Refining Industry Automation and Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
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.
Key HighlightsThe refining industry automation and software market is consolidated due to the majority of the market share are owned by top players in the industry. Some of the key players include Honeywell Process Solutions, ABB Limited, Siemens AG, Emerson Process Management, Aspen Technology, Schneider Electric, among others.
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