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Port Equipment Market 2019: Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast To 2025

Author : Ronak Bora | Published Date : 2020-08-21 

Increasing sea-mode trade across the globe, rising number of shipments, and development in the port infrastructure are driving the port equipment market share. According to UNCTAD, sea-mode transportation is growing at a pace of over 4% and has gained significant momentum with global economic recovery and enhanced global cargo trade. The port equipment demand is escalating with rising goods trade via sea-mode. However, higher cost and regular maintenance of the port equipment is likely to hamper the industry growth over the forecast period.

Rapid growth in the global fleet capacity and increasing port traffic volume is likely to boost the port equipment market share. The capacity of major ports, such as Shanghai and China, is expanding rapidly. For instance, according to the UNCTAD, total volumes handled by the top 20 ports increased by around 5% compared to 2016. The rising fleet capacity along with expanding volume are expected to positively drive the market share.

The rising usage of automated equipment that enable operators for easier and convenient handling of cargo will further support market growth. Several port operators across the globe are planning to adopt unmanned port equipment and thereby enhance their efficiency. For instance, in May 2017, automated container terminal in Qingdao Port started their operations.

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The stringent government regulation mandates lowering the carbon emission from port equipment pressuring equipment manufacturer to develop the alternate fuel consumption equipment. The ports are adopting several alternative fuel equipment to minimize the port logistic carbo footprint and thereby supporting the industry size. For instance, H2Port project is the initiative taken by Port of Valencia to adopt the equipment powered with hydrogen fuel cell and the project is funded with investment of USD 4.5 million.

Container handling will account for a significant share in the port equipment market share over the study period. This can be credited to the requirement for efficient and reliable equipment for handling cargo and materials. Moreover, the shipments arrive in containers in ships and the usage of straddle carriers and stacker crane are contributing significantly towards the segment growth over the study period.

Automated guided vehicle will showcase highest growth owing to advantages of these equipment in faster cargo delivery at ports. The availability of new easy to integrate, highly efficient, and lower cost AGV will further support the product demand. The port operators are installing new AGVs at ports to efficiently handle increasing cargo.

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Bulk handling will account for considerable share. This can be attributed to the increasing preference of industries globally to opt for sea mode of transportation owing to improved safety and lower cost. Additionally, the bulk handling contributes significantly towards efficient carrying and management of cargo and materials, thereby expanding the market share over the study period.

Diesel dominates the port equipment market share owing to the availability of a wide range of port equipment powered by diesel. Moreover, the diesel-powered equipment produces significantly higher torque, that are ideal for heavy lifting and handling operations. However, the emissions produced from using the fuel coupled with damages to the aquatic environment owing to wastage produced are expected to hamper the industry growth.

Asia Pacific accounts for the maximum share owing to the presence of major ports across the region. Around 64% of the total container port throughput is in Asia Pacific. The volume of cargo transported through ports in Asia Pacific is much higher compared to other regions. Considering sea transport containers and growth of cargo volume, Asia Pacific holds a significant share in the globe for sea transportation owing to continued and recent double-digit rise in exports from China.

Prominent players operating in the port equipment market are: TTS Group ASA, Konecranes, Kalmar, Liebherr, Shanghai Zhenhua Heavy Industries, and Lonking Holdings Limited. Industry players are focusing on launching new products and services for driving the market share. For instance, in 2019, Liebherr launched its electric powered crane driver elevator that is powered by a li-ion battery.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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 sport. [email protected] | https://twitter.com/RonakBora26

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