Integrated Refinery Information System Market is Expected to Witness a Substantial Growth Through 2025
Increasing oil & gas
production and need to reduce the cost of refining are acting as key growth drivers
for global integrated refinery information system market.
According
to TechSci Research report, “Global Integrated Refinery Information System Market By Type (P&ID, Electrical, Civil &
Mechanical), By Application (Enterprise Asset Management, HSE Management,
Instrument Management, Laboratory Information Management, Document Management),
By Region, Forecast & Opportunities, 2025”, the market is anticipated to
witness a rapid CAGR during the forecast period. Major factors propelling the
growth of global integrated refinery information system market are growing need
for real-time decision-making systems and rising oil & gas production
around the world. Moreover, integrated refinery information systems provide
contextual and role-specific information which helps in boosting enterprise
productivity and profitability. This is expected to further drive the market
growth through 2025. Additionally, growing requirement by enterprises for smooth
flow of data and streamlines operations across the refinery supply chain are also
creating high demand for integrated refinery information systems. With increasing
number of IT companies introducing IRIS platform, the global integrated
refinery information system is poised to grow significantly over the forecast
period.
Additionally, thriving manufacturing sector and increasing
requirement by enterprises to optimize plant operation are creating growing demand
for integrated refinery information systems. Also, advancement in technology is
further boosting the growth of global integrated refinery information system
market. Furthermore, most of the IRIS provide anytime data to all the
stakeholders. The increasing focus on environmental monitoring coupled with
asset management are also supporting the growth of global integrated refinery
information system market. Apart from this, enterprises are focusing on material
balance and planning & scheduling. This is likely to drive the
market growth in coming years.
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Global
integrated refinery information system market is segmented based on type,
application, and region. Based on type, the market can be segmented into P&ID,
electrical, civil, and mechanical. Among them, electrical segment underwent
high growth until 2019 and is further expected
to witness significant growth during the forecast period owing to increasing
deployment of integrated refinery information system by electrical companies.
Based
on application, global integrated
refinery information system market can be segmented into enterprise asset
management, HSE management, instrument management, laboratory information
management and document management. Among them, enterprise asset management dominated
the market in 2019 and is anticipated to witness high growth through 2025 as
they are helpful in boosting enterprise productivity and profitability.
Major players operating in the global integrated
refinery information system market are Honeywell International Inc., Saudi
Aramco Total Refining and Petrochemical Co., Infosys Limited, Rockwell
Automation, Inc. and Wipro Limited, among others. Leading companies are involved
in growth strategies such as joint ventures, collaborations, and mergers &
acquisitions. They are also investing on latest technologies and are coming up
with new services to strengthen their position in global integrated refinery
information system market.
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“Presence
of leading integrated refinery information system in countries like India and
Japan makes Asia Pacific most revenue generating market. Moreover, with
increasing infrastructural activities and thriving food & beverage and
power industry, the region is expected to continue its dominance over the
forecast period. The introduction of innovative web-based solution, delivering
right information to the right person are creating high demand for integrated
refinery information system in North America and Europe as well,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Integrated Refinery Information System Market By
Type (P&ID, Electrical, Civil & Mechanical), By Application (Enterprise
Asset Management, HSE Management, Instrument Management, Laboratory Information
Management, Document Management), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of integrated
refinery information system market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global integrated
refinery information system market.
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