UAE Oil Giant ADNOC says it Will almost Triple Petrochemical Output by 2025

Dubai: Abu Dhabi National Oil Co (ADNOC) plans to triple its petrochemical output by 2025 from 4.5 MMT to 11.4 MMT. Expansion of petrochemical business would help to bring down the operational cost and help better compete in the time when global energy prices have crashed. Also, as the gas supplies become tighter, they have provisions to expand their feedstock beyond ethane to include naphtha. This planned investment to expand, upgrade and integrate their refining and petrochemical business would present enormous opportunities for reverse engineering schematic design solution providers. Oil & gas vertical is the largest application for using reverse engineering software in Middle East & Africa region. This development will positively impact the reverse engineering schematic design market during the forecast period 2016-2021.

TechSci Research forecasts onshore oil & gas segment will account for a majority share in Middle East & Africa Reverse Engineering Schematic Design market, however, the power segment is forecast to exhibit higher growth during 2016-2021. P&ID (Piping & Instrumentation design) type of software accounted for the largest share in the Middle East & Africa Reverse Engineering Schematic Design market, followed by civil designing software. The market is poised to grow in the forecast period due to many expansion and upgradation projects being undertaken in Middle East & Africa region.

According to released report of TechSci Research “Middle East & Africa Reverse Engineering Schematic Design Market By Type, By Application, By Country, Competition Forecast & Opportunities, 2011 – 2021”, the market for reverse engineering schematic design in Middle East & Africa is projected to grow at a CAGR of over 13% during 2016 – 2021, due to hydrocarbon export based economies in the region.