The global terminal automation market in the oil and gas industry to grow at a CAGR of 6.72% during the period 2017-2021.
Global Terminal Automation Market in the Oil and Gas Industry 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers new installations, value, and aftermarket services market.
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.
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.
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.