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Automated Container Terminal Market Projected to reach 10.89 Billion USD by 2023
sagarkan   1/11/2019 3:06:51 AM

Increasing maritime trade has encouraged the demand for larger container ships, which requires advanced container terminal facilities for the loading and unloading of large containers. Automated container terminals are the terminals where at least some part or an entire process of discharging of ships, transportation, and yard equipment operations are automated. These terminals use automated container handling equipment that require no human interaction. The global automated container terminal market is expected to reach USD 10.89 billion by 2023 from USD 9.09 billion in 2018, at a CAGR of 3.7% between 2018 and 2023. Factors such as growing demand for larger container ships, increasing labor cost in developed countries, and growing competition among container terminals are driving the growth of the automated container terminal market.

The automated container terminal market for semi-automated terminals is expected to witness significant growth during the forecast period. The adoption of semi-automated terminals is increasing rapidly compared to the fully automated terminals as the investment required for building a semi-automated terminal is lower than that for the fully automated terminals. Further, the development time for semi-automated container terminals is less than the fully automated container terminals. These factors are expected to fuel the growth of the market for semi-automated terminals during the forecast period.

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The adoption of automation is high in brownfield terminals and is expected to increase in future due to the availability of existing port infrastructure and facilities, stringent government regulations in developed countries for the development of greenfield terminals, and increasing investment in developing nations for the development of existing terminals. Thus, the market for brownfield projects is expected to grow at a higher CAGR during the forecast period.

The market for software is expected to grow at the highest CAGR during the forecast period. Terminal operating system (TOS) is the software system used for controlling the movement and storage of various types of cargo in and around the container terminals. The system helps in better utilization of assets, labor, and terminal equipment. Further, the growing challenges around the terminal operations business encourage the adoption of advanced information technology systems.

The automated container terminal market in APAC is expected to grow at the highest CAGR during the forecast period. Rapid industrialization, increased maritime trade, and rising investment in ports and terminals are fueling the growth of the automated container terminal market in APAC. China and Australia have a strong hold on the port and terminal industry, and witness a high demand for automation. These countries also comprise some of the advanced ports and terminals. These factors are propelling the growth of the automated container terminal market in APAC.

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