Terminal automation market to hit US$5.21 billion by 2022
Published by Francesca Brindle,
Tanks and Terminals,
Research and Markets has announced the addition of the "Terminal Automation Market by Offering (Hardware (SCADA, PLC, Security System, Field Devices, Tank Loading Area), Software & Services), Project Type (Brownfield, and Greenfield), Vertical and Geography - Global Forecast to 2022" report to their offering.
The terminal automation market was valued at US$3.82 billion in 2016 and is expected to reach US$5.21 billion by 2022, at a CAGR of 5.15% between 2017 and 2022. Some of the major driving factors for the growth of the market are the adherence to environmental and safety regulations and the increasing investment for upgrading brownfield terminal infrastructure in North America. However, the drop in crude oil prices acts as a major restraint for the market.
The market for software & services is expected to grow at a higher rate during the forecast period due to the increasing demand for automating solutions to improve the operational efficiency of terminals and make them more efficient.
Brownfield terminal projects are expected to hold a major share of the terminal automation market in the coming years as traditional terminal infrastructures – such as pipeline connections, tanker berths, high-tech LNG storage tanks, roads, and other components – already exist. Therefore, the automation of such existing terminals would help to increase the number of brownfield projects and also increase overall productivity by executing operations methodically, thus conserving both time and energy.
The terminal automation market in APAC is expected to grow at the highest rate during the forecast period.
Read the article online at: https://www.tanksterminals.com/special-reports/26042017/terminal-automation-market-to-hit-us521-billion-by-2022/
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