Terminal Management System Market Size At A CAGR of 7.3% By 2032
According to DataHorizzon Research, the terminal management system market size was valued at USD 1.9 Billion in 2022 and is anticipated to reach USD 3.8 Billion by 2032 with a CAGR of 7.3%.
October 08, 2023 19:00 ET
| Source: DataHorizzon Research
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Fort Collins, Colorado, Oct. 08, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research published a report titled, “Terminal Management System Market Size, Growth, Share, Statistics Report, By Component (Software, Service), By Project (Brownfield Projects, Greenfield Projects), By Industry Vertical, By Region Forecasts, 2023-2032.”
According to DataHorizzon Research, the terminal management system market size was valued at USD 1.9 Billion in 2022 and is anticipated to reach USD 3.8 Billion by 2032 with a CAGR of 7.3%.
The global report offers a comprehensive market analysis and detailed insights at global and regional levels. The global demand for automating freight ovement is increasing to improve efficiency and minimize manual handling errors. The terminal management system is hardware and software that helps with data management needs, allowing for a full range of multimodal product movements while providing real-time storage and transportation planning. This system helps operators manage their terminal fleet remotely and efficiently by automating business administration and process controls.
The terminal management system market is growing due to high global demand from the oil and gas industries. Brownfield oil and gas terminals are adopting TMS to reduce operational costs, address labor shortages, and increase productivity. These benefits are driving the growth of the TMS market. Additionally, TMS provides safety and security solutions to enhance automation in these terminals.
The TMS market is growing due to increased demand for safety and environmental regulations in aviation. TMS tools assist in resource allocation to remain competitiveand profitable in air freight. Airports can use these systems to predict management plans and plan for potential challenges. Additionally, urbanization and digitization are contributing to market growth.
The Terminal Management System is essential. Due to its ability to handle multiple products and regulatory requirements, TMS ensures productivity and safety in the terminal management system market. By efficiently managing these complexities, TMS promotes positive growth and helps streamline operations within terminals.
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Segmentation Overview:
The terminal management system market is segmented by component, project, and industry vertical.
The terminal management system market is divided into services, hardware, and software based on components. The services segment is expected to hold a significant share, including installation and maintenance of the TM system. Manufacurers offer customized TMS systems to meet consumer specifications and requirements. Training services are also necessary to improve employee efficiency and knowledge of the system’s workings.
The brownfield project type is expected to experience high growth during the forecast period. Automation in brownfield projects is gaining momentum, increasing productivity and conservation of time and energy. The Port of Rotterdam is expanding its container capacity by adding a new terminal, redeveloping two existing terminals, and integrating them into a mega-terminal with 6 to 7 million TEU power.
Due to major players like Honeywell and Varec, North America dominates the terminal management system market. Government investments in port and rail infrastructure drive demand for freight automation systems and boost market growth. The U.S. Government recently invested over USD 700 million in port infrastructure and USD 370 million in rail infrastructure.
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Industry Trends and Insights:
H2U and Vopak Terminals Australia have joined forces for the H2-Hub™ Gladstone project in Queensland, a renewable energy complex producing green hydrogen and ammonia. With a planned electrolyser capacity of 3 GW and green ammonia production exceeding 1.7 million tonnes per year, it is one of the most advanced export projects globally.
Siemens Solution partner Agidens International NV has achieved successful re-certification, showcasing its expert capabilities in Factory Automation, Industrial Communication, and PCS7 Process Control Systems modules.
Terminal Management System Market Report Highlights:
The terminal management system market is anticipated to grow at a CAGR of 7.3% during the forecast period by 2032. The Terminal Management System is in high demand as it automates freight movement, improves efficiency, and minimizes errors. TMS provides real-time planning, automates busness administration and process controls, and ensures safety and security in the terminal management system market.
The TMS market includes services, hardware, and software, with customized systems and training services available. Brownfield projects are experiencing high growth due to automation’s productivity and time-saving benefits. The Port of Rotterdam is expanding its container capacity with a new terminal and redeveloping existing ones into a mega-terminal.
Some of the prominent players in the global terminal management system market report include Honeywell International, Inc, Varec Inc., Dearman Systems Inc., Emerson Electric Co., SGS SA, Larsen & Toubro Infotech Limited, Implico Group, Schneider Electric, Yokogawa Electric Corporation, Agidens International N.V., Koninklijke Vopak N.V., EDS Systems OÜ and Endress+Hauser Management AG.
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Terminal Management System Market Report Segmentation:
By Component: Software and Services
By Project: Greenfield Projects and Brownfield Projects
By Industry Vertical: Chemicals, Oil and Gas, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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