According to FMI’s analysis, the oil and gas terminal automation market will grow at a 7.9% CAGR over the forecast period. The industry is expected to grow to a market value of US$ 1,406.04 million by 2023.
Global demand for liquid fuels and petroleum is expected to rise in the coming years. As a result, the market is seeing an increase in investment in the modernization of oil and gas terminal infrastructure.
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.
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The market is further fueled by increasing concerns over the advancement and upgradation of terminal infrastructure.
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 contributes a gigantic share of 26.7% in 2023. Due to the paved road for the market in the country, established players are expected to enjoy a cumulative increase in revenue over the forecast period.
- Germany’s prominence in Europe and across the world is expected to subject German enterprises to more growth opportunities. In 2023, Germany is projected to attain a 4.5% market share.
- Japan is expected to attain a 4.1% market share in 2023. Over the forecast period, businesses dealing in oil and gas terminal automation are expected to exploit the regional market for higher revenue.
- The Australian market is expected to attain a 1.4% value share in 2023. Although the share is in no way significant, over the forecast period, the market is expected to attract manufacturers to benefit from early investment in the market before its boom.
- 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.
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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.
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.
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