Terminal Automation Market Opportunities
“The Business Research Company recently released a comprehensive report on the Global Terminal Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The terminal automation market size has grown strongly in recent years. It will grow from $7 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increase in the demand for operational efficiency, increase in adoption of automated equipment, rise in regulatory pressures for environmental sustainability, increase in the need for seamless logistics, and the rise of autonomous vehicles reshaping terminal operations.
The terminal automation market size is expected to see strong growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing operational efficiency and safety improvements, rising demand for environmentally sustainable solutions, increasing regulatory mandates promoting automation in logistics and transportation, expanding global trade necessitating advanced handling capacities, and growing investments in smart infrastructure development. Major trends in the forecast period include rising adoption of IoT and cloud-based solutions for real-time monitoring, integration of artificial intelligence and machine learning for predictive maintenance and optimization, expansion of automated equipment and robotics in cargo handling, and advancements in promoting digitalization and automation in logistics and transportation sector.
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Market Drivers and Trends:
The increase in oil and gas production is expected to propel the growth of the terminal automation market going forward. The rise in oil and gas production is surrounded by advance drilling technologies, increased offshore drilling, demand for energy, and efforts to boost supply. Terminal automation in the oil and gas industry optimizes loading, storage, and distribution operations through automated systems, enhancing safety, efficiency, and compliance with regulatory standards. For instance, in July 2023, according to the Department For Energy Security and Net Zero, a UK-based government department, gas production increased by 16% in 2022, reaching 423 TWH, after experiencing a record low in 2021. Therefore, the increase in the production of oil and gas is driving the growth of the terminal automation market.
Major companies operating in the terminal automation market are developing cloud-based terminal operating systems (TOS) to gain operational flexibility and scalability. Cloud-based terminal operating systems (TOS) are software solutions hosted and operated from cloud infrastructure. These systems enable terminal operators to manage and optimize terminal operations through internet-enabled devices remotely. For instance, in April 2021, DP World, a UAE-based logistics company, announced the successful implementation of its CARGOES TOS+ (Zodiac) solution, a cloud-based terminal operating system (TOS), at the Commercial Port of Luanda in Angola. CARGOES TOS+ is an integrated platform encompassing all IT and operational systems under one system, providing real-time information on vessel, gate, and yard movements and automating previously manual processes.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Larsen & Toubro Limited, Emerson Electric Co., Rockwell Automation Inc., TechnipFMC plc, INTECH, Petroliam Nasional Berhad (PETRONAS), Zebra Technologies Corporation, General Atomics Aeronautical Systems Inc., Yokogawa Electric Corporation, Endress+Hauser Group Services AG, Royal Vopak N.V., Mofatt & Nichol Inc, Chemtrols Industries Pvt. Ltd., Fabtech Projects & Engineers Ltd., Varec Inc., Advanced Sys-tek Pvt. Ltd., Toptech Systems Inc, Implico GmbH, MHT Technology Ltd
Terminal Automation Market 2024 Key Insights:
• The terminal automation market size is expected to see strong growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Increased Oil And Gas Production In Driving Terminal Automation Market Growth
• Innovative Cloud-Based TOS Solutions Driving Terminal Efficiency
• North America was the largest region in the terminal automation market in 2023
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