Oil & Gas Terminal Automation Market to Register a CAGR of 7.8% by 2032

The size of the worldwide oil and gas terminal automation market was estimated at US$ 1258.0 Million in 2021 and is anticipated to exceed US$ 1303.1 Million in 2022. The entire demand for oil & gas terminal automation is also anticipated to increase at a 7.8% CAGR between 2022 and 2032, reaching a value of over US$ 2761.6 Million by 2032 as a result of the oil and gas industry’s rapid expansion.

An increased focus on the construction of storage terminals worldwide is a result of the world's rising demand for liquefied natural gas and excess oil and gas production in some areas, particularly North America. Thus, it is anticipated that throughout the projection period, there would be a rise in investment in the construction of oil and gas terminals. Over the next ten years, this is projected to combine with the current demand-supply dynamic to propel revenue growth in the global oil and gas terminal automation market. There will be more emphasis on using wireless technologies and Internet of Things (IoT)-based terminal automation systems throughout the anticipated period.

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Between 2016 and 2026, the global oil and gas terminal automation market is expected to face challenges from rising cyber security and safety concerns as well as the relatively higher initial capital expenditure needed to build a fully automated oil and gas terminal.

Segmentation highlights

The 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 to 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.

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.

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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 (MEA)

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About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.