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% during the forecast period. In this report, 2016 has been considered as the base year, and the forecast for the market size is provided for the period between 2017 and 2022.
Terminal Automation Market For Software & Services Expected To Grow At A Higher Rate
The terminal automation market for hardware is expected grow at a CAGR of 4.94% 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. Considering this, it is expected that the market for software would grow at the highest CAGR during the forecast period.
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Terminal Automation Market, By Offerings, Accounted For The Largest Market Share
The terminal automation market is expected to reach a CAGR of 5.15%, 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.
Asia Pacific To Account For The Largest Market Size During The Forecast Period.
The terminal automation market in APAC is expected to grow at a CAGR of 6.74% between 2017 and 2022. The terminal automation market in India was valued at the highest CAGR of 9.50% between 2017 and 2022.
The growing demand for automation due to initiatives such as Make in India as well as the increase in the number of petrochemical projects are some of the key factors contributing to the growth of the terminal automation market in India.
Increasing production of oil and gas has spurred investments to upgrade the existing terminal infrastructure in the North American market. The terminal automation market in North America is moving toward integrated packaging solutions that cater to application-specific requirements of terminal end users. The companies invest in projects that will help to develop midstream infrastructure for the rapidly growing biofuel industry. These projects have a wide scope of retrofitting or building terminals with biofuel blending and storage capabilities, construction of receiving terminals, and development of gathering terminals near several small biofuel producers.
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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