerson Electric Company, General Electric Intelligent Platforms, Honeywell International, MPC Consulting, Omron, Power System Engineering, Rockwell Automation, Siemens AG, Schneider Electric SE, UTSI International Corporation, and Yokogawa Electric Co.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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