Port Equipment Market Outlook by Application Type Equipment And Forecast To 2025
Port equipment market from container handling segment 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.
Reportedly the industry consists over 50,000 merchant ships which trade internationally carrying every kind of cargo across the globe. Over 150 nations are a part of it operated by more than a million seafarers. These figures are consistently expected to surge up with the reference to recently increasing ship building activities.
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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.
The Asia Pacific leads the global shipbuilding industry owing to the presence of major shipbuilding countries like China and South Korea. The high availability of shipbuilding infrastructure along with favoring government policies will augment shipbuilding industry in the region. Currently, South Korea enjoys highest ship building orders followed by China due to the presence of biggies like Hyundai Heavy Industries Co.
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.
Supply and demand play a key role for the maritime industry, based on which the cargo volume rises or reduces. Rising cargo volumes will drive increasing adoption of port equipment, thus will strengthen the port equipment market trends over the forecast period.
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 market 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.
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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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