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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