Global Ports and Terminal Operations Market 2017-2021
About Ports and Terminal Operations
Ports and terminal operations refer to the various activities that are carried out by terminal operators whenever any vessel or ship arrives with the cargo. Operations such as loading and unloading of container ships docked at their terminals. The transfer of cargo after unloading to the vehicle responsible for its carriage to the destination, yard, or storehouse is carried out at the port. The primary drivers for the global ports and terminal operations market include the growth of containerization, increase in the regional trade, and increase in the use of IoT solutions in the port industry. All these factors are highly supported by the government's initiative and policy.
Technavio’s analysts forecast the global ports and terminal operations market to grow at a CAGR of 2.09% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global ports and terminal operations market for 2017-2021. To calculate the market size, the report considers the sales by volume and value globally. However, the service segment estimates include only the sales revenue.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ports and Terminal Operations Market 2017-2021
Technavio recognizes the following companies as the key players in the global ports and terminal operations market: APW Terminals, DP World, Hutchison Port Holdings Trust, PSA International, and COSCO.
Other Prominent Vendors in the market are: International Container Terminal Services, China Merchants Port Holdings Company Limited, Eurogate, Ports America, Global Ports, SAAM Group, and Gulftainer.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is automation of port operations. Importers and exporters across the world will get benefit from the automation of port by terminal operators. By implementing the use of automation in the port operation, operators are looking forward to maximizing their productivity by reducing the turnaround time of vessels. The increase in container traffic is already reducing the efficiency of terminal operators. Automated terminals deliver consistently high performance every hour throughout the day without any interruption apart from the technical failure that may rarely arise.”
According to the report, one of the major drivers for this market is growth of containerization. Containers have been in use since 1960 and the standardized ISO containers since 1970. Due to their usage for many decades now, phenomenal growth has been witnessed in container traffic across the globe. As international trade between the countries is growing, the effective and efficient way to transport goods through maritime is also increasing. The increase in the use of containerization has led to the growth of terminal operations at ports. In order to handle container traffic on such a huge scale, effective and dedicated terminal operators are required.
Further, the report states that one of the major factors hindering the growth of this market is managing congestion risk. Due to the increase in the International trade and transports of goods, the port has been an important part of the logistics and supply chain. This has led to the rise in a number of ships and vessel traffic on ports. The rise in traffic has led to the congestion of ships on ports, which, in turn, has increased the waiting time for ships in the queue. Congestion implies a delay in operation, leading to the loss of time and money. Vessels whose arrival is delayed at berth due to congestion will incur a loss of time and money.
APW Terminals, DP World, Hutchison Port Holdings Trust, PSA International, and COSCO.Other Prominent Vendors in the market are: International Container Terminal Services, China Merchants Port Holdings Company Limited, Eurogate, Ports America, Global Ports, SAAM Group, and Gulftainer.
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