Market Size of Refining Industry Automation and Software Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Middle East and Africa |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Refining Automation and Software Market Analysis
The refining industry automation and software market was valued at USD 14.03 billion in 2020 and is expected to reach USD 16.75 billion by 2026, at a CAGR of 3% over the forecast period 2021 - 2026. With the advent of IoT, ML, AI, the refining industry is using these software and recent technologies to overcome the challenges that were faced earlier such as higher labor cost, higher energy consumption and providing precise and accurate solutions.
- Refining industry automation means providing automatic control for operations of various types of machines in various chemical engineering units which convert raw materials into valued products. Automation has provided huge benefits to the companies in terms of saving labor costs, and providing accurate and highly precise solutions.
- Growth in the manufacturing and energy market is also fuelling global refining industry automation and software market. Many oil companies are investing heavily in this market. Demands for refined petroleum products are increasing steadily which is also a major driving factor in the growth of this market.
- However, high Investment cost and set up cost is hindering the growth of the refining industry automation and software market.
Refining Automation and Software Industry Segmentation
The refining industry is the group of chemical engineering unit process where the raw materials are being converted or refined into specific product value. Automation means the automatic control of various control systems for operating different types of machinery that are being used in factories, boilers, and other industrial purposes. It provides a huge benefit in terms of saving labor, energy, and materials that help in maintaining accuracy, quality, and precision. Different types of automated refineries are made in use by a different product.
| By Solution Type | |
| Programmable Logic Controller (PLC) | |
| Distributed Control System (DCS) | |
| Human Machine Interface (HMI) | |
| Product Lifecycle Management (PLM) | |
| Other Solution Types |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Refining Industry Automation and Software Market Size Summary
The refining industry automation and software market is experiencing a transformative phase driven by the integration of advanced technologies such as IoT, ML, and AI. These innovations are addressing historical challenges like high labor and energy costs, while enhancing precision and accuracy in operations. Automation plays a crucial role in streamlining processes within chemical engineering units, converting raw materials into valuable products, and significantly reducing labor expenses. The market is further bolstered by the growing manufacturing and energy sectors, with substantial investments from oil companies in automation and software solutions. Despite the promising growth trajectory, high initial investment and setup costs pose challenges to market expansion.
The development of digital technologies and automation systems has markedly improved efficiency and monitoring in the oil and gas refining sector. Distributed Control Systems (DCS) are pivotal in minimizing downtime and mitigating risks, thereby enhancing operational safety. The demand for refined fuels, particularly in the Asia-Pacific region, is expected to drive market growth, supported by several refinery projects in countries like China. The market is consolidated, with major players such as Honeywell Process Solutions, ABB Limited, Siemens AG, Emerson Process Management, and Schneider Electric dominating the landscape. Recent initiatives, like Siemens' entry into the Permian gas processing market and Honeywell's Masdar Innovation Center, highlight ongoing efforts to innovate and enhance automation solutions in the industry.
Refining Industry Automation and Software Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Oil and Energy Sectors is Driving the Market
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1.3 Market Restraints
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1.3.1 High Initial Investment
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Industry Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 By Solution Type
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2.1.1 Programmable Logic Controller (PLC)
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2.1.2 Distributed Control System (DCS)
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2.1.3 Human Machine Interface (HMI)
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2.1.4 Product Lifecycle Management (PLM)
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2.1.5 Other Solution Types
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Latin America
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2.2.5 Middle East & Africa
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Refining Industry Automation and Software Market Size FAQs
What is the current Refining Industry Automation and Software Market size?
The Refining Industry Automation and Software Market is projected to register a CAGR of 3% during the forecast period (2024-2029)
Who are the key players in Refining Industry Automation and Software Market?
Honeywell Process Solutions, ABB Limited, Siemens AG, Emerson Process Management and Schneider Electric are the major companies operating in the Refining Industry Automation and Software Market.
