Oil & gas terminal automation market in China is projected to grow at 7.1% CAGR during the forecast period from 2022 and 2032. Europe oil & gas terminal automation market is anticipated to grow with a CAGR of more than 6% throughout the forecast period
NEWARK, Del. , Sept. 15, 2022 /PRNewswire/ -- The global oil & gas terminal automation market is predicted to create an opulent growth opportunity by exhibiting a robust CAGR of 7.8% between 2022 and 2032. The 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 global oil & gas terminal automation market is expected to total around US$ 2761.6 Mn by 2032. According to Future Market Insights ( FMI) analysis, the historical valuation of the market ranging from 2015 to 2021, witnessed a moderate growth rate of 4.5% CAGR.
However, due to the growing focus on updating and advancing terminal infrastructure, the oil and gas terminal automation market is anticipated to grow at a healthy CAGR of 7.8% between 2022 and 2032.
According to EIA, the global consumption of petroleum and liquid fuels is expected to average between 99.4 million in 2022. The global market has witnessed increased investment in the modernization of the oil and gas terminal infrastructure.
Developed countries such as U.S. and Canada are concentrating more on integrated packaging solutions that cater to the application-specific requirements of terminal end users.
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As several terminal operations increase globally, end users are actively searching for ways to increase their productivity and efficiency while simultaneously meeting customer demands. This has helped in bringing the oil & gas terminal automation market into the spotlight.
Oil & gas terminal automation refers to the use of technology and systems that are used to automate various manual processes in a terminal, especially around load authorization, product movement, product measurement, documentation, and reporting. Such effective solutions help industries to improve safety, efficiency, and overall productivity while also trimming down costs.
Rising demand for energy all over the world is making oil & gas terminal automation solutions popular among consumers with increasing investments that help in providing a strong thrust to the growth of the oil & gas terminal automation market across the forecast period.
The present-day terminals are anticipated to handle higher traffic, bigger ships, and more capacity. In order to maintain their profitability and competitiveness, terminal operators ought to streamline their company operations for further growth.
Currently, the oil & gas terminal automation market forms about 23-26% of its parent market which is the global terminal automation market. Owing to the increased focus on the reduction of operational costs, the contemporary oil & gas industry is searching for ways to better deal with the effects of price fluctuations. Thus, the global oil & gas terminal automation market is projected to exhibit impressive growth.
The rising implementation of advanced systems has produced sophisticated wireless technologies that could result in significant savings on the basis of wiring, labor, and other associated costs, which are increasingly adopted across key facilities.
Key market players are focusing on forming long-term relationships with other prominent end users. Furthermore, companies are offering customizable solutions in order to meet customer demands with a high degree of optimization in the storage and transportation of petroleum.
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Key Segments Covered in Oil & Gas Terminal Automation Industry Analysis
More Insights into the Oil & Gas Terminal Automation Market
The U.S. is expected to dominate the North American oil & gas terminal automation market in 2022 by accounting for a total of 77% of the total market share. The North American region is poised to grow at a surging rate across the assessment period.
Owing to the rising investments by governments, widespread adoption of automation and the strong presence of leading market players in the market are expected to propel the U.S. oil & gas terminal automation market.
According to FMI projections, the oil & gas terminal automation market in China is projected to grow at a 7.1% CAGR during the forecast period from 2022 and 2032. Attributed to the rising focus on reducing oil imports, the growing need for improving productivity across oil & gas facilities, and favorable government support are some of the key factors driving demand in the market.
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2.2. Market Definition / Scope / Limitations
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4.1. Product Adoption / Usage Analysis
5. Global Oil & Gas Terminal Automation Demand Analysis 2015-2021 and Forecast, 2022–2032
5.1. Historical Market Volume Analysis, 2015-2021
5.2. Current and Future Market Volume Projections, 2022–2032
5.3. Y-o-Y Growth Trend Analysis
Explore FMI's Extensive Ongoing Coverage on Industrial Automation Domain
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