NEWARK, Del, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The size of the worldwide oil & gas terminal automation market is anticipated to be US$ 1,406.04 million in 2023. The entire demand for oil & gas terminal automation is also anticipated to increase at a 7.9% CAGR between 2023 and 2033, reaching a value of over US$ 2,787.5 million by 2033 as a result of the oil and gas industry's rapid rise.
The global utilization of liquid fuels and petroleum is expected to increase in the upcoming years. As a result, the market is observing a surge in investment in the modernization of the infrastructure of oil and gas terminals.
Developed countries like the United States and Canada are zeroing in on integrated packaging solutions to serve the application-specific necessities of terminal end users. The market is further fueled by increasing concerns over the advancement and upgradation of terminal infrastructure.
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The energy transition and focus on net-zero emissions are expected to challenge the key players to adopt a different approach to stay relevant in the forecast period.
Since oil and gas are a critical part of the distribution and logistics of fossil-based fuels, this gives them the opportunity to become chief facilitators of the energy transition by assisting in the development of new low-carbon lines of services and products. By being the first mover, companies can garner scale as a reward.
Key participants can begin with the blend of gas and hydrogen. The synergies of these two gases can be done without huge cost or difficulty. The existing infrastructure for natural gas and liquefied natural gas is expected to provide a route for cleaner energy without any considerable infrastructure augmentation.
In the quest for net zero in 2050, terminals are expected to assume a key role in ensuring an adequate supply of green ammonia and, eventually, hydrogen.
Top Highlights from the FMI’s Analysis of the Oil & Gas Terminal Automation Market:
- The United States is expected to account for 26.7% of the total revenue in 2023.
- In 2023, Germany is projected to attain a 4.5% market share.
- Japan is expected to attain a 4.1% market share in 2023.
- The Australian market is expected to attain a 1.4% value share in 2023.
- India and China are expected to observe solid growth of 9% and 8.6% CAGRs, respectively, over the forecast period.
- Under the software category, the terminal & inventory management segment is expected to attain a 39% market share in 2023.
- Based on service, the commissioning segment is projected to attain a 28% value share in 2023.
“The oil and gas terminal automation market is witnessing significant growth as the industry seeks to enhance efficiency, safety, and operational control. Automation technologies are adopted to optimize processes and mitigate risks, driving the market's expansion,” says the FMI analyst.
How are Key Participants Adapting to the Changing Market Environment?
Proactive key players are adopting a new business model as terminals are moving toward the world of decarbonization. The combination of ammonia, hydrogen, chemicals production, and renewable energy can generate “green hubs” with terminals in focus.
Since the energy industry is only beginning with the green revolution, the pathway to net zero is expected to require all kinds of different options with respect to new feedstocks, technologies, and fuels.
The first movers who are willing to take the risk and co-invest with producers and refiners are expected to stand a chance to gain from early adoption and scaling up. These risk-takers also have the competitive edge of expanding more robustly than laggards. However, the transition must be accordingly and thoroughly planned by key players to stay in the game.
- In March 2023, ABB India, which is a subsidiary of ABB Ltd, a Swedish Swiss engineering and technology major, secured integrated control and automation solutions for a 130 km Indo-Bangla Friendship Pipeline (IBFPL).
- ABB’s Remote Terminal Units, SCADAvantage, and leak detection system are expected to facilitate remote monitoring of the pipeline’s pressure, flow, leaks, and temperature. The software is expected to create reports, crucial messages and alarms, and history sheets that are expected to propel efficiency and security.
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Oil & Gas Terminal Automation Market Future Outlook:
| Attribute | Details |
| Estimated Market Size (2023) | US$ 1,406.04 million |
| Projected Market Size (2033) | US$ 2,787.5 million |
| Anticipated Growth Rate (2023 to 2033) | 7.9% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ million for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, and the Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Mexico, Brazil, Germany, France, Italy, Spain, The United Kingdom, NORDICS Russia, China, Japan, South Korea, India, Association of Southeast Asian Nations, Australia & New Zealand, GCC, South Africa, and Northern Africa. |
| Key Market Segments Covered | Hardware, Software, and Services |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
Key Companies Profiled:
- Emerson Electric Co.
- ABB Group
- Rockwell Automation, Inc.
- Honeywell International, Inc.
- Schneider Electric SE.
- Yokogawa Electric Corporation
- Siemens AG.
- FMC Technologies, Inc.
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)
About the Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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