Rising demand for energy across the globe along with increasing investments in terminal automation solutions is expected to provide a strong thrust to the growth of the oil & gas terminal automation market during the forecast period. The global oil & gas terminal automation market size was valued at US$ 1258.0 Mn in 2021 and is likely to surpass a valuation of US$ 1303.1 Mn in 2022. The overall demand for oil & gas terminal automation is also anticipated to increase at a 7.8% CAGR between 2022 and 2032, reaching a value of roughly US$ 2761.6 Mn by 2032 as a result of the oil and gas industry’s rapid expansion.
A growing emphasis is being placed on the construction of storage terminals all over the world due to an increase in the demand for liquefied natural gas and excess oil and gas production in some areas of the world, including North America. As a result, it is likely that during the forecast period, investment in the development of oil and gas terminals will increase.
This, along with the existing demand-supply scenario is expected to boost revenue growth of the global oil and gas terminal automation market in the next 10 years. Growing emphasis on the adoption of Wireless technology and Internet of Things (IoT) based terminal automation systems is anticipated to be witnessed during the forecast period.
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Growing concerns about 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 the growth of the global oil and gas terminal automation market between 2016 and 2026.
Segmentation highlights
The global oil and gas terminal automation market has been categorically divided into key market segments based on category and region. Based on type, the market has been segmented into software, hardware, and services segments. These in turn are divided into critical 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 a 7.0% CAGR during the 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 American and Asia Pacific excluding Japan (APEJ) markets are anticipated to emerge as the dominant regional markets in the global oil and gas terminal automation market throughout the assessed period. Asia Pacific is estimated to project an 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.
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 to gain an edge over the competition.
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