Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Terminal Automation Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global terminal automation market is poised for strong growth, with a projected value of $9.91 billion by 2028, reflecting a compound annual growth rate (CAGR) of 7.2%. The market, which stood at $7 billion in 2023, is being driven by the increasing demand for operational efficiency, safety enhancements, and environmentally sustainable solutions. Technological advancements and the growth of global trade are also significant contributors to the market's evolution.
Operational Efficiency and Environmental Sustainability Lead Market Trends
This market expansion is credited to the rising focus on improving operational procedures and environmental policies. Regulatory mandates promoting automation in the logistics and transportation sector, global trade expansions requiring advanced handling capacities, and investments in smart infrastructure development are further propelling the market forward. Key trends anticipated in the coming years encompass the integration of Internet of Things (IoT) and cloud-based solutions for real-time data analysis, the use of artificial intelligence (AI) for predictive maintenance, and the advent of robotics in cargo handling. These innovations represent a transformative phase for the logistics and transportation sectors.
Innovations in SMT Equipment Reinforcing Electronic Device Production
As an integral part of the electronic device manufacturing sector, the surface mount technology (SMT) equipment market is experiencing significant growth, triggered by a surge in demand for electronic devices. Innovations such as intelligent, advanced process control (APC) SMT machines are revolutionizing the industry by enhancing manufacturing precision. Recent acquisitions, like that of Essemtec AG by 3D printing firm Nano Dimension Ltd., underline the robust strategic moves shaping the industry.
Geographic Market Insights
North America emerged as the largest region in the terminal automation market in 2023, with Asia Pacific expected to be the fastest-growing region in the forecast period. The expansion in Asia Pacific can be largely accredited to rapid industrialization and the implementation of advanced technologies in populous countries such as China and India.
Components and End-Users
The terminal automation market comprises various components including hardware, software, and services necessary for the automation of operations within sectors like oil and gas and chemicals. The diverse applications of terminal automation solutions underscore their pivotal role in enhancing the operational efficiency of terminals worldwide.
Market Value and Insights
The market value encapsulates revenues earned by entities through the provision of services such as tank gauging, inventory management, loading and unloading management, and supervisory control and data acquisition. The terminal automation market's performance is indicative of an industry embracing digital transformation to meet the escalating demands of efficiency, safety, and sustainability.
The global terminal automation market's trajectory showcases a sectored approach to innovation and progress, with significant strides in technological integration that promise to redefine the future of terminal operations.
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