Global Port Equipment Market Will Reach USD 14,511 Million By 2025

Facts and Factors Market Research has published a new report titled “Port Equipment Market By Type (Yard Crane, Reach Stacker, Terminal Tractor, Rail-mounted gantry cranes (RMGs), and Ship to Shore Cranes) and By Application (Container Handling, General Cargo, Stacking, Heavy Lift, Bulk Handling, and Scrap Handling): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”. According to the report, the global Port Equipment market was valued at approximately USD 11,185 million in 2018 and is expected to reach a value of around USD 14,511 million by 2025, at a CAGR of around 3.7% between 2019 and 2025.

Port equipment encompasses all the vehicles, tools, equipment, and parts that are utilized on docks. The equipment is used effectively for handling the cargo & passengers at the seaport. Few of the commonly used port equipment comprises 4x4 Terminal Tractor, Rail-mounted gantry cranes (RMGs), Rubber-tyred gantry cranes, Other yard cranes, Electrified rubber-tyred gantry cranes, Automated stacking cranes, Reach Stackers for Laden Container and Empty Container, 4x2 Terminal Tractor, Forklift Trucks for Laden Container and Empty Container, and Ship to Shore Cranes. A few of the key applications of port equipment include scrap handling, heavy lift, bulk handling, container handling, stacking, and general cargo.

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Growing marine trade activities & up-gradation of port infrastructure in Asia Pacific will drive the market trends

Developing economies like India, Russia, China, and Brazil are funding air & marine port construction activities and this is predicted to drive the growth of the business over the forecast timeline. Furthermore, cargo operators are allocating a large number of funds for developing new equipment for reducing loading & unloading period and thereby enhance their operational efficacy.

Moreover, the rise in the burden from growing traffic at marine & airports is also set to steer the market demand during the period from 2019 to 2025. Apart from this, growing awareness pertaining to electrification of cargo functions among the cargo device operators & cargo service providers are projected to drive the business growth over the forecast timeline. However, massive initial investments required for deploying cargo handling devices will impede the market growth over the forecast timeline. Nevertheless, rise in the market growth avenues in emerging countries like India, Japan, and China will help in nullifying the negative impact of the hindrances on the market expansion during the forecast timeline.

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Yard crane to dominate the type segment by 2025 in terms of earnings

The growth of the yard crane segment during the forecast timeline is owing to the massive usage of yard cranes for lifting heavy equipment or cargo at ports.

Container handling segment to lead the application landscape by 2025

The growth of the segment over the timespan from 2019 to 2025 is credited to an increase in the volume of the container business globally. Moreover, with countries constructing shared container terminal docks for aiding sea trade is likely to prompt the growth of the segment during the forecast timeline.

Asia Pacific to account for the major market share over the forecast timeline

The growth of the market in the Asia Pacific during the forecast timeline is due to wider seacoast or coastal line, cost-effective export mode, and introduction of new government initiatives for expanding the port infrastructure in countries like China.

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Some of the key players in the market include Ainscough Industrial Services, Cargotec (Kalmar), CVS ferrari S.P.A., Guangdong YONGTONG Machinery Limited, Irish Manufacturing Services Ltd., Iskar Ltd., Jiangsu Yuanwang Hoisting Machinery Manufacture Co., LTD, Konecranes, Liebherr, Mitsubishi Heavy Industries, Northern Heavy Industries Group, Co. Ltd., SANY GROUP, SENNEBOGEN, Shanghai YO-PI Port Machinery CO., LTD, Shanghai Zhenhua Heavy Industries Co., Ltd., Terex Corporation, TRF Ltd., and TTS Group ASA.

This report segments the Port Equipment market as follows:

Global Port Equipment Market: By Type Segment Analysis

Yard Crane
Rubber-tyred gantry cranes (RTGs)
Electrified rubber-tyred gantry cranes (e-RTGs)
Automated stacking cranes (ASCs)
Others
Reach Stacker
Laden Container
Empty Container
Forklift Trucks
Laden Container
Empty Container
Terminal Tractor
4x2 Terminal Tractor
4x4 Terminal Tractor
Rail-mounted gantry cranes (RMGs)
Ship to Shore Cranes

Global Port Equipment Market: By Application Segment Analysis

Container Handling
General Cargo
Stacking
Heavy Lift
Bulk Handling
Scrap Handling

Global Market: Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa

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This release was published on openPR.