LONDON--(BUSINESS WIRE)--The new automated container terminal market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing adoption of automated container terminals in emerging economies,” says a senior analyst for Industrials at Technavio.
The growing adoption of automated container terminals in emerging economies is one of the key factors driving the market growth. With the rising number of emerging economies, including Brazil, India, and China contributing to the global seaborne trade, the modernization of container terminals has also increased significantly in recent years. For instance, the Qingdao New Qianwan Container Terminal in China became Asia’s first fully automated port terminal. Furthermore, the terminal was automated as a part of China’s ‘Belt and Road Initiative,’ which aims at improving Eurasian Trade through the Maritime Silk Road (MSR) channel. Consequently, with rising investments in infrastructure development across Asia, Europe, and South America, the automated container terminal industry demand will increase considerably. With the growing automation of container terminals in the emerging economies, the growth of the automated container terminal market is likely to accelerate during the forecast period.
As the markets recover Technavio expects the automated container terminal market size to grow by USD 1.04 billion during the period 2020-2024.
Automated Container Terminal Market Segment Highlights for 2020
- The automated container terminal market is expected to post a year-over-year growth rate of 1.06%.
- The automated container terminal market by equipment is driven primarily by the need for ship-to-shore cranes arising from the changes in the requirements in container terminal operations after the introduction of mega-ships.
- These mega-ships have a cargo capacity of over 18,000 TEUs and are significantly larger than the traditional 14,000-TEU capacity vessels. As a result, there has been a growing demand for cranes that can rise over up to 50 meters in height to meet the requirements of the mega-ships.
- Automated ship-to-shore cranes reduce the dwell times and boost terminal productivity in quayside operations significantly.
Regional Analysis
- 72% of the growth will originate from the APAC region.
- Factors such as rapid growth in economies will significantly drive the automated container terminal market growth in this region over the forecast period.
- China and India are the key markets for automated container terminals in APAC. Market growth in this region will be faster than the growth of the market in Europe and MEA.
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Notes:
- The automated container terminal market size is expected to accelerate at a CAGR of over 2% during the forecast period.
- The automated container terminal market is segmented by Product (Equipment and Software) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is concentrated due to the presence of few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Camco Technologies, Cargotec Corp., CyberLogitec Co. Ltd., Identec Group AG, Konecranes Plc, Künz GmbH, Liebherr-International AG, ORBCOMM Inc., and Shanghai Zhenhua Heavy Industries Co. Ltd.
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