About This Report

Port Equipment Market, by Equipment Type (Container Lift Trucks, Cranes, Ship loaders, Tug Boats, Mooring Systems, Automated Guided Vehicles (AGVS), Forklift Trucks, Reach Stackers, Terminal Tractors, Straddle Carriers, and Others), by Application (Container Handling, Ship Handling, Bulk Handling, and Others), by Fuel Type (Diesel, Electric, and Hybrid), and by Region (North America, South America, Europe, Asia Pacific, The Middle East and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis, 2020 - 2028

The machines and instruments used in ports for managing cargo and ships are referred to as port equipment and are crucial for supporting international trade and shipping. Several types of machinery, including container cranes, straddle carriers, reach stackers, forklifts, and several other specialised vehicles, are included in port equipment. These devices are utilised for handling a variety of cargo, including containers, bulk materials, and vehicles, as well as to carry and remove cargo from ships, stack containers in yards, transport cargo among ships and land, and move cargo across ships and land. Port equipment comprises tools for looking after and fixing ships, such as dry docks, ship lifts, and ship repair cranes, as well as to handling cargo. These tools are used for upkeep and repair of ships, which can include everything from minor fixes to extensive overhauls.

In 2020, the Port Equipment market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Increasing trade volumes, and automation of parts are the drivers while, high capital cost and maintenance is a restraint

The expansion of global trade has resulted in a proportional rise in cargo volumes, which has fuelled demand for automated and more efficient port machinery. For instance, The Port of Rotterdam is the biggest and busiest port in Europe and the world. The port moved 14.3 million TEUs (twenty-foot equivalent units) of containerized freight in 2020, a 2.1% increase over 2019. The port has made investments in a variety of automated and effective port technology to accommodate this increased traffic, notably automated container cranes, automated guided trucks, and an entirely automated cargo terminal. As the amount of cargo handled at ports increases, there is a need for equipment that can accommodate greater volumes while reducing the time and cost of cargo handling.
Moreover, the requirement for better efficiency, dependability, and safety in cargo handling operations has spurred the introduction of automation in port equipment. Automation has the power to save labour costs, increase security and safety while speeding up and accurately managing shipments. For instance, in 2021, Konecranes introduced an automated rubber-tired gantry (RTG) crane system in order to increase the effectiveness and security of cargo handling operations. The system has automated gantry operation, automated truck handling, and a remote-control system that lets workers handle several cranes from a single location. Similarly, in 2020, Liebherr unveiled a new version of its reachstacker that had automated driving features.

For many ports, the expense of purchasing and maintaining port equipment can be unaffordable. Smaller ports may find it challenging to make investments in new equipment or upgrade existing equipment due to the high cost of such equipment. To ensure peak performance and dependability, port equipment needs frequent maintenance and repairs. Especially for older or more frequently utilised equipment, maintenance and repairs can be quite expensive. This can be a significant barrier to implementing new technology, especially for ports with limited financial resources.

Electric type expected to account for significant market share by Fuel type segment

The global Port Equipment market is mainly classified based on Equipment Type, Fuel Type, and Application. On the basis of equipment type, the market is segmented into container lift trucks, cranes, ship loaders, tug boats, mooring systems, automated guided vehicles (AGV), forklift trucks, reach stackers, terminal tractors, straddle carriers, and others. By application, the market is divided into container handling, ship handling, bulk handling, and others. Based on the fuel type, the market is categorized into diesel, electric, and hybrid.
On the basis of fuel type, electric power equipment is expected to grab the top position due to the growing concerns over emissions and noise pollution in ports. Governments all across the world are enacting stricter laws to limit emissions from automobiles and equipment, including port machinery. For instance, the International Maritime Organisation (IMO) has a target to cut shipping's carbon emissions by at least 50% by 2050. As a result, there is a growing desire for fuels that are cleaner and more environmentally friendly, including electricity, which can help cut emissions in ports.
With numerous port operators and equipment manufacturers making investments in electric-powered equipment, there is an increasing trend towards electrification in the market for port equipment. For instance, the Port of Los Angeles declared plans to convert its fleet of cargo-handling vehicles to electric power by 2030 in 2020. Numerous equipment producers, including Kalmar, Liebherr, and Konecranes, are creating and introducing new electric-powered equipment to fulfil the expanding need.

