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 |
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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.
