Press release
Oil and Gas Terminal Automation Market: Software Segment Anticipated to Dominate the Global Market Throughout the Forecast Period
Oil and gas terminals, often termed as oil and gas depots, tank farms or tank terminals, facilitate storage of oil, gas and related products. These are thus, intermediate hubs which store and facilitate the distribution of oil and gas to end users. Oil & gas terminal automation systems are integrated solutions which facilitate easier monitoring and control of various product handling operations, from receipt of products through storage and distribution. These systems comprise a set of integrated tools that enable access to real-time data, thus ensuring safety and efficient management of day-to-day terminal operations.
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The global oil and gas terminal automation market is forecast to register a CAGR of 7.1% in terms of value over the forecast period (2016-2026) driven primarily by relatively low oil prices and increasing demand for natural gas from a diverse set of industries.
Growth in the demand for natural gas, supply-demand scenario and contango situation are expected to drive growth of global oil and gas terminal automation market during the forecast period
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Relatively slower economic growth especially in oil consuming nations such as China, and crude oil supply glut experienced over the recent past have driven the global average crude oil prices southwards over the same period. Initial phase of forecast period is thus expected to be characterised by a contango situation resulting in increasing emphasis on storage of oil across the globe. Moreover, increasing demand for natural gas, especially liquefied natural gas is expected to result in emergence of several new terminals in North America and Asia Pacific, among other regions.
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However, relatively higher costs associated with implementation of automation systems is expected to act as an impediment to the growth of global oil and gas terminal automation market during the forecast period. Besides, cyber threats and concerns associated regarding data security are likely to impede growth in adoption of such automation systems, especially among small terminal operators.
Software segment is estimated to account for a relatively higher share in overall global oil and gas terminal automation market value as compared to that of services segments during forecast period
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Software segment is estimated to account for a share of 37.8% in overall global oil and gas terminal automation market value in 2016. It is expected to register a CAGR of 7.2% during the forecast period, 2016-2026. The segment is expected to dominate global oil and gas terminal automation market throughout the forecast period. Terminal and inventory management sub-segment of software segment is expected to relatively faster growth among other software sub-segments during the forecast period.
Asia Pacific excl. Japan and North America are expected to dominate the global oil and gas terminal automation market during forecast period
Surplus oil and gas production in North America, especially, in U.S. has, over the recent past, driven the growth in investment towards setting up of oil and gas export facilities in the region. Such a situation is expected to continue during forecast period, thus driving growth of oil and gas terminal automation market in the region during forecast period. Oil and gas terminal automation market in Asia Pacific excl. Japan region is expected to witness relatively faster growth, registering a CAGR of 8.8% during forecast period, in order to account for a share of nearly 32% in overall market value by 2026 end.
Key players in the global oil and gas terminal automation market are focussing on mergers and acquisitions strategy in order to better equip themselves to cater to steadily growing market demands
Some of the players operating in global oil and gas terminal automation market include, Yokogawa Electric Corporation, Emerson Electric Co., Honeywell International Inc., Rockwell Automation, Inc., ABB Group, Siemens AG, Schneider Electric SE, and FMC Technologies, Inc.
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