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.
Request a Sample PDF Brochure:
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.
The report uncovers following points:
- Renowned insights into the industry
- Important data with in-depth research
- Factors exhibiting market growth
- A comprehensive study about main regions
- COVID-19 impact on the market
- Prime developments in the industry
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.
Get a Customized PDF: –
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
More Related Links:
Air Traffic Control Market Trends
High Power DC-DC Converter Market Size
Connected Aircraft Market Growth
US Electro-Optics Infrared Systems Market Forecast
Satellite Communication Market Analysis
Amphibious Aircraft Market Opportunities
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune – 411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]