CHICAGO, Oct. 18, 2022 /PRNewswire/ — Port equipment market is projected to grow from USD 18.2 billion in 2022 to USD 20.0 billion by 2027 at a CAGR of 1.9 % according to a new report by MarketsandMarkets™. Remote sensing is gathering data about target objects that are not in direct contact with sensors. The sensors collect data through inputs using electromagnetic radiation or acoustical waves emitted by target objects. Port equipment include technical training for analysis, wherein service providers process and analyze the collected data for commercial and defense users and impart training to customers for equipment and operational knowledge.
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Browse in-depth TOC on “Port Equipment Market”
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Based on equipment, ship loaders segment is estimated to be the fastest growing market
Loaders are used for cargo handling at seaports and to load the cargo on the ship or vessel. The equipment carries heavy cargo with the assistance of hydraulic filters, which make the whole operation smooth. Loaders are powered by diesel engines and can carry up to 1,000 tons of cargo per hour. The increasing trade activities and rising demand for fast and efficient transportation are expected to increase the demand for cargo handling equipment, such as loaders. Trucks are fully mobile units with easy relocation capabilities per the requirement during the vessel loading or unloading bulk cargo. This equipment is mainly used by small or medium-sized port terminals where fixed equipment cannot be installed.
Conveyors are mainly used to handle and transfer goods such as coal, iron ores, and others. For example, a fixed conveyor system provides up to 1,200 tons of coal handling capacity per hour. The demand for these loaders is high in India and Australia.
Based on application, bulk handling segment is the fastest growing
Bulk handling includes loading, unloading, and transferring materials such as iron and steel, coal, and Petroleum, Oil & Lubricants (POL) from vessels to terminals. Conveyors, ship loaders, and hoppers are the major equipment for handling bulk cargo. Additionally, many warehousing companies are adopting advanced equipment such as bulk handling cranes, hoppers, and conveyors to enhance operational efficiency. Increased industrialization has fueled the growth of warehouses and distribution centers.
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Asia Pacific likely to emerge as the fastest growing Port equipment market
The region is anticipated to be the fastest-growing market for port equipment. The Asia Pacific region is in the growth phase for port terminal infrastructure development and cargo activity. In addition to the high growth rate of air infrastructure, factors such as increasing GDP, investments in infrastructure, rising per capita income, and government initiatives for FDI have created more opportunities for the port equipment market in the Asia Pacific region. The region has a higher growth potential than mature markets such as North America and Europe, which drives the growth of the port equipment market as it has witnessed growth in industrial production and warehousing. This has led to increased demand for port equipment in the Asia Pacific.
To gain a competitive advantage in this region, foreign equipment manufacturers such as Kalmar (Finland), Liebherr Group (Switzerland), and Konecranes Abp (Finland) are increasing their presence through expansion or new product development. For instance, Kalmar launched a new range of cargo reach stackers and empty cargo handlers for the Asia Pacific region. These manufacturers are facing competition from regional players such as SANY Heavy Industry Co., Ltd. (China) and Shanghai Zhenhua Heavy Industries (ZPMC) (China).
Kalmar (Finland), Liebherr Group (Switzerland), Konecranes Abp (Finland), Sany Heavy Industry Co., Ltd. (China), and Shanghai Zhenhua Heavy Industries (ZPMC) (China) are the key players in the global Port equipment market.
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