Port Equipment Market: What are the Future Growth Opportunities? Top Players: ABB, Cavotec, CVS Ferrari, Famur Famak, Hyster-Yale Group, Inc., Kalmar, Konecranes ABP., Kooiman, Liebherr International A.G, Lonking Holdings Limited, Prosertek, SANMAR, Sany

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. 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.

Rising investments across various industries and the subsequent expansion of ports will help boost the adoption of crane and forklifts. For instance, the Port of Virginia has confirmed that its Virginia International Gateway facility in Portsmouth has recently completed an expansion worth $320 million. The terminal will feature the largest of ship-to-shore cranes in the area, standing 170-foot- tall. It will also add 26 rail-mounted gantry cranes which help create more room to sort and stack shipping containers. The Port of Virginia reportedly handled 3 million TEUs of cargo in the year 2019 and is growing year to year.

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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.

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 market outlook are elaborated underneath.

The Asia Pacific leads the global shipbuilding industry owing to the presence of major shipbuilding countries like China and South Korea. The high availability of shipbuilding infrastructure along with favoring government policies will augment shipbuilding industry in the region. Currently, South Korea enjoys highest ship building orders followed by China due to the presence of biggies like Hyundai Heavy Industries Co.

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Factors like digitalization, e-commerce and the implementation of the Belt and Road Initiative (BRI) are equally expected to foster the maritime industry growth. Growing e-commerce complemented by the digitalization of maritime transport will provide a boost to the seaborne trade volumes. China's Belt and Road Initiative, an ambitious plan to restructure the global trade infrastructure will also fuel the shipping and maritime trade.

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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