The global port equipment market size is expected to experience considerable growth during the forecast period. This information is published by Fortune Business Insights in its upcoming report, titled, “Port equipment Market, 2022-2029.” Factors such as the rising seaborne trade and the increasing focus on development of new ports is expected to drive demand for advanced equipment to boost efficiency at the port terminals. For instance, in March 2021, Cargotec announced the supply of 12 new Kalmar AutoStrad units for Australian container terminal operator Patrick Terminals. The delivery of the machines is anticipated to be completed by the second quarter of 2022. The automatic machines are expected to boost the efficiency and reliability of operations at the terminal.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Based on the equipment, the global market for port equipment is segmented into tug boats, cranes, mooring system, ship loaders, and reach stackers. On the basis of type, the market is divided into diesel, electric, and hybrid. Moreover, based on the application, the market is segregated into container handling, bulk handling, ship handling, and others. Furthermore, on the basis of demand, the market is bifurcated into OEM and MRO. Lastly, on the basis of region, the market is categorized into Europe, Asia-Pacific, North America, and Rest of the World.
What does the Report Include?
The global market for port equipment report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Rising Sea Trade to Promote Growth
Maritime transportation is considered to be the backbone of the global economy. According to the United Nations Conference on Trade and Development (UNCTAD), 70% of trade by value and 80% of trade by volume are carried through seaways and handled by ports across the globe. The rising sea trade is propelling the port operators to develop their facilities and equip it with advanced equipment to boost efficiency and reduce downtime. This is expected to contribute to the global port equipment market growth in the forthcoming years.
Asia-Pacific to Remain Dominant; Increasing Demand from Greenfield Projects to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global port equipment market share in the forthcoming years. This is ascribable to factors such as increasing demand for advanced equipment from several greenfield projects in the region. For instance, in March 2021, the government of Andhra Pradesh sent an invitation to the South Korea-based Posco to visit and confirm its proposal that involves setting up of a greenfield plant at the Krishnapatnam port in Nellore district.
The market in Europe is expected to gain momentum backed by the presence of leading port equipment manufacturers such as Liebherr, Kalmar, and Konecranes that are focused on introducing advanced equipment in the region between 2021 and 2028.
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Contract Signings by Prominent Companies to Boost Their Market Standings
The market is fragmented by the presence of diverse companies that are striving to maintain their stronghold. These companies are focusing on securing government and private contracts to expand their port equipment portfolio and further improve their positions amongst their rivals. Moreover, the adoption of organic and inorganic strategies by other players to maintain their presence is expected to contribute to the market growth.
- March 2021 – Kalmar announced its decision to supply mobile equipment and RTG solutions for the development of the new dry port in Laos. The company reached an agreement with Sitthi Logistics, Co., Ltd.
List of the Companies Profiled in the Global Market:
- Liebherr (Switzerland)
- TTS Group (Norway)
- Kalmar (Finland)
- Konecranes (Finland)
- Shanghai Zhenhua Heavy Industries (China)
- Lonking (China)
- Anhui Heli (China)
- CVS Ferrari (Italy)
- Hyster (the U.S.)
- Among others
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