Port equipment market size is expected to grow to $36.6bn by 2025
Increasing seaborne trade across the globe and growing number of container shipments in Asia Pacific and the Middle East are the major factors for the growth of the global port equipment market.
The port equipment market size is expected to grow from $29.2bn in 2018 to $36.6bn by 2025, at a Compound Annual Growth Rate (CAGR) of 3.30 percent during the forecast period. The market for port equipment is driven by numerous factors, such as the increasing seaborne trade.
According to a publication of United Nations Conference on Trade and Development (UNCTAD), the global seaborne trade reached nearly 12.72 billion tonnes in 2017 due to the increasing global population, growing global GDP, rising disposable income especially in Asian countries, and growing standard of living. This has increased the import-export trade between countries to meet the demand for various goods. High capital and maintenance costs of port equipment are limiting the overall growth of the market.
Tug Boats segment is estimated to account for the largest share of the port equipment market in 2018 due to the increasing demand for container handling, stacking applications.
Based on equipment type, the tug boats segment is estimated to account for the largest share of the port equipment market in 2018.Tug boats perform a diverse set of operations including mooring, icebreaking, firefighting, and oil spill response.
In port equipment, these boats are mainly identified as harbour tugs used in assisting bigger vessels or in berthing and unberthing. These boats differ as per operations, and they have different specifications with the type of vessels they manoeuvre.
Container handling equipment segment is estimated to account for the largest share of the port equipment market in 2018.
Based on application, the container handling equipment segment is estimated to account for the largest share of the port equipment market in 2018.In recent years, container transportation has increased steadily across the world.
This has increased the number of daily containers handled at port terminals, which, in turn, has generated the need for efficient and faster equipment for bulk cargo, material, and container handling.
Europe is estimated to account for the largest share of the port equipment market in 2018.
European countries have a robust economy, and the region is the home to some of the leading manufacturers of port equipment which drives the market here. Konecranes (Finland), Kalmar (Finland), and Liebherr (Switzerland) are the key manufacturers, dealers, distributors of this equipment in the region.
Key players in the port equipment market are Liebherr (Switzerland), TTS (Norway), Kalmar (Finland), Konecranes (Finland), Sany (China), Shanghai Zhenhua Heavy Industries (ZPMC) (China), Hyster (US), Lonking (China), CVS Ferrari (Italy), Anhui Heli (China), and Famur Famak (Poland), among others. These companies provide port equipment in various countries across North America, Europe, and Asia Pacific.
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21st January 2019