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Terminal Automation System Market: Segmented: By Offering (Hardware, Software and Services), By Project Type (Brownfield Projects, Greenfield Projects), By End-User (Oil and Gas, Chemical, Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Terminal Automation System Market to surpass USD 8.27 billion by 2032 from USD 4.1 billion in 2021 at a CAGR of 6% in the coming years, i.e., 2022-32.
Terminal refers to a distribution or storage facility of products such as chemicals, oil, gas, and others. Terminal Automation Systems help in monitoring, controlling, and ensuring safety of these terminals. It integrates field operations by automating load authorization, product movement, product measurement, documentation, and reporting using process control. Terminal automation system has been segmented on the basis of offerings into Hardware, Software, and Services. Hardware segment includes field devices, systems, and tank loading areas. Terminal automation system has been segmented on the basis of project type into brownfield projects, and greenfield projects.
Terminal Automation System market is expected to project a notable CAGR of 6% in 2032.
Rising demand for oil and gas, establishment of new terminals, growing investments, increasing adherence to environmental safety regulations, and technological advancements are driving the growth of Terminal Automation System market.
Software and Services segment to grow at the highest CAGR during the forecast period 2022-32
Terminal Automation System market is classified on the basis of offering Hardware, Software, and Services. Software and Services segment to grow at a highest CAGR during the forecast period. Increasing demand for automated solutions to enhance the operational efficiency of the terminals is boosting the growth of Software and Services segment.
Oil and Gas segment holds the largest market share
Terminal Automation System market is classified on the basis of end-user into Oil and Gas, Chemical, and Others. Oil and Gas segment dominates the market with the largest market share. The growth is attributed to the growing automation of terminals globally and huge presence of oil and gas terminals.
Flourishing Oil and Gas Industries
Growing fuel consumption has resulted in huge demand for oil and gas globally. New terminals have been established in emerging nations and terminal infrastructure has been upgraded to enhance the operational efficiency for safe and steady operations of terminals. Increasing adherence to environmental safety regulations along with rising demand for cleaner fuel have contributed in the growth of Terminal Automation System market.
Rising Investments and Advancement in Technologies
Growing investments in terminal automation systems and development of advanced technologies are fueling the growth of Terminal Automation System market. Rapid incorporation of cloud computing and Internet of Things and development advance automation solutions technologies has created immense growth opportunities for the market. Advancement in technologies such as automated data capture, custom graphics and user interface, real-time safety alarms, tank farm automation, and product movement tracking have made terminal operations more accurate and productive.
Low Expenditure and Increasing Cyber Security Threats
Many terminals still operate with minimal automation due to complex and hazardous products involved in terminal transactions. Delay in regulatory approvals and low expenditure on automation systems are hampering the market growth. Growing use of digital platforms and cyber services has also increased the number of cyber-attacks on various end-use industries which is restraining the growth of Terminal Automation System market.
Recent Developments
Terminal Automation System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is dominating the global market and is expected to grow at a significant rate during the forecast period. The growth is attributed to the rising number of petrochemical projects, growing demand for automation, and rising number of government initiatives in the region.
Covid-19 had severely affected economic activities across the world. Many countries had to impose lockdowns and strict social distancing norms in order to control the spread of Coronavirus. Lockdowns have disrupted the global supply chains, procurement of raw materials, and availability of skilled labor which has resulted in shutdown of many businesses. However, the pandemic had a positive impact on the Terminal Automation System market as it increased the awareness related to importance of digitalization and automation in countering such economic shocks and boosting the operational efficiencies of terminals.
Terminal Automation System Market is further segmented by region into:
Terminal Automation System Market Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 4.1 billion |
| Revenue forecast in 2032 | USD 8.27 billion |
| Growth Rate | CAGR of 6% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Offering, Project Type, End-User, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Honeywell International Inc., Schneider Electric, ABB, Siemens, TechnipFMC plc, LARSEN & TOUBRO LIMITED., Emerson Electric Co., Rockwell Automation, Inc., Yokogawa Electric Corporation, Implico Group, General Electric, Inter Terminals Limited, Varec, Inc., INTECH, Chemtrols Industries Pvt. Ltd., and Other Prominent Players |
Terminal Automation System market size was estimated at USD 4.1 billion in 2021 and is expected to reach USD 8.27 billion in 2032.
Terminal refers to a distribution or storage facility of products such as chemicals, oil, gas, and others. Terminal Automation Systems helps in monitoring, controlling, and ensuring safety of these terminals.
Software and Services, Oil and Gas segment accounted for the largest Terminal Automation System market share.
Key players: Honeywell International Inc., Schneider Electric, ABB, Siemens, TechnipFMC plc, LARSEN & TOUBRO LIMITED., Emerson Electric Co., Rockwell Automation, Inc., Yokogawa Electric Corporation, Implico Group, General Electric, Inter Terminals Limited, Varec, Inc., INTECH, Chemtrols Industries Pvt. Ltd., and Other Prominent Players are the key players in the Terminal Automation System market.
Flourishing Oil and Gas Industries and Rising Investments and Advancement in Technologies are the factors driving the Terminal Automation System market.
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