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
Introduction
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.
Market
Segmentation
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?
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