UAE Oil Giant ADNOC says it Will almost Triple Petrochemical Output by 2025
Dubai: Abu Dhabi National Oil Co (ADNOC) plans to triple its petrochemical
output by 2025 from 4.5 MMT to 11.4 MMT. Expansion of petrochemical business
would help to bring down the operational cost and help better compete in the
time when global energy prices have crashed. Also, as the gas supplies become
tighter, they have provisions to expand their feedstock beyond ethane to
include naphtha. This planned investment to expand, upgrade and integrate their
refining and petrochemical business would present enormous opportunities for
reverse engineering schematic design solution providers. Oil & gas vertical
is the largest application for using reverse engineering software in Middle
East & Africa region. This development will positively impact the reverse
engineering schematic design market during the forecast period 2016-2021.
TechSci Research forecasts onshore oil & gas segment will account
for a majority share in Middle East & Africa Reverse Engineering Schematic
Design market, however, the power segment is forecast to exhibit higher growth
during 2016-2021. P&ID (Piping & Instrumentation design) type of
software accounted for the largest share in the Middle East & Africa
Reverse Engineering Schematic Design market, followed by civil designing
software. The market is poised to grow in the forecast period due to many
expansion and upgradation projects being undertaken in Middle East & Africa
region.
According to released report of TechSci Research “Middle East & Africa Reverse Engineering
Schematic Design Market By Type, By Application,
By Country, Competition Forecast & Opportunities, 2011 – 2021”, the market for reverse
engineering schematic design in Middle East & Africa is projected to grow
at a CAGR of over 13% during 2016 – 2021, due to hydrocarbon export based
economies in the region.