Port Equipment Market to Reach $32.73 Billion, Globally, by 2031 at 6.9% CAGR: Allied Market Research
The rising demand for cargo transportation through seaways and increasing loading & unloading activities at ports across the world are expected to boost the demand for the port equipment market.
PORTLAND, Ore., Jan. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Port Equipment Market by Equipment Type (Cranes, Forklift Trucks, Reach Stackers, Terminal Tractors, and Others), Fuel Type (Diesel, Electric, and Hybrid), Lifting Capacity (Up to 20 Tons, 20 to 40 Tons, and Above 40 Tons), and Application (Ship Handling and Container Handling): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global port equipment industry generated $17.56 billion in 2021 and is anticipated to generate $32.73 billion by 2031, witnessing a CAGR of 6.9% from 2022 to 2031.
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Prime determinants of growth
The rising seaborne trading operations, increase in usage of electric port equipment to minimize carbon consumption, and surge in demand for cargo transportation is likely to increase the sales of the global port equipment market. However, huge investments and maintenance cost of port equipment and a shortage of port laborers is expected to restrict the market growth. Moreover, the development of new port projects and the rising trend of automation in marine transportation to present new opportunities for port equipment in the coming years.
During the COVID-19 pandemic, the manufacturing, construction, tourism, and logistic industries were majorly impacted. The activities in logistics and manufacturing were restricted or halted.
This led to a decrease in the manufacturing of port equipment as well as their demand in the market, thereby limiting the sales of the port equipment market. On the other hand, industries had resumed slowly their services and manufacturing activities. This is likely to lead to the re-initiation of the companies at their full-scale facilities, which helped the port equipment market share to recover by end of 2021.
The forklift trucks segment is gaining more popularity over the forecast period
Based on equipment type, the forklift truck is the most lucrative segment for the base year, 2021, accounting for more than 40% of the global port equipment market, and is expected to be profitable over the period of the next ten years. The small size of ports minimizes the utilization of handling resources without a decrease in productivity. Such ports are enhanced to avoid inappropriate material handling and excessive travel of empty forklifts, bottleneck, and storage practices of forklifts at the loading and unloading areas. The automation of ports is bolstered by robotic forklifts, which can certainly travel and provide drop and pick-up facilities for materials. Such improvements in the ports and forklift trucks are likely to drive global sales.
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Diesel segment by fuel type to influence growth of the port equipment market over the forecast period
Based on fuel type, the diesel segment accounted for the highest market share in 2021, contributing around three-fourths of the global port equipment market. It is expected to continue its growth in revenue over the forecast period. The diesel type of fuel demonstrates several benefits, such as low taxes, enhanced fuel economy, lower maintenance, and greater torque. Thus, several benefits related to diesel fuel increase the growth of the worldwide market. The forklifts and cranes running on diesel type of fuel deflate at a slower rate. Moreover, diesel type of fuel does not need to burn coal, which helps to save money. Furthermore, this fuel radiates less carbon monoxide to the environment, which makes it idyllic to use, thus improving sales around the world.
The above 40 Tons segment is exhibited to be lucrative for the port equipment market
Based on lifting capacity, the above 40 Tons segment is leading among other capacities in 2021, holding around two-fourth of the market share in the global port equipment market, and is expected to continue the growth during the forecast period. The surge in urbanization can be witnessed in every part of the world, especially in developing countries like India, which also has a high-growth of population. Consequently, the government across the globe are also increasing their investments in imports and export. The cargo handling and port activity of bulk cargo & containers are increasing rapidly all over the world. The port container in India is observing an incremental double-digit growth year-on-year with various policy amendments in place, strengthening the trade of containers against the worldwide slowdown.
The container handling segment is expected to maintain its leadership status throughout the forecast period
Based on application, the container handling segment was the highest contributor in 2021 in terms of revenue and is likely to continue its growth over the forecast period. The rise in activities in marine around the world has generated significant prospects for the sales of container handling equipment.
Asia-Pacific to maintain its growth hotspot for port equipment by 2031
Based on region, Asia-Pacific holds the largest market share in 2021 and is expected to keep it's dominant in terms of revenue in 2031. The region is believed for an innovation and technology leader due to the presence of countries like China, Japan, India, Singapore, and South Korea. Trading through seaways has grown into a progressively more important part of China's overall economy and it's been a substantial tool used to modernize the economy. Most of its imports entail chemicals, office machines, computers, fuels, and semiconductors) and machinery. Such heavy imports and export in the Asia-Pacific region are expected to increase sales.
Leading Market Players:
Anhui Heli Co., Ltd.
Lonking Machinery Co., Ltd.
Mitsubishi Logisnext Co., Ltd.
Sany Heavy Industry Co., Ltd.
Shanghai Zhenhua Heavy Industries (ZPMC)
Toyota Material Handling
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SOURCE Allied Market Research