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Global Terminal Management System Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Terminal Management System Global Market Report 2024
According to The Business Research Company's, the terminal management system market size has grown strongly in recent years. It will grow from $1.12 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to growth of container shipping, growing environmental awareness, economic downturns pushing companies to optimize their operations, expansion of the maritime industry, and growth and modernization of rail networks.
The terminal management system market size is expected to see strong growth in the next few years. It will grow to $1.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to the increasing need for optimizing terminal operations, increasing focus on energy-efficient operations, implementation of strict safety and security regulations, customer demand for transparency, and implementation of green logistics initiatives. Major trends in the forecast period include enhance security solutions, cybersecurity solutions, adoption of blockchain technology, adoption of digital twin technology, and remote terminal management and monitoring solutions.
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Market Drivers and Trends:
The expanding oil and gas industry is expected to propel the growth of the terminal management system market going forward. The expanding oil and gas industry is due to increasing global energy demand, advancements in extraction and production technologies, and significant investments in exploration and infrastructure. A terminal management system (TMS) helps the oil and gas industry by streamlining receipt and dispatch operations, enhancing inventory management, improving resource allocation, ensuring safety compliance, and facilitating real-time tracking and blending processes. For instance, in December 2023, according to the US Energy Information Administration, a US-based government administration, in December 2021, the US oil output was 11.7 million barrels per day (b/d), while natural gas production (gross withdrawals) was 120.0 billion cubic feet daily. By December 2022, oil production had increased to 12.1 million barrels per day, while natural gas production had risen to 121.1 billion cubic feet per day. Therefore, the expanding oil and gas industry is driving the growth of the terminal management system market.
Major companies operating in the terminal management system market are developing pre-configured versions of terminal management solutions to reduce implementation time, lower costs, and ensure faster deployment while maintaining flexibility and scalability to meet specific client needs. Pre-configured versions of terminal management solutions refer to ready-made, standardized software packages designed to handle everyday terminal operations with minimal customization. For instance, in September 2022, Implico Group, a Germany-based software company, launched OpenTAS Go, a pre-configured version of Implico's terminal management solution. It is designed to provide a quick-to-implement and easy-to-maintain system for tank terminals of all types and sizes. It offers a comprehensive cloud ecosystem with standardized microservices for data and process management, supervision, KPI reporting, and API-based integration.
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Major Key Players of the Market:
Siemens AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., DP World Limited, Emerson Electric Co., Rockwell Automation Inc., Cargotec Oyj, Konecranes Oyj, Yokogawa Electric Corporation, Endress+Hauser Group Services AG, Hutchison Port Holdings Limited, INFORM GmbH, Marsa Maroc SA, Navis Holdings LLC, Moffatt & Nichol Inc., RightShip Pty Ltd, Cyberlogitec Co. Ltd., Tideworks Technology Inc., Girmiti Software Private Limited, Identec Solutions AG, Implico Group, Total Soft Bank Ltd., Softship AG, Jade Logistics Private Limited
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