Terminal Automation Market Worth 5.21 Billion USD by 2022
PUNE, India, April 18, 2017 /PRNewswire/ --
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", published by MarketsandMarkets™, the 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.
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The increasing investment for upgrading brownfield terminal infrastructure in North America and the growing adoption of natural gas owing to the increased adoption of environmentally cleaner fuels are driving the growth of the terminal automation market.
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 tart-up time of less than one minute.
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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.
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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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