Interesting Facts of Port Equipment Market

• By equipment type, the crane segment is anticipated to hold the majority of the market share in the port equipment industry due to its crucial function in cargo handling operations. Cranes are utilised to arrange container in the port and load and move large cargo onto and off of ships.
• On the basis of application, the container handling segment holds the largest market share in the port equipment market. This is because there is an increased need for container handling equipment as a result of the large number of containers that are being shipped by sea.
• Asia-Pacific is the region with the greatest market for port equipment with almost 40% of the global market share. The region's expanding commerce volume and port infrastructure investments are the crucial factors for the market growth.
• Companies are investing in automated transportation systems and remotely controlled cranes as part of a growing trend in the port equipment sector. This aims to increase security and safety while decreasing labour expenses and improving efficiency.
• In 2020, the Port of Singapore will handle more than 37 million TEUs of containerized goods, making it one of the busiest ports in the world. In order to manage this volume of cargo, the port has made investments in cutting-edge port machinery, such as automated cranes and terminal operating systems. By constructing a new terminal with a 4 million TEU capacity, the port stated plans to double its container handling capacity in 2021.

Asia Pacific will account for the largest share of the Port Equipment industry

Asia Pacific is predicted to be the region with the largest market for port equipment with rising trade volumes, expanding infrastructure investment, rising seaborne trade, and increased automation adoption. The growing volume of trade is one of the major forces driving the Asia Pacific port equipment market. Many of the largest ports in the world, including Singapore, Ningbo-Zhoushan, and Shanghai, are located in this area and serve as important centres for international trade. As per the United Nations Conference on Trade and Development (UNCTAD), China alone accounted for 39% of worldwide container capacity in 2019. The region's need for port equipment is anticipated to rise as the volume of international trade rises.
Furthermore, Infrastructure investment is another driver boosting the port equipment market in Asia Pacific. To support their expanding economies, countries in the region are making significant investments in port infrastructure. For instance, China's Belt and Road Initiative invests in infrastructure projects like ports and railroads in order to strengthen commercial ties between Asia and Europe. India is also funding port expansion and renovation initiatives, including the creation of new deep-sea ports.

Global Port Equipment Market key Players:

Some of the major competitors in the global Port Equipment market include ABB Ltd., Cavotec, CVS Ferrari, Liebherr Group, Hyster-Yale Group, Famur Famak S.A., Kalmar, Konecranes Oyj, Sany Heavy Industry Co. Ltd., and TTS Group.
The Port Equipment is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position through new product launches and facility expansions. The following are some recent market developments:

• Swiss heavy equipment company Liebherr introduced a new version of the LHM 420 mobile harbour crane in March 2021. With a 124-ton lifting capacity, the new crane can accommodate container ships up to 23 rows wide.
• In October 2020, Hyster-Yale Materials Handling, a top supplier of material handling equipment, officially purchased the assets of Speedshield Technology, a developer of safety and telemetry solutions for manufacturing equipment. With the acquisition, Hyster-Yale will be able to offer a larger choice of safety solutions to its clients in the port equipment industry.
• Kalmar, leading supplier of port equipment, announced the introduction of a new line of eco-friendly electric forklift trucks in 2021. The new forklifts are made to maintain excellent performance and dependability while assisting customers in lowering their operational expenses and carbon impact.
• One of the biggest port operators in India, Adani Ports and Special Economic Zone (APSEZ), announced intentions to invest INR 1,000 crore (about $135 million) to upgrade existing facilities and buy new port equipment in 2020. The initiative aims to boost the capacity and effectiveness of the ports in APSEZ, which yearly handle more than 500 million metric tonnes of cargo.

Frequently asked questions about global Port Equipment market

Q: What is the current size of the global Port Equipment market?
Ans: The Port Equipment market was valued at YY million US$ in 2020 and is projected to reach YY million US$ by 2027, at a CAGR of YY% during the forecast period.

Q: What are the major opportunities in Port Equipment industry?
Ans: Increasing seaborne trade and development of smart ports are the major opportunities in Port Equipment Industry.

Q: What are the major growth driving factors for Port Equipment industry?
Ans: Rising demand for automation and efficiency in cargo handling operations are the major growth driving factors for Port Equipment industry.

Q: Which region is expected to have the largest share of the Port Equipment market?
Ans: Asia Pacific region is expected to have the largest share of the Port Equipment market.

Q: Which application segment will dominate the Port Equipment market?
Ans: On the basis of application, the container handling segment holds the largest market share in the port equipment market.