Container handling segment in port equipment market will grow significantly in the forthcoming years owing to multipurpose utility of containers that can carry all sorts of goods as they are moved from one port to another.
— As per a recent industry report put forward by Global Market Insights Inc., Port Equipment Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 9 billion by 2025 with a projected CAGR of 4.5% over 2019-2025.
Expanding world trade and the rising need to reduce carbon dioxide emissions will foster port equipment market size over the forecast period. There has been an increasing demand for stronger and better port handling equipment, such as hybrid cranes with lower emissions, owing to a surge in the volume of goods being transported. Ongoing as well as new trade partnerships and agreements between enterprise across different nations will drive global port equipment market trends, in addition to upcoming international policies.
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Continuous evolution of the maritime transport sector has a major impact on transport cost, trade volume and economic competitiveness, where adhering to the latest regulatory mandates represent a big challenge. Around 80% of international trade is done through ports, due to which they play an important role in connecting several developing countries which are gradually witnessing a growth in port communities and global import-export exposure. Industrialization in emerging economies will certainly create a substantial demand for modern port equipment to handle rising trade volumes.
The rising usage of automated equipment that enable operators for easier and convenient handling of cargo will further support port equipment market growth. Several port operators across the globe are planning to adopt unmanned port equipment and thereby enhance their efficiency. For instance, in May 2017, automated container terminal in Qingdao Port started their operations.
The stringent government regulation mandates lowering the carbon emission from port equipment pressuring equipment manufacturer to develop the alternate fuel consumption equipment. The ports are adopting several alternative fuel equipment to minimize the port logistic carbo footprint and thereby supporting the port equipment market size. For instance, H2Port project is the initiative taken by Port of Valencia to adopt the equipment powered with hydrogen fuel cell and the project is funded with investment of USD 4.5 million.
Container handling will account for a significant share in the port equipment market share over the study period. This can be credited to the requirement for efficient and reliable equipment for handling cargo and materials. Moreover, the shipments arrive in containers in ships and the usage of straddle carriers and stacker crane are contributing significantly towards the segment growth over the study period.
Container handling segment in port equipment market will grow significantly in the forthcoming years owing to multipurpose utility of containers that can carry all sorts of goods as they are moved from one port to another. Imported grains like corn, wheat and rice are being shifted to containerized cargo due to convenience and cost efficiency. Container shipping can be cheaper owing to two-way functioning system and has made several of Asia’s food importers shift to containerization. Containers can be more adaptable, and elastic compared to the bulk facilities.
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Asia Pacific accounts for the maximum share owing to the presence of major ports across the region. Around 64% of the total container port throughput is in Asia Pacific. The volume of cargo transported through ports in Asia Pacific is much higher compared to other regions. Considering sea transport containers and growth of cargo volume, Asia Pacific holds a significant share in the globe for sea transportation owing to continued and recent double-digit rise in exports from China.
Prominent players operating in the port equipment market are: TTS Group ASA, Konecranes, Kalmar, Liebherr, Shanghai Zhenhua Heavy Industries, and Lonking Holdings Limited. Industry players are focusing on launching new products and services for driving the market share. For instance, in 2019, Liebherr launched its electric powered crane driver elevator that is powered by a li-ion battery.
Glimpse of Table of Content (ToC)
Chapter 3 Port Equipment Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2025
3.3 Industry ecosystem analysis
3.3.1 Technology providers
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
3.3.5 Vendor matrix
3.4 Technology landscape
3.4.1 Smart Port
126.96.36.199 IoT in ports
3.4.2 Automated Guided Vehicles (AGVs)
3.5 Regulatory landscape
3.5.1 North America
188.8.131.52 American Association of Port Authorities (AAPA)
184.108.40.206 United State Environmental Protection Agency (U. S. EPA)
220.127.116.11 European Sea Ports Organization (ESPO)
18.104.22.168 European Commission
3.5.3 Asia Pacific
22.214.171.124 U.S.-China Joint Committee on Environmental Cooperation (JCEC)
3.5.4 Latin America
126.96.36.199 CAF – Development Bank of Latin America
3.5.5 Middle East and Africa
188.8.131.52 National Port Authority, South Africa
3.6 Pricing analysis
3.6.1 Regional pricing
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
22.214.171.124 Middle East & Africa
3.6.2 Cost structure analysis
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 North America
188.8.131.52.1 Supporting government regulations and booming trade with powerhouse economies
184.108.40.206.1 Advancements in Port Equipment along with rising labor cost
220.127.116.11 Asia Pacific
18.104.22.168.1 Increasing number of ports and rising export activities
22.214.171.124 Latin America
126.96.36.199.1 Container trade growth supported by port revolution
188.8.131.52 Middle East & Africa
184.108.40.206.1 Utilization of port equipment, labor productivity, and developed infrastructure
3.7.2 Industry pitfall and challenges
220.127.116.11.1 High cost of port equipment and rise in rate of unemployment
3.8 Growth potential analysis, 2018
3.9 Porter’s analysis
3.10 Competitive landscape
3.10.1 Company performance analysis, 2018
3.10.2 Strategy dashboard
3.10.3 Key stake holders
3.11 PESTLE analysis
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