Integrated Refinery Information System Market: Analysis of Industry Size, Share, and Competition

The global integrated refinery information system market is expected to experience a rapid CAGR during the forecast period, according to the “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, 2027” report by TechSci Research. This growth can be attributed to the increasing need for real-time decision-making systems and the rise in oil and gas production worldwide.

The contextual and role-specific information provided by integrated refinery information systems helps to increase enterprise productivity and profitability, driving market growth through 2027. In addition, the demand for integrated refinery information systems is increasing due to the growing requirement by enterprises for a smooth flow of data and streamlined operations across the refinery supply chain. The increasing number of IT companies introducing IRIS platforms further indicates significant growth potential for the global integrated refinery information system market in the forecast period.

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The market is also witnessing growing demand from the manufacturing sector and enterprises looking to optimize plant operations. Technological advancements are further boosting the growth of the market, while the provision of anytime data to all stakeholders and the increasing focus on environmental monitoring and asset management are also supporting market growth. Enterprises are also increasingly focusing on material balance, planning, and scheduling, driving further growth in the market.

The global integrated refinery information system market is segmented based on type, application, and region. The electrical segment is expected to witness significant growth during the forecast period, owing to the increasing deployment of integrated refinery information systems by electrical companies. Enterprise asset management dominated the market in 2019 and is expected to witness high growth through 2027 as it helps in boosting enterprise productivity and profitability.

Key players in the global integrated refinery information system market include Honeywell International Inc., Saudi Aramco Total Refining and Petrochemical Co., Infosys Limited, Rockwell Automation, Inc., and Wipro Limited. These companies are investing in the latest technologies and coming up with new services to strengthen their position in the global integrated refinery information system market. They are also involved in growth strategies such as joint ventures, collaborations, and mergers & acquisitions.

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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, 2027” 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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