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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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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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    3.1. Key Trends Impacting the Market

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

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA . A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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