Port Equipment Market 2021 – Latest Innovations, Industry Challenges, Growth Drivers and Forecast to 2025
The size of port equipment market was registered at 6.5 billion in the year 2018 and is anticipated to cross 9 billion by 2025. Between the period 2019-2025, the port equipment industry is expected to register a CAGR of 4.5%. Escalating world trade and growing need to lessen carbon dioxide emissions is likely to boost port equipment industry share by 2025. Current trade agreements and partnerships between enterprises around various countries will favor the growth of port equipment industry trends.
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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
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