The port equipment market is estimated at USD 29.2 billion in 2018 and is projected to reach USD 36.6 billion by 2025, at a CAGR of 3.30% from 2018 to 2025. The factors that are expected to fuel the growth of the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in Asia Pacific and the Middle East. Various countries have been focusing on developing new ports owing to the increase in vessel count and trade volume. According to the International Chamber of Shipping, 90% of the world’s trade is carried out through seaways as they are ideal for heavy and bulk goods, have large carrying capabilities, and offer competitive freight costs. By application, the container handling segment is expected to grow at the highest CAGR during the forecast period. Based on application, the container handling of the port equipment market is projected to grow at a significant CAGR during the forecast period, as different sets of port equipment are used to carry out different port operations such as container handling, stacking, bulk handling, scrap handling, heavy lifting, and general cargo loading and unloading. There is a growing demand for reliable and efficient port equipment across the globe. The trend is highly evident in developed economies, wherein the purchasing power is high. Straddle carriers segment expected to register the highest CAGR in the port equipment market during the forecast period. Based on equipment type, the port equipment market has been segmented into mooring systems, tug boats, cranes, shiploaders, container lift trucks, reach stackers, forklift trucks, automated guided vehicles, terminal tractors, straddle carriers and others (hoppers/passenger boarding bridges/conveyors/linkspan). Equipment manufacturers are focused on offering hybrid straddle carriers for port terminals owing to the growing requirement of advanced cargo handling equipment equipped with advanced technologies. The Asia Pacific region is expected to lead the Port equipment market from 2018 to 2025 The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing number of port equipment being launched every year and prominent companies developing advanced technologies for port equipment. The high demand for new port equipment from greenfield projects is also driving this regional market. Key Market Players The major players in the port equipment market include 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. Konecranes is one of the key market players engaged in securing contracts to increase the adoption of port equipment by port terminals. Recent Developments In December 2017, Konecranes received an order for mobile harbor cranes from PT Pelabuhan Indonesia 3 (Pelindo 3), Indonesia. The order includes three Model 4 and two Model 5 rubber-tired mobile harbor cranes that will be deployed at the Tanjung Perak Port. Konecranes had been supplying container handling equipment to Pelindo 3 in recent years and similar supply contracts are expected to offer significant business opportunities for Konecranes in the Indonesian market. In July 2017, Liebherr completed a contract order for a new LRS 545 reachstacker from the Doyle Shipping Group (Ireland) at the Dublin Port. The LRS 545 reachstacker can stack up to five containers and has the maximum lifting capacity of 40.5 tons in the first row and 29.5 tons in the second row with supporting plates. In January 2018, Kalmar received a supply contract for 10 of its TL2 terminal tractors from Trac-Wheels (Malaysia), a company involved in the sale and leasing of construction and container handling equipment in East Malaysia. The tractors are to be offered on lease to the Miri Port and Tanjung Manis Port terminals located in East Malaysia for integrated cargo handling solutions. Full Report @ https://www.marketsandmarkets.com/Market-Reports/port-equipment-market-184119530.html About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com
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