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What's Driving the Port Equipment Market Share? ABB, Cavotec, CVS Ferrari, Famur Famak, Hyster-Yale Group, Inc., Kalmar, Konecranes ABP, Lonking Holdings Limited, Prosertek

03-23-2020 09:23 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Port Equipment Market

Port Equipment Market

Container handling segment in port equipment market will grow significantly in the forthcoming years owing to multipurpose utility of containers that can carry all sorts of goods as they are moved from one port to another. Imported grains like corn, wheat and rice are being shifted to containerized cargo due to convenience and cost efficiency. Container shipping can be cheaper owing to two-way functioning system and has made several of Asia's food importers shift to containerization. Containers can be more adaptable, and elastic compared to the bulk facilities.

Ever-expanding maritime trade activities on account of marine being the cheapest mode of container transportation will drive port equipment market share over the forecast timeframe. Additionally, the increasing number of port expansion and modernization projects to comply with the rising trade activities will also foster market growth. Rapid increase in cargo traffic over last decade will augment the industry size over the predicted timeframe. Some of the top trends that will positively influence port equipment industry outlook are elaborated underneath.

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The handling of fertilizers, containers and coal have driven the expansion of these ports, in turn requiring the installation of new equipment to handle them. Major ports in India handle nearly 60% of the total cargo traffic in the country, depicting a tremendous need for these equipment. Augmented import of fertilizers, POL (Petroleum, Oil and Lubricant) and coal have favorably impacted Asia Pacific port equipment market share.

With excellent load handling capacity and availability of numerous suitable options, cranes are expected to contribute substantially towards optimizing the management of port operations. Apparently, the first capital outlay for container crane is USD 5 million, having an assumed life of 20 years. Owing to reduced operational cost, that includes consumables and labors, the demand for high-performance cranes will increase significantly. Port equipment market will experience a notable shift in the direction of full-electric cranes, as they have a lower environmental impact and can recapture 75-80% of energy released.

Europe has been witnessing rising sea and cargo transportation activities which will allow the region to become a key revenue pocket for port equipment market. Constant expansion and development in the port infrastructure has been providing greater opportunities for the penetration of advanced hybrid and electric products. Manufacturers are coming up with scores of innovative solutions, introducing automatic port equipment options to meet the increasing requirement of more efficient products with lower carbon footprint.

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Market players like Liebherr, Konecranes, Shanghai Zhenhua Heavy industries and American Crane & Equipment industries are consistently updating their products and offering novel solutions to port customers. Surging frequency of maritime trade will substantially fuel global port equipment market size, which is slated to exceed USD 9 billion by 2025.

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