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NEW YORK , April 4, 2022 /PRNewswire/ -- The container yard services market is expected to grow by USD 20.74 billion from 2021 to 2026 at a CAGR of 8.51%. Also, the market is set to record a 7.15% Y-O-Y growth rate in 2022 as per the latest market report by Technavio.
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The increase in containerization is one of the key drivers supporting the container yard services market growth. With a rise in the demand for intermodal freight transport, the need for containerization increases. Some major ports across the world are improving their container handling capacity to meet the demand for containerization. Such initiatives are likely to enhance the performance of the logistics sector in various countries and increase the demand for containerization. Growth in container trade has a strong correlation to economic growth and regional and national gross domestic product (GDP). It is an excellent indicator of prospective container volumes. Thus, with an increase in container volumes, the need for container yard services will rise. This, in turn, will drive the market growth during the forecast period.
The adoption of automation in container yard operations is one of the key yard services market trends. 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. Some automation systems in container yards include automated guided vehicles (AGV), automated straddle carrier terminals, and automated stacking cranes (ASC). For instance, automated straddle carrier terminals are increasingly being adopted in container yards. Automated straddle carrier terminals with driverless straddle carriers are used to handle yard storage and horizontal transfer. Owing to these factors, 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.
The increase in empty containers is one of the factors hindering the container yard services market growth. Various companies in China are approaching other countries for goods and raw materials, which has reduced the demand for American exports and has increased the number of empty containers being shipped. As a result, the cost of transporting an empty container to a place where it can be used is considered to be higher than the worth of the loaded container. For instance, DP World charges $100 per day per container, including the day of receipt and delivery, for empty container storage. Such high costs for the management of empty containers are likely to have a negative impact on container operators and reduce their overall profit. These costs can reduce container movements and hamper the growth of the global container yard services market.
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Some of key Container Yard Services Players:
The container yard services market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Container Yard Services Market - Segmentation Analysis
Service Outlook (Revenue, USD bn, 2021-2026)
Geography Outlook (Revenue, USD bn, 2021-2026)
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Container Yard Services Market Scope
Accelerate at a CAGR of 8.51%
Leading companies, competitive strategies, consumer engagement scope
ABU DHABI PORTS CO. PJSC, AP Moller Maersk AS, APM Terminals, China Merchants Group, CK Hutchison Holdings Ltd., Container Corp. of India Ltd., COSCO SHIPPING Holdings Co. Ltd., CRESCENT GROUP HOLDINGS LTD., Davao International Container Terminal Inc., Dubai World, EUROGATE GmbH and Co. KGaA KG, Gulf Agency Co. Ltd., International Container Terminal Services Inc., Kamigumi Co. Ltd., MSC Mediterranean Shipping Co. SA, NTB North Sea Terminal Bremerhaven GmbH and Co., Ports America Inc., Shanghai International Port Group Co. Ltd., Sociedad Matriz SAAM SA, and Temasek Holdings Pvt Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,
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