According to Future Market Insights’ recent market report titled “Oil and Gas Terminal Automation Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” revenue from the global oil and gas terminal automation market In 2016, it is estimated to be worth US$ 850 million. It is expected to grow at a 7.1 percent CAGR from 2016 to 2026, with a market value of US$ 1,693 million by the end of 2026. Between 2016 and 2026, the market is expected to nearly double.
Growing demand for liquefied natural gas, combined with excess oil and gas production in certain regions of the world, including North America, has resulted in a greater emphasis on the development of storage terminals around the world. As a result, increased investment in the development of oil and gas terminals is expected during the forecast period. This, combined with the current demand-supply scenario, is expected to drive revenue growth in the global oil and gas terminal automation market over the next ten years. During the forecast period, there will be a greater emphasis on the adoption of wireless technology and Internet of Things (IoT)-based terminal automation systems.
Request A sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-197
Growing concerns pertaining to cyber security and safety coupled with relatively higher initial capital investment associated with building a completely automated oil and gas terminal are likely to serve as impediments to growth of the global oil and gas terminal automation market between 2016 and 2026.
Segmentation highlights
Global oil and gas terminal automation market has been categorically divided into key market segments based on category and regions. On the basis of category, the market has been segmented into software, hardware, and services segments. These in turn are divided into key sub-segments.
- The Software category segment is projected to dominate the global oil and gas terminal automation market during the forecast period, accounting for a market share of nearly 38% in terms of value by the end of 2026. On the other hand, the hardware segment is estimated to witness 7.0% CAGR during forecast period to account for a market share of 33.7% in the overall oil and gas terminal automation market by 2026 end. Within the hardware segment, the HMI segment is likely to witness fast growth during 2016 –-2026.
Regional projections
The North America and Asia Pacific excluding Japan (APEJ) markets are anticipated to emerge the dominant regional markets in the global oil and gas terminal automation market throughout the assessed period. Asia Pacific is estimated to project 8.8% CAGR in the forecast period, 2016–2026. The oil and gas terminal automation market in countries in Eastern Europe is also likely to witness steady growth in the next 10 years.
Report Customization Before Buying @ https://www.futuremarketinsights.com/customization-available/rep-gb-197
Vendor insights
The global oil and gas terminal automation market is dominated by a few top market companies such as Honeywell International Inc., Emerson Electric Co., ABB Group, Rockwell Automation, Inc., Yokogawa Electric Corporation, Siemens AG, FMC Technologies, Inc., and Schneider Electric SE. Certain key market companies are increasingly focussing on acquiring smaller players with specialised offerings – for instance, wireless technology based advanced systems – to better cater to the steadily growing global market demands so as to gain an edge over competition.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
Contact:
Future Market Insights,
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com