DUBLIN--(BUSINESS WIRE)--The "Terminal Automation Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global terminal automation market is projected to grow at a CAGR of 4.31% to reach US$6.374 billion by 2026, from US$4.744 billion in 2019.
Companies Mentioned
- ABB Ltd
- Emerson Electric Co.
- Endress+Hauser Management AG
- Honeywell International Inc.
- Implicio Group
- Intech Process Automation Process Inc.
- Inter Terminals Ltd
- Larsen & Toubro Limited
- Rockwell Automation Inc.
- Schneider Electric
Terminal automation refers to the process which includes automating different control functions of equipment and machinery and terminal, on the other hand, refers to the storage place or facility for different products like oil, gas chemicals that need to be transported to the Point of Sale (POS).
These systems consist of many mechanical, hydraulic, pneumatic, electronic, and computerized systems to control equipment and processes and they also offer centralized and systematic control over the entire product handling process, which also involves distributing, storing, reconciling, receiving, and bulk loading. Reduced operational and maintenance costs, improved productivity, and enhanced security of assets and human resources are some of its additional benefits.
Driving Factors
The primary market driver of the market is the extensive use of terminal automation in every sector of the industry due to the higher level of safety and security provided by these systems. As the oil and gas industry and the chemical industry is slowly recovering from the impact of the pandemic there has been a surge in the demand for a terminal automated system which offers higher safety, higher efficiency, effective management, and distribution with the increasing demand for fuel in the recent times. Also, one of the driving factors has been the up-gradation in the Greenfield infrastructure in recent times.
Furthermore, the increasing environmental concerns and public health hazards have led to the demand for these systems at a surge. All these factors have led to the increasing demand for Terminal Automating systems and the market has seen a substantial amount of growth in recent years. Also, as the world is progressing the demand for these systems has been increasing as they prove to be an asset in monitoring remote sites, cloud-based automation, mobility of control, intelligent event processing, and unmanned platforms which are some of the applications of these systems. They have a wide variety of applications in different industries.
Growth Factors
Increasing demand for Terminal Automated System for Software and Services
The market is expected to grow high CAGR owing to the high demand for Automated systems in software and services to improve the overall efficiency of terminals and make the best use out of them. These automated systems will overall improve efficiency and will lead to larger growth of the industry.
Upcoming Terminal Automated System projects
With growing industries, the requirement of the terminal automated system has relatively increased in various areas as they prove to be an asset in monitoring remote sites, cloud-based automation, mobility of control, intelligent event processing, and unmanned platforms. Also, the oil and gas and chemical industry has proven to be one of the prime market holders and requires the latest technologies like real-time safety alarms, automated data capture, product movement, user interface, and tank farm automation. The Los Angeles International Airport has begun working on a $230 million project which includes the use of these automated systems.
Restraints
Vulnerabilities against cyber security attacks
The oil and gas and chemical industries are one of the primes of the market, new technologies have been developed over time like the use of digital technologies. Also, the dependency on cyber structures and also some cost-effective operational concepts are being used to increase the overall efficiency but with this, the increase of cyber-attacks such as bid lease data, seismic markups, and systems damage has made the system vulnerable. The increase in cyber-attacks has been at a rapid pace and some of these attacks have gone undetected or unreported due to the extensive use of digital technology. As many attacks are unfamiliar to the organization these attacks have been a big challenge to the companies.
Market Segmentation
By end-user industry, the Terminal Automation Market is segmented into oil and gas, chemical, and others which are also anticipated to be the largest in terms of market shares. This large growth is mainly due to the presence of a large number of such terminals and the growing automation of such terminals globally.
The Terminal Automation market can also be segmented based on offering which is further segmented into hardware and software. The software segment is growing at a tremendous pace. The major factor driving the growth of the software segment is the prevalence of the demand for automated solutions to improve the operational efficiency of terminals.
Based on geography, the terminal Automation market is expected to have a huge growth owing to the rise in the number of terminal automation projects in countries such as India, Malaysia, and the Philippines. The automation market is mainly adopted by leading countries such as North America, Europe, Asia Pacific, and others. The automation market in India is on a high owing to a large number of petrochemical projects and government initiatives like "Make in India".
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