iCrowdNewswire Mar 3, 2021 7:00 AM ET
Global Ports and Terminal Operations Market
Global Ports and Terminal Operations market was valued at US$ 3,135.3 Mn in 2020 and it is expected to reach at US$ 6,030.0 Mn by 2027, growing at CAGR 9.9% during the period, 2017-2027. Increasing seaborne trade across the globe will prominently drive the port terminal market size. According to the United Nations Conference on Trade and Development (UNCTAD), in 2018, the seaborne trade surged by around 4% as compared to 2017. The sea freight services provide multiple benefits such as large cargo space availability, economical & safety. Expansion of maritime logistics services will drive the industry growth over forecast period.
Europe is expected to witness the highest CAGR during the forecast period. Ports in Europe are smaller; however, handle a large amount of cargo. Also, the European ports are not capable of competing on port size alone as ports with comparatively less size or capacity handle as much traffic as large-sized ports. Therefore, even moderately & scarcely busy ports are increasingly shifting towards smart operations. For Example, in Germany, the Port of Rotterdam had partnered with IBM to implement smart sensors across the 42-kilometer-long stretch of the port.
Asia Pacific dominated the market and accounted for more than 30% of the global revenue share in 2019. The region is characterized by the presence of major ports with high throughput capacity, thereby contributing to the largest share worldwide. Countries including Japan, China, South Korea, and Singapore are the major countries recognized as prime trading points involving large amounts of trade activities. The aforementioned factor with the availability of technologies at a relatively lower cost, especially from countries including Taiwan & China has ensured strong growth in the region.
Get Sample Copy of this Report @ https://qualiketresearch.com/request-sample/Ports-and-Terminal-Operations-Market/request-sample
Smart port is growing trend in port terminal and operation market. The increase in need to curb operational expenses, gather real-time information & make data-driven decisions at port facilities is collectively driving the adoption of smart technologies among harbor authorities. Varioustechnologies including Artificial Intelligence (AI), IoT, blockchain, and process automation are used for transforming a traditional port into a smart port. These are either deployed separately or in combination to transform the conventional infrastructure into a digitalized one. The smart port offers benefits over traditional port including limited operational expenses, reduced human-related disruptions, intelligent decision making, and more predictable performance. All these benefits offered results in raised productivity thereby paving the way for a sighted vision of Port 4.0.
The global trade is growing at faster rate, this have raised vessel size, cargo volumes, traffic at port, that increases pressure on the yards & the stakeholders involved. Due to this increased pressure, the internal efficiency at operational level gets affected at the ports. Incorporating smart solutions helps in optimizing operational activities, improving efficiency and reducing logistics cost. Sensors installed at the ports helps in monitoring infrastructure, scheduling maintenance activities & optimizing many other operational activities. Thus, demand for operational efficiency at ports may accelerate the growth for the smart port market, throughout the forecast period.
Market Drivers: Rising Government efforts for promote the ports sector
Ports constitute an essential economic activity in coastal areas. Also, Ports are important for the support of economic activities in the hinterland since they act as a crucial connection between sea & land transport. Due to this, government across the various countries is focusing to promote port operation. Increasing investment & cargo traffic point towards a healthy outlook for the ports industry. Providers of services like pilotage & harboring, operation and maintenance (O&M), and marine assets such as barges & dredgers are benefiting from these investments.
For instance in India, October 2020, Union Minister has initiated the ‘Direct Port Entry Facility’ at the V.O. Chidambaranar port. This facility allow direct movement of containers from factories, without intermediate handling at any CFS (Container Freight Station), facilitating shippers to get their exports directly to the container terminal (24×7), thereby increasing efficiency & ease of doing business.
In October 2020, the Ministry of Shipping in India had announced to develop a (Marine) National Logistics Portal with end-to-end logistics solutions to help exporters, importers & service providers that helps for strengthening port operation worldwide. Impact of this driver is high during this forecast timeframe.
Market Challenges: Cyberattacks Issue
Port operators are focusing on digital transformation optimize operational activities and expand the capabilities, such as monitoring of infrastructure, collecting real-time data and among others. This transformation is based on the technologies including big data, cloud computing, Internet of Things (IoT) & incorporation of these technologies in the system has made the ports vulnerable to cyberattacks. To utilize technologies at their full potential awareness regarding cyberattacks can be raised among the stakeholders and cybersecurity can be developed. Thus, cyberattacks can be challenging factor for the growth of the port and terminal market, during the forecast period.
Market Opportunity: Digitalization creates new opportunities in the market
Information solutions play a vital rolein port/maritime. The digital transformation in port operation and terminal, such as navigation has aided users in gathering crucial information about the activities undertaken on ports and water bodies. Port terminal information solutions assist vessels in adapting to the dynamic sea conditions by monitoring several parameters, which enable users and organizations to take better operational as well as strategic decisions. Besides this, they are associated with advantages like enhancing the overall productivity & safety, along with ensuring efficiency in marine operations. As a result, these solutions are being employed for acquiring data about the ownership, movements, specifications and commercial activities of naval vessels. Hence digitalization creates new opportunities on the global port and terminal market.
