Port Equipment Market size is expected to witness healthy CAGR to 2025 propelled by rising demand for ship cargo along with improving marine logistics industries. Proliferating domestic and international trading activities along with benefits offered by sea transportation including superior reliability, cost effective and congesting free transportation over long distance are further accelerating the port equipment market revenue over the projected timeframe.
Asia Pacific will exhibit significant growth in the port equipment market share over the projected timeframe owing to the presence of multiple players including Sany, Lonking, Shanghai Zhenhua Heavy Industries, and Anhui Heli. Additionally, the improving water channels along with supporting government initiatives to develop the regional marine sector further expands the regional growth. Increasing ports along with proliferating inland waterways industry with appropriate integration with the logistics network are providing a positive outlook for the industry growth.
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Stringent government regulations mandate the lowering of carbon emissions from such vehicles, thereby posing significant challenges for manufacturers to offer efficient and lower emission vehicles. However, multiple researchers from the University of Reading, the Valenciaport Foundation, and Carbon Reducing Energy Storage Solutions are developing advanced tools that reduced the average crane fuel consumption by around 50%.
Technological advancements including incorporation of bigdata, IoT, and AI technologies are playing a major role in improving the port vehicle operations and improving efficiency. Moreover, the advent of driverless and automated equipment enables for easier and convenient handling of port cargo, thereby providing a positive outlook for the port equipment market expansion.
Based on equipment, the port equipment market size is segmented into cranes, forklift trucks, tractors, ship loaders and automated guided vehicles. The growth in the forklift trucks can be attributed to the ability of these trucks to handle and load/unload heavier cargo and goods across multiple heights. Moreover, the proliferation of electric and fuel cell forklifts is contributing significantly towards increasing efficiency and lowering of operating expenses, thereby boosting the segment revenue.
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Few of the major players operating in the port equipment market size include Liebherr, Shanghai Zhenhua Heavy Industries, TTS, Konecranes, Kalmar, Sany, Hyster, Lonking, and Famur Famak. Industry participants are continuously engaged in long term agreements and contracts for expanding their market share. For instance, in 2018, Kalmar announced the delivery of ten TL2 terminal tractors to Trac-Wheels in Malaysia. This strategy enabled the company to significantly enhance its business operations and support in expanding their business share.
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