The terminal
management system market
was valued at USD 725.5 Million in 2016 and is expected to reach USD 1,097.7
Million by 2023, at a CAGR of 5.94% between 2017 and 2023. The increased use of
integrated safety and security solutions, which enhance the level of automation
at terminals, is a driving factor for this market.
Get
in-depth analysis of the COVID-19 impact on the Terminal Management System
Market
Download
Free PDF:
The terminal management system market has been
segmented by offering, project type, vertical, and geography. By offering, the
market has been classified into software and services. The market for services
is expected to grow at a higher CAGR during the forecast period. The
major factor driving the growth of the services market is increasing awareness
for installing automation solutions and the need for providing services, such
as training and maintenance, to improve the operational efficiency of
terminals.
The terminal management system market, by project
type, has been segmented into Brownfield and Greenfield projects. The market
for Brownfield projects is expected to grow at a higher CAGR during the
forecast period. The growing demand for automating existing terminals by
integrating software will increase the overall productivity, and help conserve
both time and energy.
The terminal management system market in APAC is
expected to grow at the highest CAGR during the forecast period owing to the
rise in the number of terminal automation projects in countries such as India,
Malaysia, and the Philippines. For instance, the Governments of China and Japan
are focusing on innovation and growth, and are taking steps to restructure the
market. The value chain of the TMS market starts with R&D, which comprises
planning and solution design, followed by software deployment, software
solution providers, and system integrators. System integrators integrate the
basic hardware components, such as programmable logic controllers and
distributed control systems; software; and communication networks.
The major restraint for the terminal management
system market is the lack of technical expertise. Global deployment of
solutions is required for a company (distributor) to set up a standardized,
common terminal management system (TMS) for terminal operations. Thus,
sufficient technical knowledge and technical expertise is required to operate
terminal management systems. Terminal upgrades and field operations require
government approvals which is a major challenge for the market to promote
exploration activities.
Request
more details on:
Key players in this market focus on strategic
partnerships, acquisitions, agreements, contracts, new software, solution
launches, and expansions to increase revenue. ABB Ltd. (Switzerland) is a
leading player in the TMS market, followed by Honeywell International, Inc.
(US) and Siemens AG (Germany). In 2017, ABB (Switzerland) signed an agreement
for the safety and automation system with Statoil ASA (Norway) for new offshore
oil field development in Norway. This agreement with Statoil ASA will enable
ABB Ltd. to develop standard design solutions using the 800xA safety and
automation system.
