Industry: Semiconductor & Electronics | Publish Date: 08-Nov-2023 | No of Pages: 118 | No. of Tables: 90 | No. of Figures: 34 | Format: PDF | Report Code : N/A
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. Industrial process automation refers to the use of computer technology, along with hardware to control & monitor industrial processes such as inventory management, manufacturing, and production of goods.
It involves the integration of various technologies and systems, such as sensors, programmable logic controllers (PLCs), human-machine interfaces (HMIs), and supervisory control & data acquisition (SCADA) systems, to streamline and optimize production processes including quality control, assembling, testing & inspection, packaging & labeling.
Process automation is applied to a wide range of industries, including oil & gas, chemical processing, food & beverage, and pharmaceuticals, among others. The goal of process automation is to improve efficiency, quality, and safety while reducing costs & minimizing human error.
Thus, industrial process automation plays a significant role in modern manufacturing & production, enabling companies to operate more efficiently, produce higher-quality products, and create safer working environments for their employees when compared to traditional manual methods.
Norway is presently engaged in developing nuclear power plants, wind energy facilities, and other projects that rely on industrial automation to manage & regulate all operational processes within these facilities. For instance, in January 2023, SeaTwirl and the Marine Energy Test Centre in Norway have been granted permission by the Ministry of Energy of Norway to conduct a five-year trial of their vertical-axis floating wind turbine prototype at a former fish farm located in Boknafjorden. Through this development, industrial process automation solutions are used to monitor and control the various processes of wind turbines.
Moreover, it can help maximize energy production, reduce maintenance costs, and ensure the safe operation of offshore wind turbines during pilot testing. Thus, it is expected to boost the industrial process automation market growth in the country.
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.
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.
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.
The Norway industrial process automation industry includes several market players 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, and Fanuc Corporation, Schneider Electric SE, Endress+Hauser, Valmet OYJ, and Dwyer Instruments Inc.
MES
Hardware
Software
Services
DCS
Hardware
Software
Services
PLC
Hardware
Software
Services
SCADA
Hardware
Software
Services
Field Instruments
Industrial Robots
Human Machine Interface
Process Analyzers and Drives
Oil and Gas
Chemicals and Refining
Energy and Power
Pulp and Paper
Metals and Mining
Pharma
Cement & Glass
Others
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2022 |
USD 54.83 million |
Revenue Forecast in 2030 |
USD 84.87 million |
Growth Rate |
CAGR of 4.65% from 2023 to 2030 |
Analysis Period |
2022–2030 |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
Cutting-edge energy initiative. Adoption of industrial process automation in oil, gas, and hydro-power sectors. |
Companies Profiled |
15 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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.