Oil and Gas Terminal Automation Market to expand at a CAGR of 7.1% by 2026

Posted by sonali on November 21st, 2017

Growing need for liquefied natural gas, coupled with surplus oil and gas production in certain regions of the globe including North America has resulted in increasing focus on development of storage terminals across the globe. Accordingly, increase in investment towards development of oil and gas terminals is likely to be witnessed during forecast period. This, along with the existing demand-supply scenario is expected to boost revenue growth of the global oil and gas terminal automation market in the next 10 years. Growing emphasis on adoption of Wireless technology and Internet of Things (IoT) based terminal automation systems is anticipated to be witnessed during forecast period.

Growing concerns pertaining to cyber security and safety coupled with relatively higher initial capital investment associated with building a completely automated oil and gas terminal are likely to serve as impediments to growth of the global oil and gas terminal automation market between 2016 and 2026.

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The Software category segment is projected to dominate the global oil and gas terminal automation market during the forecast period, accounting for a market share of nearly 38% in terms of value by the end of 2026. On the other hand, the hardware segment is estimated to witness 7.0% CAGR during forecast period to account for a market share of 33.7% in the overall oil and gas terminal automation market by 2026 end. Within the hardware segment, the HMI segment is likely to witness fast growth during 2016 –-2026.