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SCADA Oil And Gas Market Report 2024 - SCADA Oil And Gas Market Growth, Trends And Opportunities
SCADA Oil And Gas Market
According to The Business Research Company's, The scada oil and gas market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growing complexity of oil and gas operations, pipeline monitoring requirements, asset management needs, safety and compliance, efficiency and productivity improvements.
The scada oil and gas market size is expected to see strong growth in the next few years. It will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to digital transformation initiatives, renewable energy integration, adoption of predictive analytics, focus on environmental sustainability, demand for remote operations.. Major trends in the forecast period include integration with industrial iot (iiot), cybersecurity enhancements, cloud-based scada solutions, remote monitoring and control, advanced data analytics and ai, edge computing for real-time processing.
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Market Drivers and Trends:
The increasing demand for the oil and gas market is expected to propel the SCADA oil and gas market going forward. Oil and Gas refer to major industries in the energy market that plays an influential role in the world's primary fuel sources. SCADA (Supervisory control and data acquisition) is a control system complex that manages real-time processes for application in oil and gas gathering, transmission, and distribution. For instance, in March 2021, according to the International Energy Agency (IEA) Oil 2021 report, a France-based intergovernmental organization, global oil consumption is projected to reach 104.1 mb/d by 2026, which would represent an increase of 4.4 mb/d from the current levels. Thus, increasing demand for the oil and gas market is driving the SCADA oil and gas market.
Product innovation has emerged as a key trend gaining popularity in the SCADA oil and gas market. Major companies operating in the SCADA oil and gas market are developing innovative products to strengthen their position in the market. For instance, in February 2022, GE Digital, a US-based software company launched an updated version of its innovative CIMPLICITY 2022 HMI/SCADA software. It is a proven, secure-by-design automation platform, that provides true client/server visualization and control from single machines to global plant locations thereby assisting industrial companies in managing operations, enabling the connected worker, and achieving fast time to value with no/low code innovation. This new edition also offers the option to install on-premises, in the cloud, or in a hybrid architecture to save money on infrastructure and maintenance. CIMPLICITY's operator interfaces innovation and dependable, real-time monitoring help for power utility operators working with GE Gas Power's gas turbine fleet.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
ABB Ltd.; General Electric Company; Schneider Electric SE; Rockwell Automation Inc.; Siemens AG; Emerson Electric Co.; ICONICS Inc.; Mitsubishi Electric Corporation; Yokogawa Electric Corporation; Honeywell International Inc.; PSI Software AG; Orbcomm Inc.; Bentek Systems; Larsen & Toubro Technology Services Limited; Omron Corporation; Inductive Automation; Weatherford International plc; Technical Toolboxes Inc.; Avanceon Limited; TRC Advanced Technologies Inc.; International Business Machines Corporation; Weatherford International Ltd.; Honeywell Process Solutions; Parametric Technology Corporation; AVEVA Group plc; CGG SA; Aucotec AG; eLynx Technologies LLC; Petrolink Services Inc.; Apergy Corporation; Petrotechnics Ltd; Kepware Technologies; EnergySys Limited; Genscape Inc.; P2 Energy Solutions LLC; Quorum Business Solutions Inc.; Zedi Inc.; WellAware Holdings Inc.
SCADA Oil And Gas Market 2024 Key Insights:
• The scada oil and gas market will grow to $5.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Oil And Gas Demand Fueling Growth In Scada Oil And Gas Market
• Key Players Elevate Scada Capabilities With Launch Of Innovative Scada Software
• North America was the largest region in the SCADA oil and gas market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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