“The terminal management system market is projected to grow at a CAGR of 5.94% between 2017 and 2023”
The terminal management system market was valued at USD 725.5 million in 2016 and is expected to reach USD 1,097.7 million by 2023, at a CAGR of 5.94% between 2017 and 2023. A few major factors driving the market include integrated safety and security solutions to enhance the level of automation at a terminal and increased use of centralized systems for standardization of terminal operations. However, the lack of technical expertise is a restraining factor for this market.
“The market for services is expected to grow at a high rate during the forecast period”
The market for services is expected to grow at a high rate during the forecast period due to the growing awareness for installing automation solutions and the need for providing services, such as training and maintenance, to improve the operational efficiency of terminals and make them more efficient.
“Chemicals vertical in the terminal management system market is expected to grow at the highest rate during the forecast period”
The market for chemicals vertical is expected to grow at the highest rate during the forecast period. The key reason contributing to the growth of the chemicals vertical in the terminal management system market is the growing need for developing potential digital technologies for capitalization and value creation.
Following is the breakdown of primary participants’ profiles by different parameters:
- By Company Type: Tier 1 – 33%, Tier 2 – 50%, and Tier 3 – 17%
- By Designation: C-Level – 50%, Directors – 33%, and Others – 17%
- By Region: Americas – 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).
Segments such as offering, project type, vertical, and geography have been covered in this report. The report offers a detailed view of the market across four main regions?Americas, Europe, APAC, and RoW (comprising the Middle East and Africa). The value chain analysis has been included in the report, along with the strategic benchmarking.
Reasons To Buy the Report:
- This report includes statistics pertaining to the terminal management system market by offering, project type, vertical, and geography.
- The value chain analysis and strategic benchmarking adopted by market players have been provided for the terminal management system market.
- The major drivers, restraints, challenges, and opportunities for the terminal management system market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the terminal management system market based on its segments and subsegments.