Norway Industrial Process Automation Market by Component (Manufacturing Execution System (MES), Distributed Control System (DCS), Programmable Logic Control (PLC), Supervisory Control & Data Acquisition (SCADA), by End user (Oil & Gas, Chemicals & Refinin

Norway Industrial Process Automation Market by Component (Manufacturing Execution System (MES), Distributed Control System (DCS), Programmable Logic Control (PLC), Supervisory Control & Data Acquisition (SCADA), by End user (Oil & Gas, Chemicals & Refining, Energy & Power, Pulp & Paper, Metals & Mining, Pharmaceutical, Cement & Glass, and Others) – Opportunity Analysis and Industry Forecast, 2023–2030

Norway Industrial Process Automation Market was valued at USD 54.83 million in 2022, and is predicted to reach USD 84.87 million by 2030, with a CAGR of 4.65% from 2023 to 2030.

Norway is one of the world's largest producer and exporter of oil & gas, and this industry accounts for nearly half of its exports and about 20% of its GDP. In addition to oil & gas, hydro-power is also a major energy sector in Norway, with numerous hydro-power plants located throughout the country.

Thus, industrial process automation helps monitor and control the flow of oil & gas, regulate pressure & temperature, and ensure that equipment is operating within safe limits. Similarly, in a hydro-power plant, DCS technology can be used to monitor & control the water flow, optimize the generation of electricity, and ensure that the plant is functioning efficiently and safely. These factors significantly help create a huge demand for process automation solutions in the country.

However, Lack of standardization is a significant challenge that can restrain the growth of the industrial process automation market. In the absence of standards, vendors may create proprietary systems that are difficult to replace or upgrade. This may lead to vendor lock-in, as companies become reliant on the technology of a particular vendor, limiting their ability to work with different vendors. Vendor lock-in can lead to higher costs, lower flexibility, and less innovation, which can negatively impact the growth of the industrial process automation market. Companies may be hesitant to invest in automation systems if they are concerned about being locked into a particular vendor's technology, limiting the growth of the market.

On the other hand, the increasing adoption of cloud-based automation solutions presents a significant growth opportunity for the industrial process automation industry. These solutions offer several benefits such as increased efficiency, productivity, and profitability for businesses. They can be easily scaled up or down, making them suitable for businesses of all sizes.

Additionally, cloud-based solutions provide greater control and visibility into industrial processes, and can significantly reduce the costs associated with maintaining and upgrading hardware, software, and infrastructure.

Cloud-based automation solutions can significantly reduce the costs associated with maintaining & upgrading hardware, software, and infrastructure. As a result, companies can focus on their core competencies and invest resources in other areas of their business. With several companies investing in cloud-based solutions for managing and utilizing 3D data obtained from reality capture devices, it is evident that there is a growing interest in adopting these technologies.

For instance, in January 2022, Accenture strategically invested through Accenture Ventures, in Cintoo, a provider of cloud-based solutions to manage and utilize 3D data obtained from reality capture devices. As a result, continued growth and innovation in the industrial process automation industry is expected in the future.

Segment Overview

The Norway Industrial Process Automation industry is segmented on the basis of component and end user.
• By component, the market is classified into MES, DCS, PLC, SCADA, field instruments, industrial robots, human machine interface, process analysers and drives.
• By end user, the market is oil and gas, chemicals and refining, energy and power, pulp and paper, metals and mining, pharma, cement & glass, others.

Key Market Players

The key players in the Norway Industrial Process Automation market research include companies such as:
• Hitachi Ltd
• Yokogawa Electric
• Siemens AG
• Mitshubishi Electric Corporation
• Honeywell International Inc.
• ABB Ltd
• Toshiba Corporation
• Emerson Electric Co.
• Rockwell Automation Inc
• Omron Corporation
• Fanuc Corporation
• Schneider Electric SE
• Endress+Hauser
• Valmet OYJ
• Dwyer Instruments Inc.

KEY BENEFITS
• The Norway Industrial Process Automation market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a comprehensive analysis of the market trends, including current and future trends for depicting prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the Norway Industrial Process Automation market is provided in the report.
• The competitive analysis of the market players along with their market share in the Norway Industrial Process Automation market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the role of stakeholders.