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The Stevedoring and Marine Cargo Handling Market size is forecast to increase by USD 2.66 billion, at a CAGR of 4.45% between 2023 and 2028. The market's expansion is propelled by several key factors, including the widespread adoption of containerization, advancements in logistics and supply chain management, and a heightened focus on green port initiatives. These drivers underscore the industry's commitment to sustainability and efficiency, fostering innovation and improving operational practices. As containerization becomes increasingly prevalent and green initiatives gain momentum, the market is poised for further expansion to meet evolving environmental and logistical needs.
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The market is driven by various factors, including the expansion of intermodal transport networks, technological advancements like AI, IoT, and robotics, and the growing emphasis on green ports and sustainable practices. However, challenges such as regulatory compliance, security threats, and labor disputes persist. Additionally, aging infrastructure and capacity constraints pose significant hurdles. Despite these challenges, the market is witnessing trends toward industry consolidation and increased focus on cargo types like dry and bulk cargo. Overall, the market's trajectory is shaped by a complex interplay of drivers, trends, and challenges. 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.
The growing adoption of containerization is notably driving market growth. Containers allow for the efficient packing and transport of a wide range of goods, including manufactured products, raw materials, and consumer goods, driving demand for stevedoring and cargo handling services. Containerization streamlines cargo handling operations at ports by reducing the need for manual labor and optimizing space utilization. Containers can be easily loaded, unloaded, and transferred between ships, trucks, and trains using specialized equipment such as container cranes, reach stackers, and straddle carriers, enhancing efficiency in cargo handling processes.
Furthermore, containerization improves supply chain efficiency by reducing transit times, minimizing cargo damage, and enhancing cargo security. Standardized container sizes, tracking systems, and container security initiatives contribute to smoother freight flows and require reliable stevedoring and cargo handling services to maintain operational efficiency. Moreover, advancements in AIs, automation, and IoT are transforming logistics services and port operations, addressing challenges such as labor disputes, security threats, and aging infrastructure. These developments support the evolution of green ports and sustainable practices while addressing regulatory and environmental compliance issues in the maritime trade sector. Thus, the growing adoption of containerization will boost the growth of the market during the forecast period.
The emergence of smart ports and IoT integration in stevedoring and marine cargo handling is an emerging trend shaping market growth. Smart ports leverage IoT devices and sensors embedded in cargo handling equipment, terminals, and infrastructure to collect real-time data on various aspects of port operations. This data includes container movements, equipment status, weather conditions, and environmental parameters. IoT integration enables seamless connectivity and data exchange between different systems and stakeholders involved in port operations. IoT-enabled smart ports use data analytics and predictive modeling to optimize resource allocation and improve operational efficiency.
Furthermore, IoT integration enhances safety and security in port operations by monitoring environmental conditions, detecting hazards, and identifying potential safety risks. Smart ports use IoT-enabled surveillance systems, access control mechanisms, and perimeter sensors to enhance security measures and prevent unauthorized access or security breaches in freight handling areas. Thus, the emergence of smart ports and IoT integration in stevedoring and marine freight handling will boost the growth of the market during the forecast period.
Congestion issues in ports and terminals are a significant challenge hindering market growth. Due to the increase in international trade and the transport of goods, the ports have been an important part of the logistics and supply chain. This has led to a rise in the number of ships and vessel traffic in ports. The rise in traffic has led to the congestion of ships in 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.
However, the high cost of operations due to congestion includes loss of time, fuel consumption at the time of waiting, inconvenience cost, and possibly accidents even. Major issues that are leading to congestion are chassis shortages, labor shortages, inclement weather, and a spike in demand due to an increase in the volume of goods transported through sea and customs slowdown, which will inhibit the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
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.
APS Stevedoring LLC - The company offers stevedoring and marine cargo handling for auto, general and breakbulk cargo.
The market research and growth 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 bulk cargo is estimated to witness significant growth during the forecast period. Stevedoring services specialize in the efficient handling of various types of cargo, including containers, bulk commodities, and general cargo. Stevedoring services ensure that loading and unloading operations are conducted quickly and accurately. Stevedores are trained and experienced in freight handling operations. They possess the necessary skills to operate handling equipment, secure cargo, and perform tasks efficiently, minimizing the risk of damage to goods.
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The bulk cargo segment was the largest and was valued at USD 3.70 billion in 2018. Further, stevedoring services implement security measures to protect cargo during handling operations. They also contribute to accurate tracking and documentation of freight movements, ensuring transparency and accountability in the logistics chain. Stevedoring is a very critical operation at ports, as any accident during the stevedoring operation will lead to a huge loss to the related companies. Terminal operators are using various technologically advanced automated devices and huge-sized gantry cranes for managing the operations of large-sized vehicles. The demand for stevedoring services is high. Thus, these factors will drive the growth of the stevedoring segment of the market during the forecast period.
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APAC is estimated to contribute 42% 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 APAC region is characterized by robust international trade activity driven by strong economic growth, industrialization, and globalization. Growing trade volumes of goods such as manufactured goods, raw materials, energy products, and agricultural commodities necessitate efficient cargo handling and port services, driving demand for stevedoring and marine cargo handling services. The adoption of containerization as the preferred mode of cargo transportation has transformed maritime logistics in the APAC region. Containerized freight accounts for a significant portion of maritime trade, driving demand for container handling services, container terminals, and specialized equipment for handling containerized freight.
In addition, governments and private sector stakeholders in the APAC region are investing heavily in expanding and modernizing port infrastructure to accommodate increasing trade volumes and larger vessels. Investments in port terminals, container terminals, bulk terminals, and logistics facilities support the growth of stevedoring and freight handling activities, enhancing port capacity, efficiency, and throughput. For instance, in August 2023, the Ministry of Ports, Shipping and Waterways of India announced a quadrupling of port capacity under the Amrit Kaal Vision for Ports and stated that all major ports and states had created Port Master Plans for the year 2047. Thus, these factors will boost the growth of the regional market during the forecast period.
The 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.
The market is witnessing industry consolidation amid the growing demand for efficient Cargo Handling & Transportation services. With the rise of global trade activity, technological developments such as AIs and automation are reshaping port and terminal operations, enhancing productivity and logistics services. However, challenges persist, including regulatory and environmental compliance issues, cyberattacks, and industrial actions. The market caters to various sectors like manufacturing, agriculture, and petroleum products transportation, facilitated by waterborne transportation.
Further, stevedoring industry players offer cargo stacking and dumping services to manage dry cargo shipments like coal, iron ore, and grains efficiently. Despite facing Macroeconomic headwinds and uncertainty in global trade, the market adapts with privatization-driven consolidation and leveraging automated technology for Container freight supply chain and International shipments. As the world economy evolves, Stevedoring & Marine Cargo Handling Market players navigate challenges while meeting the evolving needs of online commerce and gas shipping with resilience and innovation.
Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.45% |
Market Growth 2024-2028 |
USD 2.66 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.15 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
APS Stevedoring LLC, Blue Water Shipping AS, Bothra Group, Carver Companies., CHARLESTON STEVEDORING COMPANY LLC, CJ Logistics Corp., CMA CGM SA Group, Crowley Maritime Corp., Deutsche Post AG, Enstructure, Hapag Lloyd AG, Japan Transcity Corp., Jones Stevedoring, King Ocean Services Ltd., Newcastle Stevedores, Orissa Stevedores Ltd., Richardson Companies, Shannon Foynes Port, Texas Stevedoring Services LLC, and The Cooper Group |
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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