Latin America Stevedoring and Marine Cargo Handling Market Size

Latin America Stevedoring & Marine Cargo Handling Market Analysis

The Stevedoring and Marine Cargo Handling market in Latin America is expected to grow at a CAGR of more than 4% during the forecast period.

• Over the past two years, the Latin American region has underperformed in terms of global economic growth. Due to the Covid-19 epidemic, the global gross domestic product (GDP) climbed by 2.5% in 2019 and declined by 3.5% in 2020.
• The maritime market and port sector in Latin America is experiencing profound changes in its organization (concentration of supply, strategic alliances, vertical integration between terminal operators and shipping companies) and technology (greater supply capacity of ships and ports, automation and electrification of port terminals, greater efficiency in ship propulsion, etc.)
• The number of container ship arrivals in Panama increased by 22% as more container ships transited through the Panama Canal to avoid congestion in the US West Coast ports, increasing port calls including bunkering and crew changes. Among the top 30 economies by vessels arrivals for loading of dry bulk vessels, 12 recorded more than 50% increases in waiting time for loading, with Colombia recording one of the three highest increases in addition to Oman and Norway. In Colombia, COVID-19-related restrictions disrupted not only port operations but also coal mining and rail transportation, leading to an increase in ships' waiting time for loading.
• The Latin America stevedoring and marine cargo handling market is anticipated to expand significantly due to increased marine traffic. Moreover, emerging nations in Latin America are investing in new marine port construction. However, cargo operators are capitalizing on advanced technology equipment to reduce loading and discharging time and improve their operating efficiency. This is likely to boost the market during the forecast period.