NEWARK, Del, July 05, 2023 (GLOBE NEWSWIRE) -- The global terminal automation market is projected to generate US$ 7.4 billion in revenue in 2023. By 2033, the market for terminal automation is projected to grow at a CAGR of 4.1% and reach US$ 11.1 billion. The growth of the terminal automation industry can be attributed to a number of elements that support its advancement and widespread acceptance. An important factor propelling the industry forward is the surge in demand for operational efficiency and cost optimization in terminal operations. Implementing automation technologies gives terminals the ability to streamline their processes, increase output, and reduce errors, which leads to increased effectiveness and decreased operating costs.
Although the market for terminal automation presents promising prospects for expansion, it is not without its share of obstacles and limitations that necessitate attention. The substantial upfront capital needed to deploy terminal automation systems is a significant impediment. The incorporation and assimilation of advanced automation technologies frequently encompass significant expenses, which could discourage certain terminal operators, particularly minor participants, from embracing these resolutions. One of the challenges is the intricate nature of the pre-existing legacy systems and infrastructure in various terminals, which poses difficulty in assimilating novel automation technologies.
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The terminal automation industry offers a plethora of prospects for manufacturers, service providers, and stakeholders alike. A noteworthy prospect is presented by the amalgamation of Internet of Things (IoT) technology with terminal automation systems. Through the utilization of IoT devices and sensors, terminals can acquire data in real-time, facilitate anticipatory maintenance, and enhance operational efficiency. The integration of cloud-centric solutions presents vast opportunities, delivering enhanced scalability, adaptability, and heightened accessibility to data. Moreover, the surging need for cutting-edge analytics and insights derived from data provides solution providers with prospects to furnish sophisticated software platforms that facilitate all-inclusive monitoring, optimization, and reporting functionalities.
The terminal automation market is currently experiencing many noteworthy trends actively shaping its future. The amalgamation of automation and digitization is a prominent trend observed in the industry. Terminals progressively integrate advanced technologies like artificial intelligence, machine learning, and robotics to optimize operations. The current pattern empowers terminals to mechanize intricate procedures, enhance resource distribution, and enhance decision-making via cutting-edge analytics. The assimilation of sustainability practices in terminal automation is a noteworthy trend. It has been observed that operators are progressively embracing sustainable alternatives, such as energy-conserving mechanisms and sustainable energy origins, to curtail their ecological impact.
Key Takeaways:
The United States is positioned for continuous development in the terminal automation industry, with a market size of US$ 1.7 billion by 2033.
- By 2033, the size of the UK's terminal automation industry is anticipated to be US$279.2 million.
- By 2033, China is anticipated to have a market worth US$ 2.9 billion.
- A robust CAGR of 4.3% is anticipated for Japan's terminal automation industry, which is anticipated to reach US$ 2.0 billion by 2033.
- South Korea exhibits tremendous potential in the terminal automation industry, with a market size of US$ 704.9 million by 2033.
- The software offerings segment dominates the market with a 4.0% CAGR between 2023 and 2033.
- The oil and gas industry dominates the market, with a 3.9% CAGR between 2023 and 2033.
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What are Key Players Doing to Thrive in the Terminal Automation Market?
The terminal automation industry's competitive landscape is characterized by several key players striving to establish their dominance and capture a significant market share. To stay ahead, these players engage in continuous innovation, strategic partnerships, and mergers and acquisitions. Some of the prominent companies operating in the industry include:
- Varec, Inc.: Varec specializes in providing advanced terminal automation solutions, including tank gauging, inventory management, and logistics optimization. The company focuses on delivering integrated systems that enhance operational efficiency and ensure compliance with industry standards.
- Rockwell Automation, Inc.: Rockwell Automation offers a comprehensive portfolio of automation and control solutions for terminal operations. The company's expertise lies in providing scalable and flexible solutions that enable seamless integration of various processes, resulting in enhanced productivity and optimized performance.
- Honeywell International Inc.: Honeywell is a global automation and process control solutions leader. The company offers various terminal automation technologies, including control systems, safety systems, and asset management solutions. Honeywell's emphasis on safety, reliability, and operational excellence positions it as a key player in the industry.
- ABB Ltd.: ABB specializes in providing innovative automation and electrification solutions for terminals across various industries. The company's offerings include terminal management systems, control systems, and advanced analytics solutions, enabling terminals to optimize operations, reduce costs, and improve safety.
- Siemens AG: Siemens is a leading provider of automation solutions for the terminal industry. The company offers a comprehensive portfolio of products and services, including process automation, asset management, and digitalization solutions. Siemens' focus on technological advancements and digital transformation ensures its competitive edge in the market.
Key Players in the Market:
- Varec, Inc.
- Rockwell Automation, Inc.
- Honeywell International Inc.
- ABB Ltd.
- TechnipFMC PLC
- Siemens AG
- Endress+Hauser Group Services AG
- Schneider Electric
- Emerson Electric
- Yokogawa Electric Corporation
- Implico Group
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Terminal Automation Market Segmentation
By Offerings:
- Control Systems
- Security Systems
- Tank Gauging System
- Tank Loading Area
- Software
By End User:
- Oil & Gas
- Chemical
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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