Global Terminal Automation Market Projected to Expand at a CAGR of 4.91% Over the Forecast Period to Reach US$5.783 Billion by 2023
The terminal automation system helps in monitoring, control, and management of the entire product handling process from receiving to storage and distribution. Terminal automation process can be used for various products such as crude oil, refined oil, liquefied natural gas, and petroleum gas. It can help in utilizing loading systems for ships, trains, trucks, and pipelines. It helps in operational cost-cutting and improving productivity, efficiency & safety. Hardware components of terminal automation are programmable logic controllers, distributed control systems, alarms, switches, and cables.
Drivers of Terminal Automation Market
The continuous increase in investment in the production of oil and gas is leading to the growth terminal automation market. The ability to improve the overall operational efficiency is supplementing the global terminal automation market growth. Rising concerns for safety, security, and accuracy at the terminal areas across the globe is further boosting the market growth. Moreover, benefits offered by this such as operational cost-cutting and improving productivity, efficiency & safety, conserving energy, and allowing real-time supervision and monitoring especially in inaccessible and hazardous areas will contribute to the increasing global terminal automation market size.
Knowledge Sourcing Intelligence a market research company has presented market intelligence in the form of analysis, charts, and graphics to help the clients in gaining a faster and efficient understanding of the global terminal automation market. The global terminal automation market has been segmented by offering, project type, vertical, and geography. On the basis of vertical, the market has been segmented into oil and gas, chemicals, and others. The chemicals segment is expected to grow at a rapid pace. By offering, the market has been segmented into hardware and software. The software segment is expected to grow at a rapid pace on account of the increasing demand for automation solutions to improve the operational efficiency of terminals.
Geographically, market is segmented as North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region is expected to have a significant market share of the global terminal automation market share. The market share is projected on account of the high demand from the manufacturing sector, such as the cement industry and chemicals and petrochemicals industry for improving their operational efficiency, minimizing operational costs, and preserving the environment. The market of Asia Pacific region is expected to witness rapid growth due to the increasing demand from the manufacturing industries such as oil & gas, chemicals, and others.
According to competitive intelligence done by Knowledge Sourcing Intelligence, global terminal automation market is fragmented with hundreds of manufacturers. The players are expanding globally to mirror their customers’ requirements. As a result, they are increasingly integrating with other players. The key players include ABB Ltd, Emerson Electric Co., Honeywell International Inc., and Schneider Electric among others.
Key Questions Answered in This Report:
· What are the key regions having a significant market share of the market?
· What are the drivers of the market?
· Who are the key market players in the market?
· What is market segmentation of the global terminal automation market?
· What are the offerings of the global terminal automation market?