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“The terminal automation market is projected to grow at a CAGR of 5.15% between 2017 and 2022”
The terminal automation market was valued at USD 3.82 billion in 2016 and is expected to reach USD 5.21 billion by 2022, at a CAGR of 5.15% between 2017 and 2022. Some of the major driving factors for the growth of the market are the adherence to environmental and safety regulations and the increasing investment for upgrading brownfield terminal infrastructure in North America. However, the drop in crude oil prices acts as a major restraint for the market.
“The market for software & services is expected to grow at a higher rate during the forecast period”
The market for software & services is expected to grow at a higher rate during the forecast period due to the increasing demand for automating solutions to improve the operational efficiency of terminals and make them more efficient.
“Brownfield terminal projects would hold a major share of the terminal automation market in the coming years”
Brownfield terminal projects are expected to hold a major share of the terminal automation market in the coming years as traditional terminal infrastructures?such as pipeline connections, tanker berths, high-tech LNG storage tanks, roads, and other components?already exist. Therefore, the automation of such existing terminals would help to increase the number of brownfield projects and also increase overall productivity by executing operations methodically, thus conserving both time and energy.
“The terminal automation market in APAC is expected to grow at the highest rate during the forecast period”
The terminal automation market in APAC region is expected to grow at the highest CAGR during the forecast period. The key reason contributing to the growth of APAC in the terminal automation market is the increase in the number of terminal automation projects in countries such as India, Malaysia, and the Philippines. For instance, Honeywell International Inc. (U.S.) received a contract from Vietnam Oil and Gas Group (Vietnam) to provide professional consulting services and advice to the company and its subsidiaries for future investment projects.
Given below is the breakdown of primary participants’ profiles by different parameters:
- By Company Type: Tier 1 - 17%, Tier 2 - 33%, and Tier 3 - 50%
- By Designation: C-Level - 33%, Directors - 17%, and Others - 50%
- By Region: America - 50%, Europe - 17%, APAC - 33%
The key players operating in the market include ABB Ltd. (Switzerland), Honeywell International Inc. (US), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), and Schneider Electric (France).
In this report, various segments such as offering, project type, vertical, and geography have been covered. The report gives a detailed view of the market across four main regions: America, Europe, APAC, and RoW (comprising the Middle East and Africa). The value chain analysis has been included in the report, along with the regulatory standards.
Reasons To Buy the Report:
- This report includes the statistics pertaining to the terminal automation market in terms of offering, project type, vertical, and geography.
- The value chain analysis and regulatory standards adopted by the market players have been provided for the terminal automation market.
- The major drivers, restraints, challenges, and opportunities for the terminal automation market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the terminal automation market based on its segments and subsegments.