The human intervention in industrial tasks has been reducing owing to the automation that has penetrated in various sectors including industries. Evidently, industries need instruments to measure level and flow rate for which terminal automation is used. The prevalence of automation in industries has led to growth opportunities in the terminal automation market that is poised to attain a lucrative market size of $5,741 million by the end of 2023 as the demand for the same will observe a healthy compound annual growth rate (CAGR) of 5.82% during the forecast period of 2018 to 2023, according to a market intelligence study by IndustryARC’s analyst.
The terminal automation market research report contains well-marshaled facts, figures, and statistics and the growth opportunities in the market along with the trends that are poised to disrupt the pricing scenario and market conditions. The report is titled, “Terminal Automation Market: Global Industry Analysis By Product (Control System, Integrated Safety System), By Mode (Truck, Marine), By End User Type (Cement, Chemical), By Type (Software, Services, Hardware) & By region – Forecast (2018-2023).”
Terminal Automation Market: Leading Segments
According to the geographical scrutiny executed by the market analyst, North America was found to be the region with the maximum opportunities in the terminal automation market. This is much attributed to the technological advancements in countries such as the US, Mexico, and Canada. Moreover, North America is home to a myriad of industries in the oil & gas and pharmaceutical sector due to which the terminal automation market has gained a propitious prominence in the region. North America had a terminal automation market revenue of $1330.48 in 2017.
The terminal automation market is segmented on the basis of products that include control system and an integrated safety system. Although control systems observed hefty revenues in 2017, the safe integrated system segment of the terminal automation market is poised to observe an impressive growth, and the application segment is estimated to witness a substantial CAGR of 7.6% through to 2023. This is because of the stringent safety regulations enforced by regulatory bodies such as OSHA and others in order to reduce the accidents and incidents in the plants.
Terminal Automation Market: Trends and Growth Drivers
- The Growth of Oil & Gas Industry –
The future foresees an augmented production of oil in refineries worldwide in order to suffice the primary energy demand of the growing population. Evidently, this will lead to an incremented installation of automation solutions in the refineries which will also help in increasing the trade of crude oil. Terminal automation market will play a crucial role in the oil & gas sector in the future.
- The Reduction in Human Resources in Industries –
The inflation has led to an augmented labor cost in the industries, and there is also a dearth of workers that are trained to execute industrial tasks. Subsequently, this has created a robust growth potential for technology alternatives, and therefore, the terminal automation market is booming.
- Government Regulations and the Exuded Use of Wireless Technologies –
The governments have enforced laws pertaining to tasks in the industries, and it has become imperative to utilize wireless technologies for some of the tasks that can create safety issues. This requirement is creating growth prospects in the terminal automation market.
- The Investments in the Terminal Automation Market –
The organizations are now aware of the potent penetration of technology in the industrial sector and the advantages that they can reap in terms of profit. This is leading to incremented investments in the automation sector which is creating scope for vendors in the terminal automation market.
Terminal Automation Market: Competitive Landscape
Some of the key companies identified in the terminal automation market intelligence report that are striving to capitalize on the demand for the technology are Honeywell International Inc., The Emerson Electric Co., Schneider Electric SE, Yokogawa Electric Corporation, Rockwell, Inc., and others.
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