Global Container Yard Services Market 2019-2023 | Growth in Cross-Border Trade to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
New market research study by Technavio on the global container yard services market projects the market to grow at a CAGR of close to 4% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global container yard services market from 2019-2023. (Graphic: Business Wire)
Growth in cross-border trade
The preference for cross-border e-commerce is increasing, owing to factors such as a rise in per capita income and accessibility to foreign brands. It also offers tremendous opportunities to online sellers to expand their businesses outside their often-saturated home market and tap into new markets. In cross-border trade, container yards play a major role as the movement of goods depends on transportation and storage capabilities. Hence, with an increase in cross-border trade, the demand for container yards services will rise during the forecast period.
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Adoption of automation in container yard operations
Automation helps container terminals and container yards aim for more efficient operation and higher productivity. The emphasis on reducing the cost per handled container drives automation in container yards. The robotization of container yard handling and transport systems is gradually emerging. Globally, numerous driverless cranes are operational in container yards. Some automation systems in container yards include automated guided vehicle (AGV), and automated stacking cranes (ASC). Owing to such advancements, investments in automated container terminals are increasing worldwide. Therefore, investments in the construction and automation of container terminals are likely to fuel the demand for container yard services during the forecast period.
According to a senior analyst at Technavio for chemicals research, “Presently, the government of several countries are undertaking initiatives for improving container handling capacity. For instance, the Government of India started the Sagarmala port development with an aim to complete the project within five years of its initiation. The project is aimed at port modernization, connectivity, port-led industrialization, and coastal community development. Therefore, such initiatives are likely to enhance the performance of the logistics sector in various countries and increase the demand for containerization, during the forecast period.”
Increase in empty containers
Containers are intended to be in constant use, loaded with a new cargo for a new destination soon after being emptied of the previous cargo. However, this is not the scenario in the current container market due to the high trade imbalance across the world. In addition, the repositioning costs for empty containers are multiple and such high costs for the management of empty containers are likely to have a negative impact on container operators and reduce their overall profit. Consequently, these costs will also reduce container movements and hamper the growth of the overall global container yard services market.
Top players in the global container yard services market:
- APM Terminals Management BV
- China Merchants Port Holdings Co. Ltd.
- DP World
- Hutchison Port Holdings Ltd.
- PSA International Pte. Ltd.
Some of the key topics covered in the global container yard services market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
Copyright Business Wire 2019.
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