According to the research report titled ‘Global Ports and Terminal Operation Market Size study with COVID Impact, by Type (Stevedoring, Cargo Handling and Transportation) by Application (Food Transportation, Coal Transportation, Steel Transportation and others) and Regional Forecasts 2020-2027’, available with Market Study Report, global ports and terminal operation market is expected to grow with a CAGR of 2% between 2020 and 2027.
 

Growing demand for containerization is a major factor driving the growth of worldwide ports and terminal operation industry. In fact, as per Statista, global container market reached 146.4 million TEU (twenty-foot equivalent units) in 2018 and is expected to grow by 4.8% during 2020-2021.
 

For those uninitiated, terminal is a part of port from which cargo moves from sea to land. A terminal is primarily used by containers. On the other hand, a port is referred as the location where ships are either carrying out activities or lodging. There can be numerous terminals within a port.
 

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Rising adoption of IoT solutions and increasing regional trade activities are further aiding the market expansion. According to the report, containers handled by ports across the globe were totaled at 785 million TEU in the year 2018. However, increased operational complexity and congestion risks may act as restraining factors to the growth of global ports & terminal operation market.
 

As per type, global ports and terminal operation market is segmented into transportation, cargo handling, and stevedoring. Based on application spectrum, the industry is classified into steel transportation, coal transportation, food transportation, and others.
 

Regionally, worldwide ports and terminal operations market is bifurcated into Europe, Latin America, Asia-Pacific, North America, and rest of the world. The country level fragmentation comprises of Canada, U.S., France, Italy, Spain, Germany, UK, Australia, Japan, South Korea, India, China, Mexico, and Brazil.
 

The report claims that Asia-Pacific ports and terminal operation industry is predicted to expand substantially during the estimated timespan, with China, Japan, and Singapore being the major revenue generators. Escalating investments towards development of port infrastructure, rising adoption of automated solutions in port operations, and increasing collaboration activities among major companies are favoring Asia-Pacific market outlook.
 

APM Terminals, Gulftainer, SAAM Group, Global Ports Holding Plc, Ports America Inc., Eurogate Container Terminal Limassol Ltd., China Merchants Port Holdings Co. Ltd., and International Container Terminal Services Inc. are the major contenders in worldwide ports and terminal operation market.