Ports and Terminal Operations Market Report by Technavio Identifies Growth in Containerization as a Major Driver
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NEW YORK, March 17, 2021 /PRNewswire/ The ports and terminal operations market report by Technavio forecasts USD 4.64 billion growth during 2020-2024. Amid pandemic, the ports and terminal operations market registered a YOY growth of 2.19% in 2020 and is expected to accelerate at a CAGR of over 2% during the forecast period.
The ports and terminal operations market size has the potential to grow by USD 4.64 bn during 2020-2024
The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as service (stevedoring, cargo and handling transportation, and others) and geography (APAC, Europe, North America, MEA, and South America). This report helps businesses create strategies to make the most of future
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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
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