The global SCADA oil and gas market size is poised for significant growth, attaining US$ 4.2 billion in 2024. The demand for SCADA oil and gas is expected to witness a robust CAGR of 6.6% from 2024 to 2034. By 2034, the sales of SCADA oil and gas are anticipated to achieve a valuation of US$ 8 billion.
Higher investments in pipeline networks are boosting the supervisory control and data acquisition oil and gas market, with a greater emphasis on process optimization through automation and digitalization. There is a growing need for remote management of oil and gas pipelines.
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Factors influencing the SCADA oil and gas market growth include:
- Increased demand for oil and gas pipelines
- Expansion of pipeline networks
- Growing adoption of cloud computing services in SCADA
Adopting IoT technology in SCADA boosts global GDP and enhances SCADA applications in the oil and gas industry. Aside from automation and digitalization, a growing emphasis on process optimization is projected to stimulate the supervisory control and data acquisition oil and gas market growth. The SCADA oil and gas industry is expected to strengthen as plant asset management becomes more prevalent. It is likely to be achievable due to the use of effective PAM solutions.
The high cost of SCADA systems has resulted in hindrances to market development and data security, impeded market expansion, altered prices, and caused setbacks in the oil and gas industry. The development of big data analytics presents opportunities for market expansion.
The supervisory control and data acquisition oil and gas market faces impediments in oil and gas plant automation systems, including numerous dangerous switches, sensors, and other components through which data is collected. If the structure is not correct, the entire dataset becomes compromised.
Regional Outlook
- Incorporating renewable energy sources into the energy mix boosts demand for SCADA systems for oil and gas industry as Europe shifts to cleaner energy options.
- Government measures to promote the implementation of modern SCADA systems for optimal resource management propel market growth for SCADA technology and automation in oil and gas in Asia Pacific.
- North America’s SCADA oil and gas market is experiencing growth because of strong infrastructure and significant expenditures in pipeline networks.
“SCADA for oil and gas industry is critical for real-time control and monitoring. Rising energy consumption, strict regulations, and an emphasis on operational efficiency accelerate market growth for SCADA oil and gas. However, cybersecurity concerns pose a hurdle, requiring sophisticated protection measures for vital infrastructure”, comments an FMI analyst.
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Key Takeaways
- The hardware components segment in the architecture type category is forecasted to develop at a CAGR of 6.4% from 2024 to 2034.
- The upstream segment in the stream type category is likely to accelerate at a CAGR of 6.1% through 2034.
- The United Kingdom SCADA oil and gas market is envisioned to develop at a CAGR of 8.1% from 2024 to 2034.
- Japan’s SCADA oil and gas market is likely to exhibit a CAGR of 7.6% through 2034.
- China’s SCADA monitoring and control in oil and gas market are expected to surge at a CAGR of 7.5% through 2034.
- The United States oil and gas SCADA systems market is anticipated to evolve at a CAGR of 6.9% through 2034.
- The South Korea oil and gas SCADA systems market is estimated to boost at a CAGR of 3.6% between 2024 and 2034.
Competitive Landscape
The SCADA oil and gas market is extremely competitive, driven by technological improvements, regulatory constraints, and the desire for efficient operations. Prominent SCADA oil and gas vendors compete for market share through innovation, strategic alliances, and geographical expansion.
Established SCADA oil and gas providers leverage their expertise and large client base while new entrants challenge the status quo with specialized products and revolutionary innovations. Market dynamics are further influenced by cybersecurity concerns, integration of IoT devices, and the expanding use of cloud-based SCADA systems for oil and gas industry.
Notable Developments
- ABB launched color-coded sensors in March 2020, making it easier to comprehend and choose the best pH measurement solution. They precisely determine the pH of water.
In January 2020, Rockwell Automation established a partnership with Avnet Data Security as a cybersecurity service provider. This partnership served many consumers worldwide and sped up the company’s portfolio expansion in numerous developing regions.
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Key Segments
By Architecture Type:
- Hardware Components
- Software Solution
- Services
By Stream Type:
- Upstream
- Midstream
- Downstream
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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