Automation is the technology that reduces various manual & repetitive tasks perform by labors or by machines. Automation systems in the chemicals & petrochemicals industry increase the productivity and safety levels. Automation systems, controls or solutions allow chemicals & petrochemicals companies to optimize and reorganize the production operations by enabling a seamless flow of data from various enterprise assets to operations, continuance, and trading systems.
As per study, “Automation Systems in Chemicals and Petrochemicals Industry: Global Market by Product, Architecture and Region 2014-2023”. The leading players that are currently working in the global automation systems in chemicals and petrochemicals industry include ABB Ltd., Honeywell International Inc., Emerson Electric Co., Rockwell Automation Inc., Endress+Hauser AG, General Electric Co., Fanuc Corp., Siemens AG, Hitachi, Ltd., Schneider Electric SE, Mitsubishi Electric Corp. and Yokogawa Electric Corporation. The key players compete on the basis of product characteristic, functionality, and services to gain the maximum market traction over the forecast period. The implementation of both cloud computing and big data analytics in this industry will assist the manufacturers to increase their data storage facilities, improve operational adaptability, and boost scalability during the manufacturing process. The capacity of cloud-based and big data analytics for promoting the product lifecycle management and help to improve the supply chain management will result in its augmented adoption during the predicted period. Players are also incorporating advanced features for instance increased memory capacity, faster processors, and new communication features to assist the chemical & petrochemical industry operators to handle the complex operations. Numerous such technological advances in the automation control systems are likely to have a positive impact on the growth of the market over the forecast period.
By product type, automation systems in chemicals and petrochemicals market is segmented as Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Manufacturing Execution System (MES), Distributed Control Systems (DCS), Safety Instrumented System (SIS), Advanced Process Control (APC) and other systems. In addition, by architecture type, market is segmented as software, hardware and services.
The automation systems in chemicals and petrochemicals market is driven by rise in demand for oil across the globe, followed by declining prices of sensor technology backed by incremental advancement in the sensory technology and increase in efficiency & cost saving benefits of automation. However, falling prices of oil may impact the market. Furthermore, growth in innovation in IoT and its various applications in chemical petrochemical sector is a key opportunity for market.
By geography, the Asian-Pacific holds major share in global automation systems in chemicals and petrochemicals market owing to growth of manufacturing industries like pulp, oil & gas, automotive, and construction in the region. The North-American and European regions are estimated to witness higher growth rate due to surge in the demand for main automation contractors (MACs) over the forecast period. It is anticipated that global automation systems in chemicals and petrochemicals market will be reached at rapid pace as a result of increase in use of cloud computing & big data analytics during the forecast period.
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Global Automation Systems in Chemicals and Petrochemicals Market Research Report
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