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The purpose of ports throughout the world is to provide a fast and accessible transfer of cargo between ships and land-based modes of transfer. Port equipment consists of the material handling system, breakbulk, and heavy lift, container shipping, maritime cranes, and power transmission equipment. It helps the maritime trade to set in motion through proficient delivery of safe, secured, and sustainable services to the end-users.
The factors expected to drive the market is increasing seaborne trade across the globe. Moreover, the rising container shipments in the Asia Pacific and the Middle East anticipated boosting the market. Many different countries have been focusing on developing new ports due to the increase in vessel count and trade volume. With a large amount of global trade carried out via the sea routes, these need for the use of the port equipment, having large carrying capabilities, at seaports has become a must for transporting heavy and bulky goods.
Key Market Driver -
The increasing seaborne trade across the globe The growing number of container shipments in Asia Pacific and Middle East.
Key Market Restraint -
High capital and maintenance cost of port equipment.
Based on equipment type, the market is divided into tug boats, cranes, mooring systems, ship loaders, reach stackers, automated guided vehicles, forklift trucks, container lift trucks, terminal tractors, straddle carriers, and others. The straddle carrier segment is anticipated to grow through the forecast period as the equipment manufacturers are focusing on the development of hybrid straddle carriers owing to rising demand for cargo handling equipment.
Based on the product type, the market is divided into electric, hybrid, and diesel. The Diesel segment is expected to dominate the market owing to reliability, fuel efficiency, and performance.
Based on application, the market is segmented into container handling, ship handling, bulk handling, and others, including scrap handling & passenger handling. The container handling segment is expected to witness significant growth during the forecast period.
Based on demand, the market is classified into OEM and MRO. The MRO segment is expected to witness substantial growth in the market during the forecast period.
The major companies in the global port equipment market are Liebherr (Switzerland), TTS Group (Norway), Kalmar (Finland) Konecranes (Finland), Shanghai Zhenhua Heavy Industries (China), Lonking (China), Anhui Heli (China), CVS Ferrari (Italy), Hyster (the U.S.), and among others.
The Port Equipment market has been segmented into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific region is estimated to lead the port equipment market during the forecast period. The growth in the region is owing to the increasing number of port equipment being launched every year and companies developing advanced technologies for port equipment. Furthermore, the high demand for new port equipment from greenfield projects is projected to boost the market.
North American markets have huge growth potential since the U.S. uses container handling equipment for port operations. With the highest number of vessel traffic in the Canada Region, tug boat deliveries are increasing in the forecast period.
European countries have a healthy economy, and the region is the home to some of the leading manufacturers of port equipment, which drives the regional market growth. Konecranes and Kalmar in Finland and Liebherr in Switzerland are the key manufacturers, dealers, distributors of this equipment in the region. The increasing adoption of military UAV for battlefield operations in the Middle East & Africa propelling the market.
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