Port equipment market to gain massive proceeds by 2025

Port equipment market size is expected to exceed USD 9 billion by 2025.Rising shipping activities in international water border coupled with increasing cargo volume will lead to excessive loads at the dock yards. Therefore, the need to enhance port operations will escalate port equipment industry size. Furthermore, technological advancement of the port equipment in order to sustain efficiency requirements will correspondingly support market growth.

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The international maritime industry is a major driver of the global economy, as it is responsible to carry around 90% of global trade shipments. The industry facilitates intercontinental trade, bulk transport of raw materials and import/export of manufactured goods and food supplies between the nations. The water way transportation will continue to expand owing to the benefit of competitive freight costs, further strengthening the industry prospects.

According to UNCTAD (United Nations Conference on Trade and Development), the international maritime trade will rise over 3.5% annually from 2018 to 2023. The ever-expansion of maritime industry will create requirements to modernize the existing port infrastructure and develop new ports. Such aspects will further create new opportunities to deploy port equipment, thus helping to drive port equipment market size.

Majority of ports across the world are witnessing an upsurge in cargo volumes, which will require advanced cargo equipment for efficient operations. This may lead to increasing adoption of automated technologies like automated guided vehicles (AGVs) and automated stacking cranes (ASCs). This type of port equipment offers enhanced capabilities for automated cargo movement, further cutting down the loading and unloading time at the dock yard.

Apart from expansion of the ports, the modernization or replacement of the existing port equipment will also help to increase port equipment market share. Moreover, high performance, lower lifecycle costs, and enhanced productivity offered by modern cranes will significantly propel port equipment industry size. Technology that improves safety is developing more rapidly than ever before owing to the changing safety regulations. Modernization will not only help to comply with current safety regulations but also reduce the risk of downtime, injuries or damage to facilities, materials, or products.

There has been rising adoption of alternative fuel powered port equipment, owing to the lower operation costs and reduced environmental impacts. Port authorities of many countries are looking to replace their existing outdated cranes with the new generation hybrid cranes, owing to better fuel efficiency and lower greenhouse gas emissions. Implementation of new generation diesel engines running on ultra-low-sulfur diesel to power forklifts will propel diesel port equipment market size over the forecast timeframe.

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. Surging frequency of maritime trade will substantially fuel global port equipment market size, which is slated to exceed USD 9 billion by 2025. 

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Charts & Figures

FIG. 1    Port Equipment Market Segmentation

FIG. 2    Industry landscape, (Units) (USD Million), 2013 - 2025

FIG. 3    Industry ecosystem analysis

FIG. 4    NAFTA Container Traffic (in Million TEUs)

FIG. 5    Hourly average labor cost, 2018

FIG. 6    China’s month-wise port volume

FIG. 7    Middle East Volume Trade (Million TEUs)

FIG. 8    Growth potential analysis, 2018

FIG. 9    Porter’s analysis

FIG. 10    PESTLE analysis

FIG. 11    Market share by equipment, 2018 & 2025

FIG. 12    Market share by application, 2018 & 2025

FIG. 13    Market share by type, 2018 & 2025

FIG. 14    Port equipment market share by region, 2018 & 2025

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