Global Terminal Automation Market in the Oil and Gas Industry 2017-2021
About Terminal Automation in the Oil and Gas Industry
Terminal automation is a system that eases the product handling at the terminal and enables integration of these operations with the business software. It is used to measure, control, automate, and report all the exchanges and transfers. It offers complete management from receipt of the product to inventory control to dispatch recording. Terminal automation systems are deployed in various applications in the oil and gas terminals. Oil terminals include truck and pipeline terminals, whereas gas terminals include liquefaction liquid natural gas (LNG) and regasification LNG terminals.
Technavio’s analysts forecast the global terminal automation market in the oil and gas industry to grow at a CAGR of 6.72% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global terminal automation market in the oil and gas industry for 2017-2021. To calculate the market size, the report considers new installations, value, and aftermarket services market.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Terminal Automation Market in the Oil and Gas Industry 2017-2021
Technavio recognizes the following companies as the key players in the global terminal automation market in the oil and gas industry: ABB, Emerson, Implico Group, Schneider Electric, and Yokogawa.
Other Prominent Vendors in the market are: Honeywell, Larsen & Toubro, Siemens, Rockwell Automation, TechnipFMC, Varec, and Inter Terminals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of IoT and cloud integration. IoT is the next generation technology for all the applications due to its superior advantages in connectivity. By 2016, IoT had already commercialized to a degree in the factory, thereby bringing an industrial revolution with the concept of Industry 4.0. The accompanying global digitalization is growing rapidly across the world and involves components that can identify and transmit conditional information.”
According to the report, one driver in the market is global expansion in oil terminals. Oil terminals are required to store the crude oil and petroleum products. The tank terminal industry is one of the spurring industries since last decade. The oil terminal owners made profits owing to the increased trade of oil and gas and increasing demand for storing the product in the high oil and gas prices scenario. However, in low oil prices scenario, the industry is propelled by the trading and marketing activities by the countries. With low crude oil prices, oil and gas supply chain market structure is contango (a situation in which future value of the commodity is higher compared to spot pricing).
Further, the report states that one challenge in the market is huge capital investment and business downtime. Terminal automation provides several benefits ranging from increased operational efficiency to lowering the manual interference. However, penetration of terminal automation in the oil and gas industry is much lower, due to high upfront cost, extended downtime, and interoperability issue in some instances that hamper the workability after automation. Terminal owners can automate the terminal at one go or process by process. Terminal automation at one go reduces the risk of interoperability at a later stage, but downtime is more.
ABB, Emerson, Implico Group, Schneider Electric, Yokogawa, Honeywell, Larsen & Toubro, Siemens, Rockwell Automation, TechnipFMC, Varec, and Inter Terminals.