Growth Prospect Analysis
The port or maritime sector is of crucial importance to modern societies. Nevertheless, general public have a limited perception and appreciation of its influence and role as an essential element in terms of social and economic development, and as a potential source of excellent employment & career opportunities, with several million people currently working in activities &companies directly and indirectly related to oceans & seas across the world. Historically, the shipping & fishing industry have experienced a continuing trend of increase both in their fleets & in the total trade volume &fishing capacity respectively. Approximately 50,000 merchant ships, registered in over 150 nations & manned by over a million seafarers of nearly every nationality, transport every kind of cargo internationally. Several thousand oil rigs and support & supply offshore vessels are engaged in the exploration & drilling for oil and gas in almost every corner of the globe. Nearly four million commercial fishing vessels ply the seas & oceans at any given moment. And a myriad of recreational ships (approximately 45,000 privately-owned ships operating out of the US in December 2010), including several hundred large & mega cruise ships, provide the most diversified leisure & tourism services to an expanding market.
Maritime activities therefore continue to expand, bringing benefits for people worldwide thanks to a increasing efficiency of technical & human resources. The offshore oil sector, merchant navy, commercial fishery and cruise companies are part of the industry of the future & the maritime industry is already a key catalyst for socio-economic development & international competitiveness in a changing world, with new organizations emerging & establishing operations in Asia, Europe, and North America.
In January 2020: APM Terminals has introduced application programming interface (API) accessibility to build stronger, digital supply chains for logistics customers. APIs allow data to be transmitted in just seconds from the terminals’ operating systems directly to customer’s own transport management or logistics systems. The exponential increase in ecommerce and the urgency of home deliveries brought on by the COVID-19 pandemic has highlighted the fact that for some customers, the delivery experience has become integral to the product itself. For companies wanting to gain a competitive edge, getting this right is essential.
In July 2020: China Merchants Port Holdings Co., Ltd. and its subsidiaries including China Merchants Holdings (International) Information Technology Co., Ltd. (“CMHIT”) has held a Cloud Signing ceremony with the Thessaloniki Port Authority S.A.(“ThPA”) in Shenzhen, Greece and Hong Kong. The three companies have signed two agreements on the strategic cooperation and port information system. “CM Core” developed by CMHIT is the core of a Smart Information Service Platform. As per the agreement, ThPA will be the first to install CTOS system in the European market, as a demonstration and promotion window for the TOS project and related IT solutions to enter the European market; CMPort will take the advantage of its influence and port network to enhance the reputation of Thessaloniki Port Authority & promote the port of Thessaloniki to become an important port for goods entering and leaving Europe.
In December 2020: Hutchison Port Holdings Trust is focusing to expand its business in international market. In order to achieve this, the company is focusing on partnership strategy. For instance, Québec Port Authority has entered into a long-term commercial agreement with Hutchison Ports and CN (Canadian National Railway) to build and operate the new container terminal. Projected to cost $775 million, the Quebec Container Terminal, operated by Hutchison Port Holdings (HPH) & Canadian National (CN), will open in early 2024. With this partnership, Hutchison Ports & Québec Port Authority & CN Rail to develop the Québec container terminal.
Get discount on this report @ https://qualiketresearch.com/request-sample/Ports-and-Terminal-Operations-Market/ask-for-discount
The Global Ports and Terminal Operations Market is segmented by service such as Stevedoring, Cargo and handling transportation, and Others, by application such as Food Transportation, Coal Transportation, Steel Transportation, and Others.
Also, the Global Ports and Terminal Operations Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are listed in this report such as APM Terminals, China Merchants Port Holdings Co. Ltd., COSCO SHIPPING LINES CO.LTD, DP World, EUROKAI GmbH & Co.KGaA, Hutchison Port Holdings Trust, International Container Terminal Services Inc., Ports America Inc, PSA International Pte. Ltd, and SAAM.
- Cargo and handling transportation
- Food Transportation
- Coal Transportation
- Steel Transportation
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Browse Full Research Report @ https://qualiketresearch.com/reports-details/Ports-and-Terminal-Operations-Market
QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which helps our clients outperform their competition.
Research Support Specialist
6060 N Central Expy #500, TX 75204, U.S.A
Email: [email protected]
Keywords: Ports and Terminal Operations Market ,Ports and Terminal Operations Market Size ,Ports and Terminal Operations Market Share ,Ports and Terminal Operations Market Trend ,Ports and Terminal Operations Market Growth ,Ports and Terminal Operations Market Application ,Ports and Terminal Operations Market Region ,Ports and Terminal Operations Industry