According to this market research report "Terminal Automation Market by Offering (Hardware (SCADA, PLC, Security System, Field Devices, Tank Loading Area), Software & Services),Project Type (Brownfield, and Greenfield), Vertical, and Geography - Global Forecast to 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.
The market has been segmented on the basis of offering, project type, vertical, and geography. On the basis of offering, the market has been classified into hardware, and software & services. Among all the segments, the market for software & services is expected to grow at a higher CAGR during the forecast period. The major factor driving the growth of the software & services in the terminal automation market is the increasing demand for automating solutions to improve the operational efficiency of terminals and make them more efficient.
The terminal automation market, on the basis of project type, has been segmented into brownfield projects and greenfield projects. Among all the segments, the market for brownfield projects is expected to grow at a higher CAGR during the forecast period. Traditional terminal infrastructure such as pipeline connections, tanker berths is already in existence. Therefore, the automation of such existing terminals would help to increase the number of brownfield projects.
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Tank loading area expected to witness high growth rate during the forecast period
The tank loading area includes trucks, pipelines, railways and roads, tankers, river navigation, barges, rail tankers, and tanker trucks. The major factor driving the growth of automated trucks in the terminal automation brownfield market is the need for low-cost operations and reduction in labor dependency.
Chemical vertical of the terminal automation market expected to grow at a higher CAGR between 2017 and 2022
The key reason contributing to the growth of chemical vertical in the terminal automation market is the need for developing the potential of digital technologies for capitalization and value creation. Also, companies are investing in a number of projects related to automating chemical terminals.
For instance, in February 2014, Honeywell International Inc. (US) launched Fusion4 MSC-L, a multi-stream controller for loading products from refineries and chemical plants into transport vehicles such as railcars, tankers, and barges. It has multiple features such as explosion proof design, expandable I/Os, and start-up time of less than one minute.
Terminal automation market in APAC likely to grow at a higher CAGR during the forecast period
The terminal automation market in APAC is driven by the increase in the number of terminal automation projects in countries such as India, Malaysia, and the Philippines. Honeywell International Inc. (US) 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.
Major players operating in the terminal automation market include ABB Ltd. (Switzerland), Honeywell International, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corporation (Japan), Rockwell Automation, Inc. (US), Schneider Electric (France), Emerson Electric Corporation (US), Endress + Hauser AG (Switzerland), TechnipFMC plc (UK), and Implico GmbH (Germany).
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