The port equipment market is set to grow from its current market value of more than USD 6.5 billion to over USD 9 billion, as reported in the latest study by Global Market Insights Inc.
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 industry 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.
With excellent load handling capacity and availability of numerous suitable options, cranes are expected to contribute substantially towards optimizing the management of port operations. Apparently, the first capital outlay for container crane is USD 5 million, having an assumed life of 20 years. Owing to reduced operational cost, that includes consumables and labors, the demand for high-performance cranes will increase significantly. Port equipment market will experience a notable shift in the direction of full-electric cranes, as they have a lower environmental impact and can recapture 75-80% of energy released.
Rising investments across various industries and the subsequent expansion of ports will help boost the adoption of crane and forklifts. For instance, the Port of Virginia has confirmed that its Virginia International Gateway facility in Portsmouth has recently completed an expansion worth $320 million. The terminal will feature the largest of ship-to-shore cranes in the area, standing 170-foot- tall. It will also add 26 rail-mounted gantry cranes which help create more room to sort and stack shipping containers. The Port of Virginia reportedly handled 3 million TEUs of cargo in the year 2019 and is growing year to year.
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.
Europe has been witnessing rising sea and cargo transportation activities which will allow the region to become a key revenue pocket for port equipment market. Constant expansion and development in the port infrastructure has been providing greater opportunities for the penetration of advanced hybrid and electric products. Manufacturers are coming up with scores of innovative solutions, introducing automatic port equipment options to meet the increasing requirement of more efficient products with lower carbon footprint.
Market players like Liebherr, Konecranes, Shanghai Zhenhua Heavy industries and American Crane & Equipment industries are consistently updating their products and offering novel solutions to port customers.
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Some Point from Table of Contents:
Chapter 5 Port equipment Market, By Application
5.1 Global port equipment market share by application, 2018 & 2025
5.2 Ship Handling
5.2.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
5.2.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
5.3 Container Handling
5.3.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
5.3.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
5.4 Bulk Handling
5.4.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
5.4.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
5.5.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
5.5.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
Chapter 6 Port Equipment Market, By Type
6.1 Global port equipment industry share by type, 2018 & 2025
6.2.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
6.2.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
6.3.1 Market estimates and forecast, 2013 – 2025, (Units) (USD Million)
6.3.2 Market estimates and forecast, by region, 2013 – 2025, (Units) (USD Million)
6.4.1 Port equipment market estimates and forecast from hybrid, 2013 - 2025, (Units) (USD Million)
6.4.2 Port equipment market estimates & forecast from hybrid, by region, 2013-2025 (Units) (USD Million)
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