Main Automation Contractor (MAC) is anticipated to have CAGR of ~x% over 2019-2028. MAC is a proactive approach which is opted during the implementation of any project in process industries. It also helps in minimizing the cost, and allows effectively implementing a project, reducing risks and helps in combating with project delays in process industries and also in power plants. The key factor affecting the market growth includes the increase in adoption of automation in the various industries and earlier involvement of MAC in various types of projects in order to minimize the risk of execution. Rise in demand for automation in industries, oil and gas and power plants would help the industry to grow in the coming years.
Top Driver: Surge in the automation to ensure better product execution to boost the industry
Main Automation Contractor (MAC) is projected to grow with the surge in automation in certain industries, which is carried out so as to gain better project execution and planning at the early stages itself. The errors can be eradicated using MAC and hence eliminates the susceptibility of the project to fail due to any factor. Furthermore, the advancement in technologies has propelled the use of MAC in order to assist in making appropriate projects which can be executed and can also be utilized for ensuring that the initial stages itself the correction is carried out. This is anticipated to help the market boost in the coming years.
Oil and Gas to Make Crucial Contribution to Growth of Global Main Automation Contractor (MAC) Market
Among application segments of the global Main Automation Contractor (MAC) market, oil and gas industry is expected to show highest revenue in the forecast period. This is due to the increase in the need for such fuels which are utilized by the manufacturers and the civil population. Hence, the project execution has to be accurate, as humongous amount of money is to be invested in the extraction of the fuels. The surge in the number of industries where the use of oil and gases are carried out, is anticipated to boost MAC for management and procurement at the early stages. Manufacturing industries are also expected to grow in the coming years, due to growth in demand for various products which are advanced enough to ease out the tasks of the individuals.
Surge in presence of number of key players to Benefit Asia-Pacific Market
Asia-Pacific is experiencing highest revenue growth than any other country and is anticipated to grow further in the near future. There a steep rise in the number of key players that are established in the region, which is expected to help the industry flourish in the next few years. The advancement brought in MAC would help the project managers to adapt it in their company or organization for having better designing and ease in execution of the project. The Asia-pacific region has observed increase in the start-ups in the forecast period, which is expected to propel the market.
Due to outbreak of COVID-19 the government shook hands with various organizations in order to enforce the shutdown and hence promoted the use of digital platforms for communication. The lockout situation has however, led to a downfall in the revenue generation of various organizations and hence challenged the growth of the industries in the current scenario.
Players to Focus on advanced Main Automation Contractor (MAC)
The global Main Automation Contractor (MAC) market leaders include Schneider Electric, Yokogawa Electric, Rockwell Automation, Emerson Electric, ABB, Silvertech Middle East, Honeywell International, Tengizchevroil Control Global, and Autopro Automation.
Schneider Electric: In June 2019, Schneider Electric, the leader in the digital transformation of energy management and automation, announced an investment in AutoGrid, the leader in flexibility management software for the energy industry. The investment makes Schneider Electric a major shareholder in the company and establishes a co-innovation partnership focused on driving new AI and machine learning solutions for the utilities and commercial and industrial companies.
Yokogawa Electric Corporation: In September 2015, Yokogawa Electric Corporation announced the renewal of a global agreement with BP*1 to supply main automation contractor*2 services (MAC services) to BP’s upstream entities. With the renewal of this agreement, BP and Yokogawa have reaffirmed their shared commitment to achieving mutual success and securing the delivery of superior long-term value through the provision of MAC services.
Honeywell International: In November 2019, Honeywell announced that Kuwait Integrated Petroleum Industries Company (KIPIC) has selected Honeywell Process Solutions (HPS) to be the main automation contractor for its new Petrochemicals and Refinery Integration Al Zour Project (PRIZe).
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