Selbyville, Delaware, July 29, 2019 (GLOBE NEWSWIRE) --
The port equipment market is poised to rise from around $6.5 billion in 2018 to $9 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Development of port infrastructure for catering the growing trade activities will strengthen the market revenue over the study timeframe.
Growing maritime trade activities along with increasing container shipments across the globe are positively influencing the port equipment market share over the forecast timeframe. Free trade agreements in conjunction with supporting trade partnerships between emerging economies will augment the industry size over the study timeframe.
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Growing adoption of alternative fuel powered port equipment is attributed towards their lower operating costs and reduced environmental impact. Port authorities are focusing to replace their existing cranes with hybrid equipment providing significant fuel savings and lower greenhouse gas emissions.
Adoption of automated technologies for fast and efficient cargo transfer is significantly contributing towards reduction of overall cycle times, further supporting the port equipment market expansion. Automated Guided Vehicles (AGVs) and Automated Stacking Cranes (ASCs) offering enhanced capabilities for automated cargo movement at dock yards are gaining higher visibility.
Availability of customized ship to shore solutions offering enhanced efficiency and management of traffic during container handling is providing positive outlook for the port equipment market share. Supporting initiatives and policies proposed by government bodies are accelerating the development of port infrastructure.
Cranes will hold substantial share in port equipment market owing to their increasing application for container handling. High performance cranes possessing lower self-weight and center of gravity are prominently enhancing the operational productivity with reduced downtime. Moreover, lower lifecycle costs, accurate spreader positioning and robust structure offered by modern cranes are significantly propelling the industry size.
Browse key industry insights spread across 400 pages with 495 market data tables & 14 figures & charts from the report, “Port Equipment Market Size By Equipment (Cranes{Ship to Shore Cranes, Yard Crane}, Forklifts Trucks, Terminal Tractors, Ship Loaders, Automated Guided Vehicles, Straddle Carriers, Reach Stacker, Tugboat), By Application (Ship Handling, Container Handling, Bulk Handling), By Type (Diesel, Electric, Hybrid), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, China, India, Japan, South Korea, Australia, New Zealand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, Qatar, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/port-equipment-market
Ship handling segment will witness significant growth over the forecast timeframe owing to the expansion of cargo handling facilities. Growing requirement for efficient ship handling with higher accessibility and operational efficiency will prominently escalate the segment share. Utilization of simulation software for vessel handling are positively contributing towards improving ship handling efficiency.
Adoption of new generation diesel engines with ultra-low-sulfur diesel fuel is providing better fuel efficiency and improved reliability. Port equipment operators are increasingly adopting diesel forklifts featuring enhanced power output and load carrying capabilities. Multiple benefits including higher torque, improved engine life and superior performance are prominently escalating the diesel port equipment market size over the forecast timeframe.
Europe will showcase substantial growth in the port equipment market owing to the increasing seaborne trade activities and cargo transportation. Development and expansion of port infrastructure is providing potential opportunities for the increased product penetration. Strong presence of manufacturers providing innovative range of solutions will further augment the industry share. Moreover, shifting preference of port administrators to deploy automated port equipment will significantly contribute towards regional growth.
Key manufacturers in port equipment market are Konecranes, Kalmar, Liebherr, ABB, Prosertek Group S.L., Famur Famak, CVS Ferrari, Shanghai Zhenhua Heavy Industries, Lonking Holdings Limited and American Crane & Equipment. Industry participants are focusing to develop alternative fuel powered port equipment for gaining a competitive edge.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.