Automated Container Terminal Market Worth 10.89 Billion USD by 2023
PUNE, India, May 1, 2018 /PRNewswire/ --
According to the new market research report "Automated Container Terminal Market by Degree of Automation (Semi-Automated and Fully Automated), Project Type (Brownfield and Greenfield), Offering (Equipment, Software, and Services), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 9.09 Billion in 2018 to reach USD 10.89 Billion by 2023, at a CAGR of 3.7% during the forecast period. The growth of this market is attributed to the growing demand for large container ships, increasing labor cost in developed nations, and growing competition among container terminals.
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Ship-to-shore cranes held largest share of automated container terminal market for equipment in 2017
Ship-to-shore (STS) cranes are the largest cranes used in the marine and shipping industries. These cranes are mainly designed and constructed for loading and unloading of the containers from a container vessel. The demand for larger containers is increasing significantly since the last few years. This has encouraged port operators to invest significantly in their port infrastructure. Larger containers require advanced cranes to handle these containers. This has fueled the growth of the automated container terminal market for STS cranes.
Automated container terminal market for software to grow at higher CAGR during forecast period
Terminal operations business faces various challenges due to the economic uncertainty, along with the demand to accommodate large container ships, and achieve faster turnaround times. To reduce the impact of this challenge, terminals around the world have turned to the advanced information technology systems. Whether long-time users or first-time adopters, TOS, in particular, offer a variety of benefits to help the facilities all over the world achieve high levels of optimization. Thus, the market for software is expected to grow at the highest CAGR between 2018 and 2023.
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APAC to hold largest size of automated container terminal market during forecast period
APAC held the largest size of the automated container terminal market in 2017, followed by Europe and North America. This growth is mainly attributed to the increasing infrastructural development activities at ports and terminals in countries such as China, Japan, and Australia. Further, the increasing investments for the modernization of ports in India are expected to boost the growth of this market. China is one of the most important markets for automated container terminals in APAC. The country is ahead in terms of adoption of advanced technologies and automation across various industries, including ports and terminals. The increasing labor cost and higher lead time at ports have encouraged the port operators to invest in the automation technology to enhance the productivity of the terminals. Further, in developing countries such as India, the investment in the infrastructural development of the ports and terminals is increasing gradually, which is driving the growth of the automated container terminal market.
Cargotec (Finland) , Konecranes (Finland), ZPMC (China), Liebherr (Switzerland), ABB (Switzerland), Künz (Austria), CyberLogitec (South Korea), IDENTEC SOLUTIONS (Austria), Camco Technologies (Belgium), and ORBCOMM (US) are the major players operating in this market.
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