Port Equipment Market Set to Nearly Double by 2031 - CAGR of 6.9% Signals Strong Maritime Infrastructure 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.

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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The maintenance and construction of infrastructure in ports requires heavy capital investment. This hinders the sales of port equipment. Also, the hurdles in trade activity are limiting the sales of port equipment. The lean ports decrease the utilization of resources without a reduction in productivity. For instance, a lean port is enhanced to avoid the inappropriate material handling excessive travel of storage practices of forklifts, bottleneck, and empty forklifts at the unloading and loading areas.

The hybrid type of port equipment uses more than one type of power source. The most popular type of hybrid equipment uses a blend of an electric motor and an internal combustion engine. The hybrid port equipment is intended to have minimum emissions, more power and better fuel efficiency. These equipment's takes electrical energy made from different sources, such as engines and regenerative braking systems. They can sustain the energy by bolting down the engine when any of the port equipment is at idle position or parked or when the electric motor's energy is adequate to drive the port equipment without any assistance from the IC Engine.

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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Over the historic period, the port equipment industry has seen a drastic change in terms of technology evolution. To accommodate the consumers changing demands, the OEMs are counting on electrical components, owing to their lightweight and output efficiency; thus, making port equipment electrified which is a fuel economic solution. Moreover, electrification is the next step as majority of the port equipment manufacturers are covering toward the hybrid-driven equipment's to accommodate the varying requirement of the policy makers and end users to handle with green mobility requirements

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.

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.

Additionally, the lifting capacity of up to 20 tons are designed to be loaded by compact and small machines so that they can lift fairly small weights. When there is requirement to lift in an area with obstacles, constrained space, and inadequate access, a small crane or a small forklift or any other small port equipment is the best equipment for the job. This small port equipment is primarily designed to get into areas where large or ordinary cranes can be act very costly.

The surge in use of small capacity port equipment for port infrastructure development work is expected to boost the global sales. The leading players are currently converging more on the development of rubber-tired type of small cranes owed due to their interior applications in port structures. The sales for lifting equipment of light weight up to 20 tons has swelled at a rapid pace due to growing demand for operating in constrained and small spaces.

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.

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Leading Market Players:

Anhui Heli Co., Ltd.
Cargotec Corporation
Gaussin S.A.
Konecranes
Liebherr Group
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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