Terminal Management System Market Worth 1097.7 Million USD by 2023

PUNE, India, May 29, 2017 /PRNewswire/ --

According to this research report "Terminal Management System Market by Offering (Software & Services (Professional & Managed Services)), Project Type (Brownfield & Greenfield), Vertical (Oil & Gas (Upstream, Midstream, Downstream), Chemicals), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the terminal management system market was valued at USD 725.5 Million in 2016 and is expected to reach USD 1097.7 Million by 2023, at a CAGR of 5.94% between 2017 and 2023.

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Browse 71 market data Tables and 51 Figures spread through 156 Pages and in-depth TOC on "Terminal Management System Market".

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The implementation of terminal management solution in brownfield terminals reduces operational costs, and the integrated safety and security solutions enhance the level of automation at a terminal.

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Brownfield terminals expected to grow at a high rate during the forecast period 

Traditional terminal infrastructure such as pipeline connections, tanker berths, and other components is already present, and therefore the automation of such existing terminals by integrating software will help increase the number of brownfield projects.

The key reason attributed to the growth of services in the terminal management system market is the growing awareness for installing automation solutions and the need for providing services, such as training and maintenance, to improve the operational efficiency of terminals and make them more efficient.

For instance, in July 2013, ABB Ltd. (Switzerland) received a contract from Amec Foster Wheeler plc (UK) to automate the bulk inventory operations management of the chemicals complex in Saudi Arabia. As per the contract, ABB Ltd. deployed its T-MAC Plus system to optimize operations, as well as increase energy efficiency, safety, and control with a scalable solution.

Terminal management system market in APAC likely to grow at a high CAGR during the forecast period 

Key factors contributing to the growth of terminal management system market in APAC is the increase in the number of terminal automation projects in countries such as India, Malaysia, and the Philippines. For instance, in June 2015, Yokogawa Electric Corporation (Japan) received a contract worth approximately USD 11 million from Bharat Petroleum Corporation Limited (India) to automate its truck-loading terminals. According to the contract, Yokogawa Electric Corporation provided its terminal logistics suite, a terminal automation system (TAS), to truck loading terminals of Bharat Petroleum Corporation Limited in India.