Wilmington, Delaware, United States, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global port equipment market was worth US$ 11.6 Bn in 2021. Market forecast estimates the market to expand at a CAGR of 4.8% during the forecast period, from 2022 to 2031 and attain value of US$ 18.1 Bn by 2031. Expansion of port infrastructure projects in different countries to promote import-export commerce is expected to drive market demand globally during the forecast period.
Major players in the global port equipment market are focusing on the development of storage and manufacturing facilities as well as after-sales services to address demands of end-users. Key makers of port handling equipment are focusing on highly advanced technologies, including automation, EV technology, and sensors, to increase revenue. They are making heavy investments in R&D activities on electric-powered vehicles and heavy-lifting vehicles. Manufacturers are expected to create highly advanced terminal tractors to expand their revenue sources by taking advantage of prevailing business opportunities.
Manufacturers are putting in efforts to make battery-operated equipment employing latest technologies. Key market participants are using advanced methodologies to offer port equipment automation solutions. Consumers are increasingly opting for electric vehicles and electrically powered vehicles due to their minimal maintenance and higher return on investment compared to diesel vehicles. Some examples of electrically powered vehicles are terminal tractors, heavy forklifts, and container handlers. Rising demand for electrically powered vehicles is expected to drive market development during the forecast period.
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Key Findings of Market Report
- Based on equipment type, the terminal tractor segment represented the highest share of the global industry in 2021 and is predicted to retain its dominance during the forecast period. Terminal tractors are used on a large scale in distribution centers and warehouses all over the globe. Increase in construction of warehouses is anticipated to elevate market demand for terminal tractors. Terminal tractors are deployed in both on- and off-road activities, as they can move more stuff in less time, causing fewer injuries and accidents. Industries are using terminal tractors more often since they require less maintenance, which is anticipated to add to market development.
- Several important seaports are increasingly procuring electric equipment regardless of its higher cost compared to diesel vehicles
- An electric terminal tractor offers a rapid return on investment compared to a diesel tractor, with a typical payback period of two years.
- Green power supplied by renewable fuel sources, such as biofuels or hydrogen, is essential for ports as well as terminal operators. Growing usage of electric port equipment to cut down on carbon emissions is anticipated to boost industry growth in the near future.
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Global Port Equipment Market: Growth Opportunities
- Port infrastructure is important for a nation's economy and commerce. At the start of 2022, about 1,027 port projects totaling more than US$ 25 Mn were launched, according to an assessment of ship technology. Government-funded construction of new ports is projected to present profitable growth prospects for the port equipment business.
- One of the major reasons influencing the demand for several types of port equipment is considerable expansion in marine import and export trade around the world in both developed and emerging countries. Cargo yard or warehouse facilities use port equipment, including terminal tractors, container handling spreaders, and huge cargo containers to move goods from one location to another. Consequently, as seaboard trade increases globally, the market share of port equipment is also expected to grow in the next few years.
Global Port Equipment Market: Regional Landscape
- Asia Pacific is anticipated to account for a sizable portion of the global industry during the forecast period. Growth in port infrastructure projects in India, Japan, South Korea, China, and Southeast Asia are expected to drive the global industry in the near future.
- North America accounted for 23% of the global port equipment market in 2021. As part of the Maritime Administration's Port Infrastructure Development Program, the U.S. Maritime Administration (MARAD) awarded a grant of US$ 703 Mn for U.S. port development programs in 2022. This is expected to benefit about 41 ports across the U.S.
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Global Port Equipment Market: Key Players
- BYD Motors Inc.
- Toyota Material Handling
- Greenfield Products, LLC.
- Terberg Special Vehicles
- Hyster-Yale Group, Inc.
- Cargotec Corporation
Global Port Equipment Market: Segmentation
Equipment Type
- Heavy Forklifts
- Reach Stackers
- Container Handlers
- Terminal Tractors
- Container Spreaders
- Others
Lifting Capacity
- Up to 10 Tons
- 10 to 30 Tons
- 30 to 50 Tons
- Above 50 Tons
End-use
- Shipping Ports
- Industrial
- Railyards
Distribution Channel
- Direct
- Indirect
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