Terminal automation systems are a combination of hardware and software used to enhance the security of various types of terminals. They have the ability to tracks, regulate and handle the complete process of material handling from receipt to processing to delivery. They have the ability to enhance the productivity, and also decrease the cost of execution. They are widely used in industries such as oil & gas, chemicals, and other.
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Some of the factors responsible for the growth of the terminal automation market in the forecast period of 2019 -2026 are:
- Growing demand for environmentally cleaner fuel results in the increased adoption of natural gas: There is increase in the demand for the clean fuel among population because of the environmental benefits offered by them. Clean fuel is commonly referred to as liquefied petroleum gas which is a by-product of gas extraction and oil refining. Using them is very beneficial as they decrease the carbon footprints and are way cleaner than other fossil fuels. As compared to other fossil fuels, they are less expensive.
- Increased investment in the production of oil and gas: Oil and gas industry plays important role in the economy of the country. Increasing demand for the energy is the major factor due to which there is increase in the investment in the oil & gas industry. This also allows countries to export their own crude oil and natural gas and will also help them to develop an energy market which will improve the country economy.
The Global Terminal Automation Market is segmented on the basis of offerings as hardware, software & services; project type is segmented on the basis of brownfield projects, and Greenfield projects and vertical is segmented as oil & gas, chemical, and others.
Some of the recent development in the terminal automation by some of the prominent player in the forecast period of 2019- 2026 are:
- In June 2019, Honeywell International Inc announced the acquisition of Enraf Holding B.V. This will be the part of the company’s Honeywell Process Solutions and will help them to enhance their portfolio of high-growth and high-service industries. Enraf will allow the company to offer a more integrated automation solution for the processing, production, transport, storage and distribution of energy products.
- In March 2018, Navis announced the acquisition of Octopi. This acquisition will help the company to provide its terminal customers with groundbreaking operating software solutions. With they will be meeting their customer demand for the lightweight TOS solution which will enhance their global reach & strengthen their market position.
Terminal automation market is to register a substantial CAGR of 6.50% in the forecast period of 2019-2026
Few of the major competitors currently working in the global terminal automation market are Schneider Electric, Emerson Electric Co., ABB, Siemens, Honeywell International Inc, TechnipFMC plc, Rockwell Automation, Inc., LARSEN & TOUBRO LIMITED., Implico, GENERAL ELECTRIC, Yokogawa India Ltd., Inter Terminals Limited, INTECH Process Automation Inc, Endress+Hauser Management AG, Varec, Inc., Chemtrols Industries Pvt. Ltd., Larsen & Toubro Infotech Limited, Advanced Sys-tek Pvt. Ltd., General Atomics among others.
There is increase in the demand for environmentally cleaner fuel which has led to the increasing adoption of natural gas which is affecting the market growth. Increasing terminal automation projects worldwide and rising integration of cloud technologies is also expected to enhance the market demand. Rising concern associated with the safety protection and reliability issues in terminal areas and increasing interest in advanced operational activities will drive the market growth. Growth in the oil & gas refineries will also accelerate the growth of this market. On the other hand, stringent rules and norms associated with the environment will further create new opportunities for the terminal automation market in the forecast period of 2019- 2026.
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