Terminal Automation System Market Size, Share, Growth Report 2032

Terminal Automation System Market Insights

Zion Market Research has published a report on the global Terminal Automation System Market, estimating its value at USD 7.47 Billion in 2023, with projections indicating that it will reach USD 12.57 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.3% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Terminal Automation System Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Market Overview

The Global Terminal Automation System Market accounted for more than USD 5.25 Billion in 2020 and is expected to reach more than USD 8.63 Billion by 2028, growing at a CAGR of more than 6.4% from 2021 to 2028.

A Terminal refers to a storage container that is used to store chemicals, liquified natural gas, petroleum gas, crude oil and other substances. Terminal automation is a process that involves the complete controlling, monitoring and managing solution during the entire handling process i.e., from receiving to storage and then distribution. It serves to ensure safe and stable operation and hence lead to an effective management. It offers certain benefits such as it reduces labor, increases efficiency, reduces operational cost, improves accuracy and enhance safety and ease regulatory compliance. This solution has proven to lower the overall production cost and to maximize profit.

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COVID-19 Impact Analysis

The Covid-19 pandemic has been affecting almost all the sectors and has been devasting the global economic condition of a wide range of nations, but the pandemic has provided an opportunity to the Global Terminal Automation System Market to have a boost in the near future. With the rise in the prevalence of the pandemic and the restriction being imposed to tackle the ill effect of the pandemic has increased the realization of the importance of automation and digitalization and has provided a resilience to any such prevailing shocks in the future.

Growth Factors

Rising awareness about the environmental safety and efficacy with the motive of having an automated system for analyzing and managing data serves as the major factor for the growth of the overall terminal automation market. The governmental implication regarding the increase in the adherence of having high demand for environmentally cleaner fuel and safety regulations regarding the environment is also enhancing the growth of market.

Rapid development and technological advancements regarding the automation solutions and rising adoption of incorporating industrial internet of things and cloud computing is also having a significant positive impact on the growth of the market. The adoption of technological innovations in the terminals such as tank farm automation, safety alarms, graphics interface development is also supplementing the growth. The terminal automation has a number of advantages such as increasing efficiency, increasing performance, tackling security concerns and increasing accuracy and safety. Moreover, the increasing oil and gas industry and a significant increase in the industrial automation are also fueling the overall market growth.

Terminal Automation System Market: Report Scope

Offerings Segment Analysis Preview

Software and segment held a share of around 42.63% in 2020. The offerings segment is bifurcated into the hardware and software and services segments out of which the software and services segment is expected to growth at the highest CAGR in the forecast period. This is attributable to the growing demand for automating solutions in order to improve the operational efficiency of the terminals and to make them more efficient. The segment has been anticipated to show tremendous growth in the forecast period. The High prevalence of the demand of having automated terminals is henceforth driving the overall market growth.

End Use Industry Segment Analysis Preview

Oil and Gas segment will grow at a CAGR of over 4.69% from 2021 to 2028. This is attributable to the undergoing changes seen in the interactive terminal management system for oils and gases and this in turn create dominance of the presence of large number of terminals which make it prominent enough for the growth of overall terminal automation market and boost the global dominance of this market.

Regional Analysis Preview

The Asia Pacific region held a share of more than 28.6% in 2020 and is expected to show significant growth in the forecast period. The growth in this region is attributable to the growing demand for automation with the rising governmental initiatives such as Make in India and the rising number of petrochemical projects. The region is expected to show sharp growth in upcoming years with the increased governmental funding’s and increasing adoption of Terminal Automation System.

The North America region is projected to grow at a CAGR of more than 4.12% over the forecast period. With the rising investments to upgrade the existing infrastructure due to the increasing production of oil and gas has spurred growth of the market in this region. The region is also focusing on adopting new modification and advancement such as integrated solutions for packaging and are specific to the application requirement of the end-user. The companies in this region are also specifically investing in projects that would help them in developing midstream infrastructure for growing biofuel industry. Moreover, these projects have scope in retrofitting and building storage capabilities with biofuel blending terminal which is helping in overall growth of market in this region.

Key Market Players & Competitive Landscape

Some of key players in Terminal Automation System Market are ABB Ltd., Schneider Electric, Yokogawa Electric Corporation, Honeywell International Inc., Emerson Electric Co., Siemens AG, Endress+Hauser Management AG, Rockwell Automation Inc., TechnipFMC plc, Implico Group.

The Global Terminal Automation System Market is segmented as follows:

By Offerings

• Hardware
• Software & Services

By Project Type

• Brownfield Projects
• Greenfield Projects

By End Use Industry

• Oil & Gas
• Chemical
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa