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Oil & gas terminal automation market in China is projected to grow at 7.1% CAGR during the forecast period from 2022 and 2032. Europe oil & gas terminal automation market is anticipated to grow with a CAGR of more than 6% throughout the forecast period
NEWARK, Del., Sept. 15, 2022 /PRNewswire/ — The global oil & gas terminal automation market is predicted to create an opulent growth opportunity by exhibiting a robust CAGR of 7.8% between 2022 and 2032. The market size was valued at US$ 1258.0 Mn in 2021 and is likely to surpass a valuation of US$ 1303.1 Mn in 2022.
The global oil & gas terminal automation market is expected to total around US$ 2761.6 Mn by 2032. According to Future Market Insights (FMI) analysis, the historical valuation of the market ranging from 2015 to 2021, witnessed a moderate growth rate of 4.5% CAGR.
However, due to the growing focus on updating and advancing terminal infrastructure, the oil and gas terminal automation market is anticipated to grow at a healthy CAGR of 7.8% between 2022 and 2032.
According to EIA, the global consumption of petroleum and liquid fuels is expected to average between 99.4 million in 2022. The global market has witnessed increased investment in the modernization of the oil and gas terminal infrastructure.
Developed countries such as US and Canada are concentrating more on integrated packaging solutions that cater to the application-specific requirements of terminal end users.
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Key Takeaways
- As several terminal operations increase globally, end users are actively searching for ways to increase their productivity and efficiency while simultaneously meeting customer demands. This has helped in bringing the oil & gas terminal automation market into the spotlight.
- Oil & gas terminal automation refers to the use of technology and systems that are used to automate various manual processes in a terminal, especially around load authorization, product movement, product measurement, documentation, and reporting. Such effective solutions help industries to improve safety, efficiency, and overall productivity while also trimming down costs.
- Rising demand for energy all over the world is making oil & gas terminal automation solutions popular among consumers with increasing investments that help in providing a strong thrust to the growth of the oil & gas terminal …
Full story available on Benzinga.com
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