The global oil and gas terminal automation market was valued at US$ 1258.0 million in 2021 and is expected to reach US$ 1303.1 million in 2022. As a result of the oil and gas industry’s rapid expansion, worldwide demand for oil and gas terminal automation is expected to grow at a 7.8% CAGR between 2022 and 2032, reaching a value of around US$ 2761.6 million by 2032.
As the number of terminal operations increases globally, end users are seeking for ways to boost their productivity and efficiency while still satisfying consumer needs. This has raised awareness of the market for oil and gas terminal automation.
The utilisation of technology and systems is required for the automation of oil and gas terminal procedures, particularly those involving load authorisation, product movement, product measurement, documentation, and reporting. These solutions help firms cut expenses while improving productivity, efficiency, and safety.
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During the forecast period, the oil & gas terminal automation market is anticipated to experience strong growth due to the rising demand for energy around the world and rising investments in terminal automation solutions.
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
The global oil and gas terminal automation market has been categorically divided into key market segments based on category and region. 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 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 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.
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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 the competition.
Key Trends Driving the Oil & Gas Terminal Automation Market
“Rising Focus Towards Storage of Oil Creating Opportunities for the Market Participants”
Relatively slower economic growth especially in oil-consuming nations such as China, and the crude oil supply glut experienced over the recent past have driven the global average crude oil prices southwards over the same period. The initial phase of the forecast period is thus expected to be characterized by a contango situation resulting in an increased emphasis on the storage of oil across the globe. This will continue to generate lucrative opportunities for oil & gas terminal automation solution providers.
Moreover, increasing demand for natural gas, especially liquefied natural gas is expected to result in the emergence of several new terminals in North America and the Asia Pacific, among other regions
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Key Segments Covered in Oil & Gas Terminal Automation Industry Analysis
By Hardware:
- ATG
- Blending Controllers
- SCADA
- PLC
- DCS
- HMI
- Safety; Security & Others
By Software:
- Terminal & Inventory Management
- Business System Integration
- Transaction Management
- Reporting
- Others
By Services:
- Commissioning
- Consulting Services
- Project Management
- Operations Services
- Training Services
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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