A sturdy growth rate, compounded annually, will be recorded in the global oil and gas terminal market, states Transparency market Research (TMR), for the period of 2019 to 2027. It will be driven forward on to a high growth trajectory at the back of a number of growth factors. Some of these are low oil prices and growing demand for natural gas across a number of varied industry verticals. Demand for oil and gas will also be pushed up by growing population for its energy and fuel needs. This in turn will require more exploration, extraction, better storage and robust distribution. And, this again would lead to demand for oil and gas terminal automation. Therefore, the market will be rife with new opportunities of growth in this period. And, as per TMR, the players would do their best to make the most of these.
Global Oil and Gas Terminal Automation Market: Competitive Landscape
Global oil and gas terminal automation market is a dynamic and evolving market landscape, rife with new and notable developments. These developments are shaping the future of the market. It is quite pertinent to note here that these are a result of players trying to equip themselves in order to be ready for any challenges or opportunities that the period stated above throws at them.
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One of the most significant strategies of growth are mergers and acquisitions. Others are also open to strategic and synergistic partnerships and collaborations. It is quite important to note here that these help my improving penetration or grasp on a particular market. This, in turn is often a result of better resource availability, its optimal use, and so on.
The vendor landscape is slightly fragmented, quite competitive, and heavily reliant on technological advancement. Top players in the global oil and gas terminal automation market are:
- Yokogawa Electric Corporation
- Emerson Electric Co.
- Honeywell International Inc.
- Rockwell Automation, Inc.
- ABB Group
- Siemens AG
- Schneider Electric SE
- FMC Technologies, Inc
Global Oil and Gas Terminal Automation Market: Key trends and driver
A growth curve – sturdy, steady, and upward facing – will be charted by the global oil and gas terminal automation market over the forecast period. It will be a logical and natural outcome of interplay between a number of positive trends and drivers in the market. An outline of some of the growth factors is provided below:
- Population is growing, driving up demand for oil and natural gas. This will create demand for a robust infrastructure that can manage storage and distribution of large volumes of these entities over the forecast period.
- Exploration and extraction of oil and gas is also set to drive growth in the market over the forecast period by creating demand for robust storage and proper distribution. A number of new hotspots have been discovered and notable BOE are being discovered in them.
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Global Oil and Gas Terminal Automation Market: Regional Analysis
Two regional markets are set to dominate the landscape of global oil and gas terminal automation market over the forecast period. These are North America and Asia Pacific excluding Japan (APEJ).One of the prominent reasons supporting growth in the market is increase in investments, directed at setting and improving export facilities. As automation in the latter grows in order to manage this demand, a high compound annual growth rate will be charted by the region. North America would owe its dominance to increasing cyber threats in the regional market. Besides, extensive implementation of instrumentation and process automation would also help the region further.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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