Port Equipment Market to Witness Widespread Expansion By 2025
Category: #business  By Ronak Bora  Date: 2021-08-06
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Port Equipment Market to Witness Widespread Expansion By 2025

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. 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.

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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.

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 market trends, in addition to upcoming international policies.

Report by the Indian Ports Association says that 12 major ports in India had recorded 2.90 percent growth in handling of the cargo, poised at 699.04 million tons, during the 2018-19 fiscal year. The handling of fertilizers, containers and coal have driven the expansion of these ports, in turn requiring the installation of new equipment to handle them. Major ports in India handle nearly 60% of the total cargo traffic in the country, depicting a tremendous need for these equipment. Augmented import of fertilizers, POL (Petroleum, Oil and Lubricant) and coal have favorably impacted Asia Pacific port equipment market share.

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. 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    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

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/port-equipment-market

 

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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