Steady growth forecast for auto terminal market
The semi and fully automated container terminal market is expected to grow from US$9.09 billion in 2018 to US$10.89 billion by 2023, or at a rate of 3.7%.
That is according to the new market research report ‘Automated Container Terminal Market by Degree of Automation, Project Type, Offering and Geography - Global Forecast to 2023’, published by B2B research outfit, MarketsandMarkets.
MarketsandMarkets attributes the growth of the automation market to the growing demand for large container ships, increasing labour cost in developed nations and growing competition among container terminals.
The report reveals that ship-to-shore cranes held largest share of automated container terminal market for equipment in 2017, mainly because the demand for larger containers is increasing significantly.
This has encouraged port operators to invest significantly in their port infrastructure fuelling the growth of the automated container terminal market for STS cranes.
The report reveals that Asia Pacific held the largest size of the automated container terminal market in 2017, followed by Europe and North America.
This growth is mainly attributed to the increasing infrastructural development activities at ports and terminals in countries such as China, Japan, and Australia.
Further, the increasing investments for the modernisation of ports in India are expected to boost the growth of the automation market.
China is one of the most important markets for automated container terminals in Asia Pacific the report says. The country is ahead in terms of adoption of advanced technologies and automation across various industries, including ports and terminals.
The report names Cargotec, Konecranes, ZPMC, Liebherr, ABB, Künz, CyberLogitec, IDENTEC SOLUTIONS, Camco Technologies and ORBCOMM as being the major players operating in the automation market.
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