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Terminal Automation Market Global Revenue, Trends, Growth, Share, Size and Forecast to 2022
The report on the global Terminal automation market uses the top-down and bottom-up approaches to define, analyze, and describe the market trends for the next five years. The report also tracks the emerging applications, innovative technologies, and mergers & acquisitions. It also focuses on the growth drivers and restraints for the key market players during the forecast period.
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On the basis of geography, the global isoprene market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among these, Japan and North America are expected to dominate the global oil and gas terminal automation market during forecast period. Surplus oil and gas production in North America, especially, in U.S. has, over the recent past, driven the growth in investment towards setting up of oil and gas export facilities in the region. Such a situation is expected to continue during forecast period, thus driving growth of oil and gas terminal automation market in the region during forecast period. Oil and gas terminal automation market in Asia Pacific excl. Japan region is expected to witness relatively faster growth in the coming years.
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KEY PREMIUM INDUSTRY INSIGHTS
Terminal automation systems market is primarily being driven by the higher level of safety and security provided by these systems. The oil & gas industry, coupled with the chemical industry, is slowly recovering from the recent downturn faced for the past few years. This has been boosting the demand for terminal automation systems offering higher safety, effective management and efficient distribution of these products, as the demand for petroleum products continue to grow at a fast pace globally.
Additionally, the demand for terminal automation systems is being further boosted by the recent upgrading of Greenfield terminal infrastructure across the globe. Such upgrading has increased the application of various components of terminal automation systems. Furthermore, the growing regulatory stringency, pertaining to environmental concerns and public health hazards, has been further boosting the demand for terminal automation systems.
However, factors such as extended timelines for regulatory approvals and relatively slow recovering process of the chemical industry have been restraining the growth of the terminal automation systems market. The recent growth in interest for shale gas and growing exploration of shale gas can offer unique growth opportunities for the terminal automation systems market globally.
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