Refining Industry Automation and Software Market - Size, Share, Growth, Trends and Forecast, 2019

Refining industry refers to a group of chemical engineering unit process where the raw materials are being converted or refined into certain product value. Automation means automatic control of various control systems for operating different types of machineries that is being used in factories, boilers and other industrial purposes. It provides huge benefit in terms of saving labor, energy and materials that helps in maintaining quality, accuracy and precision.

There are various types of automated refineries like petroleum oil refinery, sugar refinery, natural gas processing plant, salt refinery, metal refinery etc. The types of products for refining industry automation are, Control Valves, Flow meters, HMI software, Low Power AC Drives, High Power AC Drives, High Power AC Drives, Process Engineering tools, Radar Level Devices and Continuous Ultrasonic Level Measurement Devices.

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The growth of oil and energy sectors inhibits the growth of refining industry automation market. The oil companies are the major investors in this industry with a high demand of energy and refined petroleum products from the emerging countries. As a result of which it is expected to have a huge expenditure in large and complex capital projects in the refining industry. Due to economic slowdown in emerging countries like India and China and also due to European debt crisis the market is likely to get hampered. Though there was healthy shipment of products in the previous year yet economic downturn in emerging countries is slowing down the investment.

It is expected that the market will mainly be dominated by the emerging nations such as India and China but it is expected to be slightly slow in Europe (France, Germany, Italy, and UK) and North America. Key participants in the industry include Yokogawa, Emerson process Management, Aspen Technology, Invensys Operations Management, Aspen Technology, Honeywell Process Solutions, ABB and Siemens.

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