Market Research Report
Published: July 1, 2022
Global Industry Analysts, Inc.
Content info: 207 Pages
Delivery time: 1-2 business days
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Global Straddle Carriers Market to Reach 13 Thousand Units by the Year 2026
Straddle carriers, also called straddle trucks, are specialized mobile equipment used for transportation of ISO-standard containers. These highly-versatile machines are widely used in container port terminals for stacking, loading, and unloading containers. These non-road carriers help in improving terminal throughput by decoupling yard and ship-to-shore operations. There is a growing demand for efficient container-handling equipment among port terminal operators across the globe, which is driving increased investment in new fleets that can effectively address the issue of port congestion. Owing to their ability of loading and unloading containers without the assistance of forklifts or cranes, straddle carriers are witnessing an increased demand in the container industry for efficient movement of containers across long distances. Growth in seaborne trade, modernization of freight-carrying equipment, and expansion of port infrastructure in North America are some of the key factors that are likely to play an important role in augmenting growth in the market. Demand is also driven by various macroeconomic as well as industry-specific factors, such as growing investments in Brownfield and Greenfield projects coupled with rising adoption of automated products, albeit the complexities associated with these products for straddle carrier manufacturers.
Amid the COVID-19 crisis, the global market for Straddle Carriers estimated at 10.7 Thousand Units in the year 2022, is projected to reach a revised size of 13 Thousand Units by 2026, growing at a CAGR of 4.6% over the analysis period. Straddle carriers are witnessing significant adoption in recent years owing to the wide range of advantages offered by them, including high productivity, higher effectiveness in bulk handling, and enhanced flexibility in comparison to RTG or RMG handling systems.
The U.S. Market is Estimated at 1.4 Thousand Units in 2022, While China is Forecast to Reach 2.7 Thousand Units by 2026
The Straddle Carriers market in the U.S. is estimated at 1.4 Thousand Units in the year 2022. The country currently accounts for a 13.65% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of 2.7 Thousand Units in the year 2026 trailing a CAGR of 5.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 3.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR while Rest of European market (as defined in the study) will reach 2.9 Thousand Units by the end of the analysis period. Asia-Pacific is home to half of the world`s largest ports and hence has emerged as a vital target market for the stakeholders operating in the container industry. In addition, Asia-Pacific countries, such as China, are witnessing a growing need for mined products from the electrical utility, chemical, agriculture, construction, and steel industries, which in turn is propelling an increased demand for freight-carrying equipment, such as straddle carriers.
IoT & AI to Bolster Capabilities of Straddle Carrier
Straddle carrier systems are expected see proliferation of Internet of Thins (IoT), Artificial Intelligence (AI), and sensor-enabled components in the wake of growing emphasis on these concepts in design and engineering of systems and equipment across the board. Straddle carrier manufacturers are increasingly emphasizing IoT, AI, and sensor components to induce additional safety, reliability, transparency and efficiency in operations. The trend reflects the general trend in the shipping and marine industry where automation and digitalization have emerged as the new focus areas for industry participants. As part of its efforts to brace for a change and prepare itself for a transformed post-crisis world, the shipping & marine industry is consistently emphasizing a rapid shift towards digital transformation. Against this backdrop, renewed focus would be placed on IoT, AI, M2M communication and other new and upcoming technologies to improve the logistics process efficiency, environmental sustainability, visibility, transparency, and safety and security in shipping operations.
Concepts such as Ports 4.0 and Maritime 4.0, which are a part of the broader industry 4.0 ecosystem, would gain wider traction in the post COVID-19 shipping & marine industry. Emphasis on `Smart Ships`, `Smart Ports`, and digital logistics will evolve rapidly in tandem with anticipated expansion in the Industry 4.0 ecosystem as a growing number of ports and container shipping companies would rely on disruptive technologies to adapt to existing legal frameworks and to gain competitive edge in the global logistics market. Primarily influenced by the automation theory, straddle carrier manufacturers and developers are aiming to develop modern alternatives that are equipped with AI and IoT. For instance, global equipment provider, Kalmar is focused on identifying the possibilities of integration of 5G connectivity at terminals and ports. As 5G is known for low-latency connectivity and high bandwidth, any such integration will show a new path of possibilities for terminal operators and system providers in a progressive way.
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