LONDON--(BUSINESS WIRE)--The global ports and terminal operations market is projected to grow to USD 38.7 billion by 2021, at a CAGR of more than 2% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global ports and terminal operations market for 2017-2021. Based on the services, the market is divided into stevedoring; and cargo handling and terminal operation segments.
|The growth of containerization and increase in the seaborne trade have created competition for port and terminal operators to expand their geographical reach by getting into M&A activities and increasing their operational expertise by using the technologically advanced equipment. Also, the government initiatives and policies are also encouraging leading terminal operators to expand their business in the developing economies such as India, Singapore, Brazil, China, and South Africa.|
Technavio’s research study segments the global ports and terminal operations market into the following regions:
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Ports and terminal operations market in APAC
“APAC occupied nearly 42% of the ports and terminal operations market in 2016 and is expected to grow substantially due to factors such as a large number of busiest ports in the region and the presence of technologically advanced countries and developing economies,” says Sharan Raj, a lead analyst at Technavio for warehouse and storage research.
China, Korea, Singapore, Japan, and India are the leading countries in the region for revenue generation and in terms of the volume of containerized goods handled by these countries ports. The increase in participation of the private sector and good governance are the key drivers for the ports and terminal operations market in APAC.
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Ports and terminal operations market in EMEA
The ports and terminal operations market in EMEA is expected to grow at a slow rate during the forecast period because of factors such as Britain exit referendum from the European Union in 2016, slow economic growth in the African countries, and low consumer demand in the region.
Germany, Netherlands, and the Middle East are the largest revenue generators in EMEA. As these have several manufacturing industries such as automobiles, food and beverage, and electronic goods. The expansion of Suez Canal in Egypt has raised the accommodating capacity of the canal. Also, the UAE and Saudi Arabia are among the major countries which are focusing on technology and automation for improving port operations.
Ports and terminal operations market in the Americas
“The ports and terminal operations market in the Americas is expected to witness a strong growth during the forecast period because of the increased demand for containerized goods and the increase in international trade,” says Sharan.
The expansion of the Panama Canal to accommodate large size ship will increase the movement of Post-Panamax ships. The increase in the volume of goods will also drive ports and terminal operations in the Americas. Additionally, the strong growth in the economic structure, and the commercial, healthcare, and manufacturing industries have benefited the growth of this market.
The top vendors in the global ports and terminal operations market highlighted in the report are:
- APM Terminals
- DP World
- Hutchison Port Holdings Trust
- PSA International
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