According to a new report by MarketsandMarkets, the oil and gas terminal automation market will reach up to US% 4.4 billion by 2020 at an estimated compound annual growth rate (CAGR) OF 8.91%.
Terminal automation provides various benefits of the oil and gas industry, especially the betterment of the processes and real time data management. Factors such as the growing concern on safety, security and accuracy at the terminal areas, upgradation of the old terminals to automated terminals, increasing interest in advanced operational activities, and the need to integrate the entire terminal system are acting as supplements that project a healthy growth of the market.
The overall transportation of oil and gas automation is segmented into truck and pipeline. In terms of geography, the market is segmented into Middle East, the Americas (North and South), Europe, Asia Pacific countries (APAC), and the rest of the world (ROW).
MarketsandMarkets highlights that the major companies contributing to this market are: ABB Ltd, Cimation, Emerson Electric Company, Endress+Hauser AG, FMC Technology, General Electric, Honeywell Process Solutions, Invensys, Larsen & Toubro, Rockwell Automation Inc., Schneider Electric, Siemens AG, Wipro Ltd, and Yokogawa.
The full report can be accessed via the MarketsandMarkets website.
Edited from various sources by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/22052014/oil_and_gas_terminal_automation_573/