Market Research Report
Port Equipment Market with COVID-19 Impact Analysis, By Equipment Type, By Type, By Application, and By Region - Size, Share, & Forecast from 2021-2027
|Port Equipment Market with COVID-19 Impact Analysis, By Equipment Type, By Type, By Application, and By Region - Size, Share, & Forecast from 2021-2027|
Published: October 1, 2021
AnalystView Market Insights
Content info: 296 Pages
Delivery time: 2-3 business days
The global Port Equipment market was valued at USD 30.6 billion by 2020, growing with 3.9% CAGR during the forecast period, 2021-2027.
Port equipment incorporates yard container cranes, ship-to-shore container cranes, and mobile port handling equipment. The rising trade activity and easing regulations are some of the main drivers for the expansion of the port equipment market over the forecast period. The opening of waterways and therefore the establishment of new ports like Chabahar in Iran are these opportunities for players within the global port equipment market. Moreover, the regional demand for port shipments rapidly increases. This is, in turn, to spice up the demand of the global port equipment market to an excellent extent.
In addition, the growing seaborne trade activity including increasing demand for goods is that the key factor to propel the expansion of the port equipment market during the forecast period. Moreover, as income rises globally and therefore the importance of the worldwide port equipment market is about to rise, with greater impact of globalization being felt across the world, and internationalization of production activity.
Based on equipment type, the straddle carriers segment is estimated to register the highest CAGR within the port equipment market over the forecast period due to the growing adoption of advanced cargo handling equipment equipped with advanced technologies.
Based on the application, the container handling segment accounted to register significant market share during the forecast period. this is because of the growing demand for reliable and efficient port equipment.
Regionally, the Asia Pacific region dominated and registers a major market share during the forecast period. this can be attributable to the launch of innovative products with increasing newer technology by the key players is that the significant factor to accelerate the port equipment market during this region.
Besides, the European region grows at the highest CAGR during the forecast period because of the presence of prominent players in this region. Konecranes and Kalmar in Finland and Liebherr in Switzerland are the key manufacturers, dealers, distributors of this equipment in this region. Additionally, the shifting preference of port administrators to prepare automated port equipment is predicted to contribute a big share towards regional growth.
Mergers and acquisitions, the launch of the latest products & services, consolidation, partnership are few strategies adopted by the businesses to expand their operation and capture the major market share. Recently, In January 2018, Kalmar received a supply contract for 10 of its TL2 terminal tractors from Trac-Wheels (Malaysia), a corporation involved in the sale and leasing of construction and container handling equipment in East Malaysia. The tractors are used on lease to the Miri Port and Tanjung Manis Port terminals located in East Malaysia for integrated cargo handling solutions. Moreover, In May 2021, Liebherr expands its portfolio with a series-production range for piston accumulators, with its selection of piston accumulators; Liebherr is taking an extra step towards becoming a supplier of complete hydraulic systems.
The scope of this report covers the market by its major segments, which include as follows: