Global Port Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Port Equipment Market: Overview

“The global Port Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Port equipment is an optimal material handling solution for every harbor infrastructure and application. Port equipment is used for loading and unloading commodities and passengers. It includes various mechanical components such as motors, cranes, straddle carriers, fork lifts, and jitneys, etc.

Global Port Equipment Market: Dynamics

Growing national and international trade via sea is a major factor driving growth of the global port equipment market. In addition, automation of port equipments and increasing adoption of electrical and hybrid port equipments is also expected to propel growth of the global market over the forecast period. Increasing container shipments in countries in Asia Pacific and Middle East & Africa is a factor expected to bolster growth of the target market in the near future. Furthermore, increasing preference for innovative port equipment solutions in order to improve port management and upgradation of old equipments are some of the other factors anticipated boost growth of the global port equipment market over the forecast period.

However, high set-up and maintenance cost of port equipments a factor that may hamper demand for port equipments and restrain growth of the global port equipment market over the forecast period. in addition, occurrence of accidents due equipment malfunctioning is another factor that could affect growth of the global market. Nevertheless, increasing adoption for automated port management systems can create high revenue opportunities for players in the target market.

Global Port Equipment Market: Segment Analysis

As per equipment type, the straddle carriers segment is expected to account for high growth rate in terms of revenue in the near future. Straddle carrier also known as straddle truck that is used to carry   load by straddling it on the top similar to trucks. It can move cargo horizontally and vertically. Increasing use of straddle carries, owing to its wide area of application is a key factor driving growth of the segment in the target market.

As per application, the ship handling segment is expected to account for major share in terms of revenue over the forecast period. Ship handing includes processes such as loading, unloading, storage, and maintenance of the cargo or any kind of load.

Global Port Equipment Market: Regional Analysis

Market in Europe is expected to account for major share in terms of revenue over the forecast period. Presence of prominent port equipment manufacturers in countries in the region is a factor driving growth of the target market. Market in Asia Pacific is expected to account for significant growth in terms of revenue in the near future. High number of ports and increasing number of port building projects for trade convenience is also supporting growth of the target market in the region. In addition, high adoption of advanced technology and trade agreements to improve sea trade in countries such as China, South Korea, Japan, India, etc. are also factor anticipated to propel growth of the port equipment market in Asia Pacific region.

Global Port Equipment Market Segmentation:

Segmentation by Equipment Type:

• Cranes
• Reach Stackers
• Ship Loaders
• Automated Guided Vehicles (AGVS)
• Terminal Tractors
• Container Lift Trucks
• Tug Boats
• Forklift Trucks
• Mooring Systems
• Straddle Carriers
• Others

Segmentation by Type:

• Electric
• Hybrid
• Diesel

Segmentation by Application:

• Ship Handling
• Bulk Handling
• Container Handling
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa