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Port Equipment Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), Port Equipment Market Information by Solutions, Application, Operation, and By Region – Forecast till 2032″ The port equipment industry shall go from USD 18.31 Billion in 2023 to USD 21.96 Billion by 2032, with a CAGR of 2.30% from 2023 to 2032.
The type of equipment used in ports that is useful for quickly loading and unloading cargo is known as port equipment. The main use of port equipment in warehouses and port terminals is to handle 20- or 40-foot equivalent units (TEU). During the study, equipment like cranes, forklift trucks, reach stackers, terminal tractors, and others are taken into account. Depending on the purpose, these equipment are typically used to handle cargo containers that are either fully loaded or empty and have a weight of up to 400 tons.
Market Competitive Landscape:
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Market Drivers:
Goods and containers, whose use has increased significantly in recent years, are transported by cargo ships. Port terminals are getting busier as a result of the increase in global cargo transportation, which increased to 849 million TEUs in 2021 from 758 million TEUs in 2020, according to a recent UNCTAD report. Port handling equipment sales are probably going to rise as a result of the expansion of global cargo trade.
Global sales of port equipment are expected to rise during the forecast period due to the expansion of port infrastructure projects in various regions, which are intended to boost the import-export sector. The establishment of manufacturing and warehousing facilities as well as after-sales services is the primary focus of the top global corporations in order to satisfy end-user demands. To generate additional revenue benefits, the major players in the port equipment market are also concentrating on developing cutting-edge technologies like automation, sensors, and EV technology.
Nonetheless, the European Union has a robust economy, and several of the world’s leading port equipment companies are based in Europe, contributing to the region’s growing global market share. The top manufacturers, distributors, and dealers of port equipment are Liebherr in Switzerland and Kalmar & Konecranes in Finland. Since Europe’s naval industry is one of the primary producers of appropriate water weapons, the region is certified to have its coastlines protected. Due to a spike in investments in the Industry 4.0 revolution, Europe has been one of the main regions to adopt industrial automation.
Furthermore, every year, the Asia Pacific region ships millions of cargo containers with other regions from a variety of trades, including consumer goods, petrochemicals, materials, chemicals, and automotive. The countries that have shipped the most containers recently are China, South Korea, Singapore, India, and China. Around 15 of the top 50 port terminals in terms of importing and exporting million TEU in 2021 were located in the Asia-Pacific region, according to reports from the World Shipping Council. Thailand, Singapore, Malaysia, China, Japan, and Indonesia were among them.
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Market Restraints:
The market for port equipment is not expanding as quickly as it could due to factors like high maintenance costs and investments, as well as a lack of port workers.
Market Segmentation
Equipment, software, and solutions are various types of port equipment.
Port equipment is used for a variety of tasks, such as general cargo, stacking, scrap handling, bulk handling, and container handling.
Conventional and Autonomous are the segments based on operations.
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Port Equipment Market Regional Insights
Given the vast network of ports and terminals along the coastlines, North America leads the market. Large sums of money have to be invested in new port infrastructure in order to accommodate the demands of bigger ships and higher cargo volumes, as these ports handle a sizable amount of the world’s trade.
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