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Automated Container Terminal Market to be worth $10.89 Billion by 2023
The automated container terminal market is expected to grow from US$9.09 billion to reach US$10.89 billion by 2023
According to the new market research report "Automated Container Terminal Market” by MarketsandMarkets, the automated container terminal market is expected to grow from US$9.09 Billion in 2018 to reach US$10.89 Billion by 2023.
The growth of this market is attributed to the growing demand for large container ships, increasing labour cost in developed nations, and growing competition among container terminals.
Ship-to-shore (STS) cranes held largest share of the automated container terminal market for equipment in 2017.
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 and this has encouraged port operators to invest significantly in their port infrastructure, and this has fuelled the growth of the automated container terminal market for STS cranes.
Terminal operations businesses face various challenges due to the economic uncertainty, along with the demand to accommodate large containerships, 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 optimisation.
Thus, the market for software is expected to grow at the highest CAGR between 2018 and 2023.
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 modernisation of ports in India are expected to boost the growth of this market.
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