Trusted Business Insights presents the Updated and Latest Study on Port Equipment Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Port Equipment Market
Industry / Sector Trends
Port Equipment Market size valued at USD 6.5 billion in 2018 and is expected to witness over 4.5% CAGR from 2019 to 2025.
Market Segmentation, Outlook & Regional Insights: Port Equipment Market
Port Equipment Market, By Application, 2018 & 2025, (USD Million)
Increasing seaborne trade across the globe will prominently drive the port equipment market size. According to the United Nations Conference on Trade And Development (UNCTAD), in 2018, the seaborne trade surged by around 4% as compared to 2017. The sea freight services offer multiple benefits including large cargo space availability, economical, and safety. Expanding maritime logistics services will drive the industry growth over forecast timeframe.
Rising trading activities is increasing the vessel size and cargo volume adding further pressure on yards and ship berths. Organizations are allocating investment to enhance the facility. For instance, in May 2019, UK announced to allocate around USD 220 million for expanding Port of Dover. Further, the ports are incorporating smart solutions to optimize operations, reduce logistics costs, and enhance the efficiency.
Increasing awareness regarding carbon footprint and inclination towards the environment friendly transportation will drive the port equipment market value over the study timeframe. The road and air transportation have higher carbon footprint as compared to sea transport. According to the International Chamber of Shipping (ICS), shipping generates around 3-8 gram per tonne-km as compared with 80 gram per tonne-km by trucks.
Government regulation limiting the carbon emission from port equipment is leading to the adoption of alternate fuel consumption equipment. The ports are incorporating the alternative fuel equipment to minimize the logistic carbon footprint thereby supporting the industry size. For instance, Europe allocate an investment of USD 4.5 million for H2Port project to adopt hydrogen fuel cell equipment at ports.
Adoption of automated equipment are enabling the port operator for convenient and easier handling of port cargo thereby supporting the port equipment market growth over study timeframe. Several ports are planning to adopt the unmanned port equipment. For instance, in February 2019, APM Terminal announced plan to use unmanned straddle carriers at Pier 400 terminal in California.
Port Equipment Market, By Equipment
Crane equipment will hold significant share in port equipment market with its demand to decrease cost per move. Cranes allows the port operators to handle wider range of vessels. Port operators are replacing the previous cranes with newer model to reduce noise and carbon emission. For instance, in March 2015, Port of Oslo installed 3 cranes with LED lights for superior efficiency and skew system. Moreover, ongoing port expansion projects to harbour larger number of vessels will escalate industry size.
Ship loaders will showcase considerable growth to flexibility in handling the bulky cargos at higher transfer rate. Several ports across the globe are installing the mobile ship loaders to optimize the operational efficiency. For instance, in June 2018, ELB Engineering Services Ltd received contract from Transnet Port Terminals to design, install and commission two mobile ship loaders at their Saldanha Terminal.
Port Equipment Market, By Application
France Port Equipment Industry, By Application, 2018, (USD Million)
Ship handling segment will hold significant port equipment market share owing to increasing loading and discharging operations. Several countries are investing to install tugs to enhance ship manoeuvring capacity and towage operations. For instance, in February 2019, Timaru Port has installed Azimuth Stern Drive (ASD) tug for improved manoeuvring and side steeping capabilities.
Container handling will witness substantial growth with rising container trade volume across the globe. According to the UNCTAD, in 2018, the container trade increased by over 6% as compared to 2016. Countries are developing shared container terminal ports to support seaborne trade. For instance, in May 2019, India, Japan, and Sri Lanka signed MoU to develop terminal at Colombo Port to allow large container ship to enter in the port.
Port Equipment Market, By Type
Diesel segment dominates the port equipment market revenue owing to fuel efficiency, power, performance and reliability. The stringent emission norms mandated by several governments are mandating the ports and equipment manufacturer to develop clean diesel technologies. According to Diesel Technology Forum and the Environmental Defense Fund (EDF), the technology enables the ports to reduce over 80% emission in the marine environment.
Hybrid type equipment will foresee significant growth owing to transformation of ports towards green and clean ports. Several funding projects are initiated across the globe to support the adoption of hybrid technologies. For instance, in September 2018, California Air Resources Board (CARB) announced funding up to USD 205 million to accelerate the adoption of clean freight technology in the state. This includes the adoption of hybrid tugboats at ports in California.
Port Equipment Market, By Region
Asia Pacific Port Equipment Market Size, By Country, 2025, (USD Million)
Asia Pacific will dominate the port equipment market owing to increasing infrastructure development activities to support seaborne trade. In 2013, China announced to build an infrastructure estimated USD 1 trillion to support increased trade and economic ties. Establishment of automated terminals will escalate the equipment demand over the study timeframe. For instance, in January 2018, Yangshan Port, China inaugurated automated container terminal port with investment of USD 2.15 billion.
Europe will showcase considerable growth in port equipment market owing to rising bulk cargo trade in countries including UK and Italy. Government emission regulations and green port initiative is escalating the demand for hybrid and electric equipment. Moreover, agreements to develop trade route is inducing significant growth potential in the industry landscape. For instance, in March 2019, Italy signed agreement with China to develop trade infrastructure.
Key Players, Recent Developments & Sector Viewpoints: Port Equipment Market
Prominent players in the port equipment market include Kalmar, TTS Group ASA, Konecranes, Liebherr, Shanghai Zhenhua Heavy Industries, Lonking Holdings Limited, and Prosertek Group S.L. The other participants in the market includes Sany, Anhui Heli, Famur Famak, American Crane & Equipment, ABB, Til Limited, Kooiman, and SANMAR. The equipment manufacturers are undergoing strategic contracts with port operators to supply the equipment. For instance, in February 2019, Kalmar signed contract with South Florida Container Terminal, LLC to provide 6 zero emission RTG cranes.
The industry participants are engaged in developing zero emission cargo handling equipment that meet the stringent emission regulation adopted by several countries. The regulatory acts including Merchant Marine Act developed by the U.S. department of transportation provide requirement for marine trade activities in the U.S. In addition, several initiatives taken by government entities to minimize the emission from the marine port equipment will escalate the demand of low emission cranes and forklifts. Ongoing developments, green initiatives, and stringent regulation will support the port equipment industry growth over study timefram
Key Insights Covered: Exhaustive Port Equipment Market
1. Market size (sales, revenue and growth rate) of Port Equipment industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Port Equipment industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Port Equipment industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Port Equipment industry.
Research Methodology: Port Equipment Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Port Equipment Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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