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The ports and terminal operations market size is estimated to grow at a CAGR of 10.46% between 2023 and 2028. The market size is forecast to increase by USD 48.64 billion. Several factors play a crucial role in the market's growth, such as the growing adoption of containerization, the technological advancements in ports and terminal operations, and the rise in tourism.
The report includes a comprehensive outlook on the Ports And Terminal Operations Market, offering forecasts for the industry segmented by Application including food transportation, steel transportation, coal transportation, and others. Additionally, it categorizes Service Type into stevedoring, cargo handling and transportation, and others and covers Geography regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Technological advancements in ports and terminal operations is the key factor driving market growth. Automation in container handling, including automated stacking cranes (ASCs) and automated guided vehicles (AGVs), has improved efficiency in terminal operations. Automated systems can handle containers more rapidly and accurately than traditional methods, optimizing space and reducing turnaround times. Smart port technologies leverage the IoT and data analytics to enhance operations. This includes real-time monitoring of cargo, equipment, and infrastructure, enabling predictive maintenance, optimizing resource allocation, and improving overall decision-making.
Furthermore, electronic data interchange (EDI) systems facilitate the electronic exchange of information between different stakeholders in the supply chain. This streamlines communication, reduces paperwork, and enhances the speed and accuracy of data transfer. Thus, the technological advancements in ports and terminal operations will drive the growth of the global ports and terminal operations market during the forecast period.
An increase in investment in port infrastructure is the primary trend shaping market growth. There are various infrastructural issues regarding port terminals, such as a draft of the port, regular dredging, insufficient or outdated equipment, berthing facilities, and insufficient hinterland connections. Highly advanced gantry cranes and berthing space are required to meet the challenge faced by port operators in managing the cascading effect of vessel sizes. More public-private partnership (PPP) projects are encouraged across different countries of the world to increase the flow of money in the development of the port.
Furthermore, investment in port infrastructure will require manpower to support various activities. This will also create job opportunities in the country. For example, an investment of around USD 150 billion in US seaports will generate 1.6 million jobs. COSCO-PSA Terminal is investing in Singapore Port to increase berthing capacity to cater services for next-generation mega-size container ships. Therefore, an increase in investment in ports will drive the growth of the market during the forecast period.
Managing congestion risk is a challenge that affects market growth. With the growth of international trade and freight, the port was an important part of the logistics and supply chain. This led to an increase in the number of ships and ship traffic in the ports. Ships whose arrival is delayed due to quayside congestion lose time and money. It also disrupts the operational efficiency of terminal operators because it disrupts the loading and unloading schedules of terminal operators.
Moreover, this has a direct impact on management and leads to high operating costs. High operating costs due to congestion include lost time, fuel consumption while waiting, inconvenience costs, and possibly even accidents. Port congestion also adds immediate costs to the supply chain, which impedes the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Ports and Terminal Operations Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the food transportation segment will be significant during the forecast period. Food shipping by ports across countries and continents is the most cost-effective method of transporting consumable items. Frozen storage and insulated shipment guarantee that food arrives fast and in great condition. On a single journey, some of the largest cargo ships can transport 740 million bananas in 15,000 containers. Such factors will increase segment growth.
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The food transportation segment was the largest segment and was valued at USD 14.70 billion in 2018. Before transporting vegetables and other edible goods, the food industry must follow strict international transport and cleanliness rules. Tare regulations force companies to use food containers. Thus, factors such as the availability of temperature-controlled storage, efficient loading and unloading, and the presence of specialized handling equipment will drive the growth of the food transportation segment and strengthen the global ports and terminal operations market during the forecast period.
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APAC is estimated to contribute 66% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market generates more than 50% of revenue from APAC. 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.
Furthermore, the increase in participation of the private sector and good governance are the key drivers for the market in APAC. In APAC, around three-fourths of the total international trade is carried out by sea. The rise of foreign direct investment (FDI) and the presence of low-cost countries in the region are the factors responsible for the growth of the market during the forecast period.
The ports and terminal operations market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Ports And Terminal Operations Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.46% |
Market Growth 2024-2028 |
USD 48.64 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.74 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 66% |
Key countries |
China, Japan, Singapore, Greece, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adani Ports and Special Economic Zone Ltd., AP Moller Maersk AS, Asian Terminals Inc., China Merchants Port Holdings Co.Ltd., CK Hutchison Holdings Ltd., COSCO Shipping International Co. Ltd., CRESCENT GROUP HOLDINGS LTD., Delo Group, DP World, EUROKAI GmbH and Co. KGaA, International Container Terminal Services Inc., Klaipedos Smelte, Ocean Network Express Pte. Ltd., Ports America Inc., PSA International Pte Ltd., PT Pelabuhan Indonesia III, Sociedad Matriz SAAM SA, Terminal Investment Ltd. Sarl, YILDIRIM HOLDING INC., and Shanghai International Port Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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