The worldwide market for SCADA systems for the oil & gas industry is expected to grow at a compounded annual growth rate (CAGR) of 8.9% over the next five years, say researchers at ARC Advisory Group. The market was $745 million in 2006 and is forecasted to be over $1,141 million in 2011, according to a new ARC study.
The latest SCADA systems encompass a new generation of technology components. “These new generations of SCADA components are easier to integrate and provide vastly improved capabilities and functionalities. SCADA systems are now being considered in a wide range of applications and true business processes for a variety of purposes, including business performance management,” according to Research Director Russ Novak the principal author of ARC’s report, “SCADA Systems for the Oil & Gas Industry.”
The worldwide SCADA market for the oil & gas industry is expanding as up-stream development and new production occurs in remote and newly developed regions, and the existing oil & gas infrastructure uses the enhanced functionalities of SCADA to improve its core business processes of managing global disparate assets. The market presently exceeds $745 million.