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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 labour costs, and providing accurate and highly precise solutions.
The Global Refining Industry Automation and Software Market is booming at a tremendous rate and is expected to reach $XX billion, growing at the Compound Annual Growth Rate of XX% by 2020. Growth in 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.
The Asia Pacific region is expected to dominate the market, especially by emerging economies like India followed by Europe and North America.
The global refining industry automation and software market is segmented on the basis of refinery type, products and geography.
On the basis of refinery type, the market is segmented into various types of automated refineries like :
Petroleum oil refinery
Natural gas processing plants
Salt refinery and many others.
On the basis of products, the global refining industry automation and software market is segmented into various product types for refining industry like :
Low power AC drives
High power AC drives
Radar level devices and many others.
On the basis of geography, the market is divided into five major regions, namely,
Middle East and Africa
Key Players in the market which are constantly developing new automation software and technologies for the refining industries are Honeywell Process Solutions, ABB, Siemens, Emerson process Management, Aspen Technology, Invensys Operations Management, Schneider.