Automated Container Terminal Market to Hit $10.89 Billion
Pictured: Shanghai Port Container Terminal, currently the largest automated container terminal in the world
According to a report publishing by MarketsandMarkets, the automated container terminal market is set to grow in 2023 to US$ 10.89 billion.
The report attributes the predicted market growth to the growing demand for large container ships, labour costs increasing across developed nations, and growing competition among container terminals.
Ship-to-shore (STS) cranes held the largest share of equipment in the automated container terminal market in 2017, as demand for larger vessels has driven terminals to invest significantly in larger and more capable STS cranes.
The automated container terminal market for software is also set to grow in the predicted period, as advanced information technology systems are introduced to the industry and invested in.
TOS, in particular, will fuel the growth in the software market, as industry players strive to achieve higher levels of automation and optimization, increasing with the highest compound annual growth rate (CAGR) for the market.
The APAC held the largest size of the market in 2017, followed by Europe and North America — which the report attributes to the increase in infrastructure developments in China, Japan and Australia.
China was named the most important markets for automated container terminals in the region, being leaders in terms of adopting advanced technologies and utilizing automation, whilst increasing investments in the modernization and automation of ports in India is also expected to boost the region’s growth in the market.