Distributed Control Systems (DCS) In The Oil And Gas Market size to increase by USD 833.28 million during 2023-2028| Emergence of new refinery projects to drive the growth- Technavio

NEW YORK, Dec. 6, 2023 /PRNewswire/ — The Distributed Control Systems (DCS) In The Oil And Gas Market size is expected to grow by USD 833.28 million, accelerating at a CAGR of 4.51% during the forecast period. The rise of new refinery initiatives drives market growth. Refineries, being primary end-users of DCS systems in the oil and gas sector, extensively utilize DCS to manage real-time data throughout refinery operations. Refineries comprise multiple autonomous processing units, each controlled by DCS systems. Furthermore, due to the growing intricacy of refining procedures, there is an escalating need for sophisticated control systems to ensure safety. These factors collectively contribute to an increased demand for DCS systems within refineries, boosting the growth of Distributed Control Systems (DCS) in the oil and gas market. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

The report recognizes the following as some of the key players in the distributed control systems (dcs) in the oil and gas market: ABB Ltd., Azbil Corp., Emerson Electric Co., General Electric Co., Hitachi Ltd., Hollysys Automation Technologies Ltd., Honeywell International Inc., Hyosung Heavy Industries Corp., Ingeteam Corp. S.A., Mitsubishi Electric Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, SUPCON Technology Co. Ltd., Toshiba Corp., Valmet Corp., Yokogawa Electric Corp., and Zhejiang CHINT Electrics Co. Ltd.DCS systems in the Oil and Gas Market is fragmented in nature.Market to observe 3.95% YOY growth in 2024.

Market Dynamics:

Trend

Virtualization of DCS in oil and gas, utilizing hypervisors, is emerging, enabling virtual machines for automation control systems.Industrial components like servers, storage, desktops, files, and networks are being virtualized, boosting the adoption of DCS virtualization.Key market players such as ABB, Emerson Electric Co, Honeywell International Inc., and Rockwell Automation, Inc. are offering virtualized solutions for automation control systems, including DCS, meeting the rising demand for operational flexibility.

Challenges

Price volatility in the oil and gas sector hampers the growth of Distributed Control Systems (DCS) due to industry reliance on continuous asset monitoring.Uncertain market conditions, marked by fluctuating oil prices like the US benchmark crude oil West Texas Intermediate (WTI), deter significant investments and project initiatives in the industry.Reluctance in large-scale investments by oil and gas companies until stabilization of oil prices leads to a projected slowdown in upstream investments, subsequently impacting the market growth of DCS during the forecast period.

The report also covers information on the upcoming trends and challenges. Explore detail information by purchasing report

Essential Role of Oilfield Chemicals in Commodity Gas and Oil Futures Industry

Oilfield chemicals play a significant role in the extraction and refinement processes within the commodity gas and oil futures industry. These specialized chemicals are indispensable for ensuring optimal performance and efficiency in oilfield operations. From enhancing production rates to maintaining equipment integrity, oilfield chemicals are instrumental in safeguarding the integrity of oil and gas infrastructure. In commodity gas extraction, specific chemicals are utilized to facilitate the extraction process, boosting productivity and ensuring the quality of the extracted gas. Moreover, in the realm of oil futures, the demand for innovative oilfield chemicals continues to rise as companies seek advanced solutions to optimize drilling, extraction, and refining operations. With their multifaceted applications across various segments of the oil and gas sector, oilfield chemicals remain indispensable for sustainable and efficient resource extraction.

Oil futures serve as critical indicators influencing the demand and operational dynamics shaping the utilization of Distributed Control Systems (DCS) in the oil and gas market.

Download the sample report now for more details on the impact of the commodity gas and oil futures industry in DCS systems in gas and oil market.

Keg Segments:

The market is segmented by Application (Oil processing, Oil transport, Oil drilling, and Others), Component (Software, Hardware, and Services), and Geography (North America, Middle East and Africa, Europe, APAC, and South America).

During the projected period, the oil processing segment is expected to hold a significant portion of the market’s expansion. Within oil processing, DCS systems play a vital role in overseeing and regulating the refining process, ensuring both efficient production and quality management. Additionally, the increasing emphasis on safety measures and adherence to regulations is contributing to the increased demand for DCS systems within the oil industry.

Get a glance at the market contribution of the segments, Request Sample Report Here

Related Reports:

Factory Automation Platform as a Service (FA PaaS) Market: The Global Factory Automation Platform as a Service (FA PaaS) Market size is poised to grow by USD 6,649.1 million, at a CAGR of 21.51% between 2023 and 2028.

Industrial Automation Market: The Industrial Automation Market in Life Sciences Industry Market is estimated to grow at a CAGR of 10.31% between 2022 and 2027. The size of the market is forecast to increase by USD 4,127.65 million.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/distributed-control-systems-dcs-in-the-oil-and-gas-market-size-to-increase-by-usd-833-28-million-during-2023-2028-emergence-of-new-refinery-projects-to-drive-the-growth–technavio-302007764.html

SOURCE Technavio