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:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107086019

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:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=107086019

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.